The following select account data is taken from the records of Reese Industries for 2019. Sales 640,363 Merchandise inventory 582,620 58,040 3,677 90,232 10,232 224,598 15,080 3,200 2,450 12,906 100,440 1,600 23,622 30,410 135,404 59,419 31,000 sales discounts interest expense Sales return and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense Accounts receivable Office supplies expense rent revenue sales salaries expense accounts payable common stock Marketing expense 1. Use the data provided to compute net sales for 2019. 2. Prepare a simple income statement for the year ended December 31, 2019. 3.Compute the gross margin for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

The following select account data is taken from the records of Reese Industries for 2019. Sales 640,363 Merchandise inventory 582,620 58,040 3,677 90,232 10,232 224,598 15,080 3,200 2,450 12,906 100,440 1,600 23,622 30,410 135,404 59,419 31,000 sales discounts interest expense Sales return and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense Accounts receivable Office supplies expense rent revenue sales salaries expense accounts payable common stock Marketing expense 1. Use the data provided to compute net sales for 2019. 2. Prepare a simple income statement for the year ended December 31, 2019. 3.Compute the gross margin for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

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