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    Chapter 8-Problem 2

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    kakao
    Charito Guillermo Retailers had net sales of $170,000 for the year ended December 31, 2019 after deducting $20,000 in sales returns and allowances from total sales of $190,000. Cost of goods sold was $64,000, resulting in a gross profit of $106,000. An adjusting entry was made to correct the beginning inventory amount reported on the income statement from $80,000 to the proper amount of $74,000.

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    Chapter 8-Problem 2

    Uploaded by

    kakao
    3K views3 pages
    Charito Guillermo Retailers had net sales of $170,000 for the year ended December 31, 2019 after deducting $20,000 in sales returns and allowances from total sales of $190,000. Cost of goods sold was $64,000, resulting in a gross profit of $106,000. An adjusting entry was made to correct the beginning inventory amount reported on the income statement from $80,000 to the proper amount of $74,000.

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    Charito Guillermo Retailers had net sales of $170,000 for the year ended December 31, 2019 after deducting $20,000 in sales returns and allowances from total sales of $190,000. Cost of goods sold was $64,000, resulting in a gross profit of $106,000. An adjusting entry was made to correct the beginning inventory amount reported on the income statement from $80,000 to the proper amount of $74,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    3K views3 pages

    Chapter 8-Problem 2

    Uploaded by

    kakao
    Charito Guillermo Retailers had net sales of $170,000 for the year ended December 31, 2019 after deducting $20,000 in sales returns and allowances from total sales of $190,000. Cost of goods sold was $64,000, resulting in a gross profit of $106,000. An adjusting entry was made to correct the beginning inventory amount reported on the income statement from $80,000 to the proper amount of $74,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Charito Guillermo Retailers

    Statement of Comprehensive Income


    For the year ended December 31, 2019

    Sales 190,000
    Less: Sales Return and Allowances 20,000
    Net Sales 170,000
    Cost of good sold
    Merchandise invertory, beginning 80,000
    Purchases 60,000
    less: purchase discount -3,000
    net purchase 57,000
    Add: trasportation- In 1000
    Delivered Cost of Purchase 58,000
    Cost of Good available for sale 138,000
    less: Merchandise Inventory Ending -74,000
    Cost of Good sold 64,000
    Profit 106,000
    Adjusting Entry:

    Income Summary 80,000


    Merchandise Inventory, Beginning

    Merchandise Inventory, Ending 74,000


    Income Summary
    80,000

    74,000

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