BE 181
Rhodes Company provides this information for the month of November, 2011: sales on credit $150,000; cash sales $60,000; sales discounts $2,000; and sales returns and allowances $8,000. Prepare the sales revenues section of the income statement based on this information.
Ans: N/A, SO: 5, Bloom: AP, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting
BE 182
During October, 2011, Carol’s Catering Company generated revenues of $13,000. Sales discounts totaled $200 for the month. Expenses were as follows: Cost of goods sold of $7,000 and operating expenses of $2,000.
Calculate (1) gross profit and (2) income from operations for the month.
a
BE 183
For each of the following, determine the missing amounts.
Beginning Goods AvailableCost ofEnding
InventoryPurchases for Sale Goods SoldInventory
1.$20,000________$ 55,000$25,000_______
2. ______$220,000$250,000_______ $40,000
a