Question
Report ending inventort , sales , cost of goods sold and gross profit on the appropriate...
report ending inventort , sales , cost of goods sold and gross profit on the appropriate finacial starement
report the appropriate accoints on balance sheet
Accounting records for High Life Corporation yield the following data for the year ended June 30, 2018 (assume sales returns are non-existent) BH (Click the icon to view the accounting records.) Read the requirements * Data Table Requirement 2. Report ending inventory, sales, cost of good $ leave the box empty, do not salad a label or ant 9.000 57.000 Report the appropriate account(s) on the balance sheet. Inventory, June 30, 2017........... Purchases of inventory (on account)...... Sales of inventory - 80% on account: 20% for cash (cost $50,000)... Inventory at FIFO, June 30, 2018...... 109,000 16.000 Balance Sheet: Current assets: Sales revenue Print Done
Read the requirements. Requirement 2. Report ending inventory, sales, cost of god Data Table leave the box omoty don Report the appropriate account(s) on the balance sheet. Balance Sheet: Current assets: Inventory Inventory, June 30, 2017........ ...........$ Purchases of inventory (on account) Sales of inventory - 80% on account: 20% for cash (cost $50,000).... Inventory at FIFO, June 30, 2018 9.000 57.000 109,000 16,000 144200 Print Done Choose from any list or enter any number in the input fie part
Answers
Credit $ Debit 57,000 $ 57,000 General Journal Inventory Accounts Payable Cash ($109,000 * 20%) Accounts Receivable ($109,000 * 80%) Sales Revenue Cost of Goods Sold Inventory $ 21,800 87,200 $ 109,000 $ 50,000 $ 50,000 $ Income Statement: Sales Cost of goods sold Gross profit 109,000 50,000 59,000 $ Balance Sheet: Current assets: Cash Inventory Current liabilities: Accounts payable 21,800 16,000 57,000
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