Key Code:
An asterisk (*) will appear to the right of an incorrect entry.
Enter all amounts as positive numbers.
1.
Simkins Company uses which type of inventory system?
2.
Revenue from sales:
Less:
Net sales
Cost of merchandise sold:
Less:
Net purchases
Add:
Cost of merchandise purchased
Cost of merchandise available for sale
Less:
Cost of merchandise sold
Gross profit
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
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0%
[Key code here]
Instructions
Score:
SIMKINS COMPANY
Income Statement
Problem 5-10B
Name:
Section:
Answers are entered in the cells with gray backgrounds.
Total administrative expenses
Total expenses
Income from operations
Other income and expense:
Net income
3. Closing Entries
4.
Net income under perpetual inventory system
Enter all amounts as positive numbers.
1.
Simkins Company uses which type of inventory system? periodic
2.
Revenue from sales:
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Score:
For the Year Ended June 30, 2014
SIMKINS COMPANY
Income Statement
Problem 5-10B
Name:
Solution
Section:
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An asterisk (*) will appear to the right of an incorrect entry.
3. Closing Entries
Merchandise Inventory 508,000