Problem 6-5A
Key Code:
Instructions
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1.
Revenue from sales:
Less:
Net sales
Cost of merchandise sold
Gross profit
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total expenses
Income from operations
Other expense:
Net income
2.
Mia Reynolds, capital, September 1, 2013
Mia Reynolds, capital, August 31, 2014
3.
Current assets:
[Key code here]
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Score:
Name:
Section:
0%
GLOUCESTER CO.
Income Statement
GLOUCESTER CO.
Balance Sheet
Assets
Statement of Owner’s Equity
GLOUCESTER CO.
Property, plant and equipment:
Office equipment
Store equipment
Total property, plant and equipment
Total assets
Current liabilities:
Long-term liabilities:
Total liabilities
Mia Reynolds, capital
Total liabilities and owner’s equity
4. a.
b.
Owner’s Equity
(Key essay answer here)
(Key essay answer here)
Total current liabilities:
Total current assets:
Liabilities
Problem 6-5A
Instructions
Answers are entered in the cells with gray backgrounds.
1.
Revenues from sales:
4,576,000$
Less: Sales returns and allowances 31,000$
Sales discounts 28,000 59,000
Net sales 4,517,000$
GLOUCESTER CO.
Income Statement
Scoring:
Name:
Solution
Section:
ON
For the Year Ended August 31, 2014
Sales
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861,000$
Property, plant and equipment:
Total current assets:
Total current liabilities: