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:
Income Statement
Problem 6-10B
Name:
Section:
SIMKINS COMPANY
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
0%
[Key code here]
Instructions
Score:
Total administrative expenses
Total expenses
Income from operations
Other income and expense:
Net income
3. Closing Entries
4.
Net income under perpetual inventory system
Problem 6-10B
Name:
Solution
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
For the Year Ended June 30, 2014
Sales
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Scoring:
SIMKINS COMPANY
Income Statement
An asterisk (*) will appear to the right of an incorrect entry.
Purchases