Bus 591 Week 3 Assignment

EXERCISE 5-6(a)YU Co.Income StatementFor the Month Ended January 31, 2012Sales revenuesSales revenue....................................................................$370,000Less: Sales returns andAllowances.........................................................$20,000Sales discounts...................................................8,00028,000Net sales.............................................................................342,000Cost of goods sold.......................................................................212,000Gross profit.............................................................................130,000Operating expensesSalaries and wages expense.............................................60,000Rent expense.....................................................................32,000Insurance expense............................................................12,000Freight-out........................................................................7,000Total operating expenses.......................................111,000Income before income taxes.

Unformatted text preview: Week 3 Assignment Timothy Vallin BUS 591 Financial Accounting & Analysis Instructor: Christine Errico January 8, 2012 Complete problems E5-2 Office Depot September 1, Transaction Perpetual Inventory System Sep 6 Purchase of MSDE on credit Inventory 1650 Accounts Payable 1650 Sep 9 Freight costs on purchases Inventory 50 Cash 50 Sep 10 Purchase returns and allowances Accounts Payable 66 Inventory 66 Sep 12 Sale of MSDE on credit Accounts Receivable 690 Sale Revenue 690 Sep 14 Return of MSDE sold Sales Returns and Allowances 45 Accounts Receivable 45 Sep 12 Sale of MSDE on credit on credit Accounts Receivable 570 Sale Revenue 570 Payment on account with a discount Accounts Payable Cash Inventory , E5-6 Yu Co. January 2012 Sales revenue Sales revenue 370,000 Less:Sales returns and allowances 20,000 Sales discount 8000 28,000 Net sales 342,000 Cost of goods sold 212,000 Gross Profit 130,000 Operating expenses Insurance expense 12,000 Salaries and wage expense 60,000 Freight Out 7,000 Rent expense 32,000 111,000 19,000 Income before income tax 19,000 Income tax expense...
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