Cost of goods sold(COGS) = starting inventory + the purchases – ending inventory

starting inventory = $87,500

purchases = $45,000

Ending inventory = ($87,500 + $45000) 15/100

= ($132,500) 0.15

= $19,875

= $87,500 + $45,000 – $19,875

COGS = $112,625

     Cash
  Equipment €29,000
Prepaid insurance €500  
Suppliers €1,200  

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Accounts Receivable
Accounts payable €5,000  
   

 

      Accounts Payable
  Accounts receivable €7,500
   

Sample Accounting Answers Paper

  Equipment
Cash €10,000  
   

 

 

Prepaid insurance
Cash €500  
   

 

Suppliers
  Cash €1,200
   

 

Accumulated depreciation
Bank 11,200  
   

Trial Balance

For the year ended September 30, 2020

  Debit Credit
Cash 10,000
Accounts receivable 7,500
Equipment 29,000 Sample Accounting Answers Paper.
Prepaid Insurance 500
Supplies 1,200
Accumulated Depreciation 11,200
Accounts payable 5,000
Notes Payable 7,000
Capital 12,000
Retained Earnings 9,000
Distributions 25,000
Revenue 90, 800
Rent Expenses 10,000
Supplies Expenses 29,000
Travel Expenses 6,000
Depreciation Expenses 10,400
Utilities 4,700
Interest 1,700
  135,000 135,000

 

Balance Sheet of Medical Suppliers Company for the year ended on December 2020  
Assets: Cash  

$    2,223.00

Inventory

Accounts Receivable

Other

Total Current Assets

$  17,331.00

$    9,469.00

$    3,380.00

$  32,403.00
Intangibles Total Assets  

$  32,403.00

Liabilities and SE:

Member Loans

 

$205,000.00

Accounts Payable $153,944.00
Retained Earnings ($910,439.00)
Shareholders Equity $583,898.00
Total Liabilities and SE $  32,403.00

 

Income Statement of Medical Suppliers Company for the year ended on December 2020.  
 

Revenue

COGS

Gross Profit

 

G&A

Operating Income. Sample Accounting Answers Paper

Net Income

 

$  84,964.00

$  72,333.00

$ 12,631.00

 

$242,469.00

($229,838.00)

($229,838.00)

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