At the beginning of the current season on April 1, the ledger of Oosthuizen Pro...
60.1K
Verified Solution
Link Copied!
Question
Accounting
At the beginning of the current season on April 1, the ledger of Oosthuizen Pro Shop, NV showed Cash 13,000; Inventory 42,000; and Share CapitalOrdinary 55,000. Oosthuizen Pro Shop Trial Balance As on April 30, 2019 DR CR Sales Revenue 1,200,000 Sales Returns and Allowances 27,000 Sales Discount 18,500 Freight-In 19,500 Purchases 765,000 Purchase Discounts 17,400 Purchase Returns and Allowances 14,600 Freight-out 24,500 Salary expenses 24,000 Rent expenses 18,000 Supplies expenses 7,000 Interest expenses 6,000 Additional facts: 1. Merchandise inventory on April 30, 2019, is 74,600. 2. Oosthuizen Pro Shop uses a periodic system. Instructions: 1. Calculate Cost of good sold. 2. Prepare an income statement through gross profit for the year ended April 30, 2019
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
