Inventory that had cost $ was sold for $ under terms net
Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $ The merchandise had cost Ozark $
All customers paid their accounts within the discount period.
Selling and administrative expenses amounted to $
Interest expense paid amounted to $
Land that had cost $ was sold for $ cash.
Required
a Determine the amount of net sales.
b Prepare a multistep income statement.
c Where would the interest expense be shown on the statement of cash flows?
d How would the sale of the land be shown on the statement of cash flows?
