Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning inventory 7,500 Ending Inventory 2,700 Expenses 1,700 Net Purchases 7,900 Net Sales 14,500 Krug Service Company Expenses $ 9,300 Revenues 19,000 Cash 650 Prepaid rent 520 Accounts payable 200 Equipment 1,600 Required: a. Compute the goods available for sale, and the cost of goods sold and gross profit for the merchandiser. Hint: Not all information may be necessary. b. Use the above information from a service company and from a merchandiser to compute net income. a a. Goods available for sale Cost of goods sold Gross profit Net income for Krug Service Company Net income for Kleiner Merchandising Company b
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