Solution-At the end of gordman department store fiscal year

At the end of gordman department store fiscal year

Assignment Help Accounting Basics

Reference no: EM131144059

At the end of Gordman Department Store's fiscal year on December 31, 2010, these accounts appeared in its adjusted trial balance.

Freight-in........... $ 5,600
Merchandise Inventory........ 40,500
Purchases........... 447,000
Purchase Discounts....... 12,000
Purchase Returns and Allowances.. 6,400
Sales............ 718,000
Sales Returns and Allowances.. 8,000

Additional facts:

1. Merchandise inventory on December 31, 2010, is $75,000.

2. Note that Gordman Department Store uses a periodic system.

Instructions

Prepare an income statement through gross profit for the year ended December 31, 2010.

Reference no: EM131144059

Questions Cloud

Find the simple linear regression model and complete anova : Find the simple linear regression model, and interpret the meaning of the slope in the setting of this problem.Complete the ANOVA Table

Project - construction of carbon revolution building : Project: Construction of Carbon Revolution Building. You are members of the Capital Projects Team of Facility Services Department at Deakin University who are assigned to undertake work encompassing a high level estimate of building cost of the Str..

Compute operating income for rim and tip : Compute operating income for RIM and TIP, separately, and the total operating income for both.- If the results in part 1 for TIP are typical, why do you believe RIM decided to sell off its interest in TIP?

What conditions for the population and the study design : What conditions for the population and the study design are required by the procedure you used in (a)? Which of these conditions are important for the validity of the procedure in this case?

At the end of gordman department store fiscal year : At the end of Gordman Department Store's fiscal year on December 31, 2010, these accounts appeared in its adjusted trial balance.

What professionals work within that mode : What professionals work within that mode? What does this mode offer in terms of care? What are the expected outcomes?

Develop appropriate hypotheses such that rejection of ho : For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience a population standard deviation of o=$1600 may be assumed. What is the p-value?

Prepare a trial balance on 30 april 2010 : J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort.

Determine the length of strike and percentage wage increase : suppose that the employer concession SCHEDULE IS W=1+0.02S and the union resistance curve is W=5+0.02s-0.01S2, where=percentge wage increase and S=expected strike length in days, Using Hick's simplest model, determine the length of the strike and ..

User Account

All Pages

At the end of gordman department store fiscal year

Reference no: EM131144059

Reference no: EM131144059

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT