Hey can somebody help can anybody kindly give me a push on

Assignment Help Accounting Basics

Reference no: EM13604767

Hey can somebody help can anybody kindly give me a push on this one please? Askew Company uses a periodic inventory system. The June 30, 2013, year-end trial balance for the company contained the following information: Account Debit Credit Merchandise inventory, 7/1/12 32,000 Sales 380,000 Sales returns 12,000 Purchases 240,000 Purchase discounts 6,000 Purchase returns 10,000 Freight-in 17,000 In addition, you determine that the June 30, 2013, inventory balance is $40,000.

Required: 1. Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2013. 2. Prepare the year-end adjusting entry to record cost of goods sold. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

Reference no: EM13604767

Questions Cloud

Fresh mint candy company budgeted the following costs for : fresh mint candy company budgeted the following costs for anticipated production for july 2008. advertising expenses

A proton has an initial speed of 35 105 ms a what potential : a proton has an initial speed of 3.5 105 ms. a what potential difference is required to bring the proton to rest? b

Determine the area under the standard normal curve in parts : determine the area under the standard normal curve in parts a through c below. find the area under the normal curve to

This unit cell is similar to the face-centered cubic unit : consider the cuau crystal structure. it can be described as a simple cubic lattice with a basis of cu 0 0 0 cu 1 2 1 2

Hey can somebody help can anybody kindly give me a push on : hey can somebody help can anybody kindly give me a push on this one please? askew company uses a periodic inventory

Billy bing ping pong corporation manufactures a single : billy bing ping pong corporation manufactures a single product premium pink ping pong balls. each premium pink ping

A system consisting entirely of electrons and protons has : a system consisting entirely of electrons and protons has a net charge of 1.95 10-15 c and a net mass of 4.43 10-23 kg.

The mean score on a physical fitness test for division i : the mean score on a physical fitness test for division i student-athletes is 947 with a standard deviation of 205. if

Medium inc had one class of stock outstanding the one class : medium inc. had one class of stock outstanding. the one class of stock was owned 50 percent by linda and 25 percent by

User Account

All Pages