Reference no: EM132642727
Question - On December 31, 2016, MOON was depressed upon seeing the following accounts in his ledger. In order for him to easily know the results of his operations, he hired SUN to assist him. The following data were taken from the incomplete accounting records maintained by MOON:
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ACCOUNT BALANCES
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JANUARY 1
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DECEMBER 31
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Cash
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6,790
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4,560
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Accounts Receivable
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8,610
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5,940
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Merchandise Inventory
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10,580
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9,720
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Prepaid Expenses
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750
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600
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Equipment, net
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9,550
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8,500
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Accounts Payable
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6,990
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7,330
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Loans Payable
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4,000
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2,750
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Accrued Expenses
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450
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560
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Transactions per CASHBOOK during 2016:
RECEIPTS:
From Customers 67,950
From Bank Loan 4,000
Other Income 800
DISBURSEMENTS:
To Trade Creditors 51,860
To Bank Loan 5,250
For various expenses 8,140
Purchase of Equipment 2,000
To Owner of Drawings 2,000
Additional Information:
Purchase returns amounted to $1,530. Goods received from suppliers on December 20, 2016, $850, was not invoiced to and recorded by the shop until January 2017.
Sales returns during the year were $2,500. Bad debts written off directly against accounts receivable were $1,080.
The only change in the equipment was the purchase of a new computer on June 30, 2016. Depreciation charges are credited to the fixed asset account from the month following the purchase.
REQUIRED - Solve for the COST OF SALES.
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