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BE 5-6.

5-7, 5-8, 5-10, 5-11 BE 5-6 Aug 31 Cost of Goods Sold Merchandise Inventory To record difference between inventory records and physical units on hand. 900900-

BE 5-7 July 31 Sales Prasad, Capital To close accounts with credit balances. 31 Prasad, Capital Sales Returns and Allowances Cost of Goods Sold To close accounts with debit balances. 180,000180,000-

102,0002,000100,000-

BE 5-8

Sales Revenue Sales Less: Sales returns and allowances Net Sales

400,000 30,000 370,000

BE 5-10 Sales: $500,000 Less: sales returns and allowances: $15,000 Net Sales: $485,000 Cost of Goods Sold: $340,000 Gross Profit: $145,000 Operating Expenses: $70,000 + $40,000 = $110,000 Net Income: $35,000 BE 5-11 Gross Profit Margin: Gross Profit / Net Sales = Gross Profit Margin 250 000 / 500 000 = 0.5 Inventory Turnover: Cost of Goods Sold / Average Inventory = Inventory Turnover 300 000 / 25 000 = 12 Days sales in inventory: Days in Year + Inventory Turnover = Days Sales in inventory 365 + 12 = 30.42