Abs net sales for the period must have been

Reference no: EM133541975

Question: AB Ltd. presents the following selected accounts, all balances are after adjusting journal entries. All accounts have normal balances (accounts which are normally debits have debit balances here and visa-versa).

Accumulated Depreciation Office Equipment 250
Advances from Customers 3,800
Advertising Expense 1,300
Depreciation Expense-Office Equipment 50
Insurance Expense 150
Inventory at beginning of the period 20,200
Inventory at the end of the period 17,000
Office Salaries Expense 8,500
Office Supplies Expense 530
Purchases Discounts 550
Purchases Returns and Allowance 370
Purchases 13,515
Rent Expense 1,000
Salaries Expense of Salespeople 13,515
Sales Discounts 1,180
Sales Returns and Allowances 1,760
Sales 48,450
Transportation In 300
Transportation Out 400

Required 1: AB's Net Sales for the period must have been: $

Required 2: AB's Cost of Goods Available for Sale for the period must have been: $

Required 3: AB's Cost of Goods Sold for the period must have been: $

Required 4: AB's Gross Profit on Sales in dollars for the period must have been: $

Required 5: AB's total Operating Expenses (not including COGS) for the period must have been: $

Required 6: AB's Net Income (loss) in dollars for the period must have been: $

Reference no: EM133541975

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