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Prepare an income statement using your calculations

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Q1. XYZ com, being a startup, had a zero beginning inventory. They spent $425,000 on inventory items, receiving $12,000 for prompt payment and paying $10,000 for freight. Their closing inventory is $84,000. Determine the cost of goods sold and the closing entries for a periodic inventory.

Q2. Prepare an income statement using your calculations. Show gross profit and net income. You will need the following information:

Sales were $1,375,000.00

Administrative and sales expenses $225,000.00

Interest on debt is $97,000.00

Tax paid at 30%

Reference no: EM132626603

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