BAF3M Practice Final Exam Questions BAC3A Final ... - New Learner

BAF3M Practice Final Exam QuestionsComplete this month’s income statement for the Smith’s Clothing Co. by:2. Merchandising Income Statement (8 marks)i) placing the following account titles and balances within the proper format;ii) calculating and recording any missing values for the titles indicated below.Revenue From Sales:Sales: $40,000.00Sales Returns & Allowances: 200.00Sales Discounts: 100.00Cost of Goods Sold:Beginning Inventory: $2,000.00Purchases: 6,000.00Transportation-in: 400.00Purchases Returns and Allowances: 66.00Purchase Discounts: 34.00Ending Inventory: 3,500.00Operating Expenses:Rent Expense: $1,000.00Hydro Expense: 200.00Phone Expense: 50.00HINT: Be sure to find the value for each of the following:i) Net Salesii) Cost of Delivered Goodsiii) Net Purchasesiv) Cost of Goods Available for Salev) Cost of Goods Soldvi) Gross Profit from Salesvii) Total Operating Expensesviii) Net IncomeBAC3A Final Exam, Page 2