?Data Table Travis Department Store usos a periodicimvetory syatem. The adjusted
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Question
?Data Table Travis Department Store usos a periodicimvetory syatem. The adjusted trial balance of Travis Department Store at Decomber 31, 2018, rcllows Click the icon to vilew the adjusted trial balance.) Read the requirements Begin by cakculating the gross proit then complete the income statement in the next step. Travis Department Store Adjusted Trial Balanco December 31, 2018 Travis Department Store Income Statement Year Ended December 31, 2018 Balance Account Tite Debit Accounts Receivable Merchandse Inventory (beginning) Office Supplies 84,700 37,500 87,000 18,800 29.500 2.400 14.300 32,000 54,000 Less Accounts Payabe Salaries Payable Unearned Revenue Nobes Payable, long-term Travis, Capital Travis, Wihdrawas Sales Revenue Plus: 80,300 Less: 392,000 283,000 Gross Profit 123,000 Purchase Retums and Alowances Purchase D ecounts Freight In Seling Expense Administbrative Expense Interest Expense 41,800 26,500 3,300 $672,200$ 672,200 Net Income (Loss) Print DoneExplanation / Answer
Answer
Sales Revenue
$ 3,92,000.00
Cost of Goods Sold:
Beginning Inventory
$ 37,500.00
Purchases
$ 2,93,000.00
Less: Returns & Allowances
$ 1,23,000.00
Less: Discount
$ 6,200.00
Net purchases
$ 1,63,800.00
Plus: Frieght In
$ 400.00
Purchase cost
$ 1,64,200.00
Goods Available for sale
$ 2,01,700.00
Less: Ending Inventory
$ 37,500.00
Cost of Goods Sold:
$ 1,64,200.00
Gross Profits
$ 2,27,800.00
Operating Expenses:
Administrative expense
$ 26,500.00
Selling Expenses
$ 41,800.00
Total Operating expenses
$ 68,300.00
Operating Profits
$ 1,59,500.00
Other income and expenses:
Interest expense
$ 3,300.00
Other expenses
$ 3,300.00
Net Income /(Loss)
$ 1,56,200.00
Date
Accounts Title
Debit ($)
Credit ($)
Dec-31
Sales Revenue
392000
Purchas Return & Allowances
123000
purchase Discounts
6200
Income Summary
521200
(closing revenue account and other credit balances)
Dec-31
Income Summary
365000
Freight In
400
Selling Expenses
41800
Administrative expense
26500
Interest expense
3300
Purchases
293000
(closing expense accounts)
Dec-31
Income Summary
156200
Travis Capital
156200
(closing income summary)
Dec-31
Travis Capital
89300
Travis Withdrawls
89300
(closing withdrawls)
Sales Revenue
$ 3,92,000.00
Cost of Goods Sold:
Beginning Inventory
$ 37,500.00
Purchases
$ 2,93,000.00
Less: Returns & Allowances
$ 1,23,000.00
Less: Discount
$ 6,200.00
Net purchases
$ 1,63,800.00
Plus: Frieght In
$ 400.00
Purchase cost
$ 1,64,200.00
Goods Available for sale
$ 2,01,700.00
Less: Ending Inventory
$ 37,500.00
Cost of Goods Sold:
$ 1,64,200.00
Gross Profits
$ 2,27,800.00
Operating Expenses:
Administrative expense
$ 26,500.00
Selling Expenses
$ 41,800.00
Total Operating expenses
$ 68,300.00
Operating Profits
$ 1,59,500.00
Other income and expenses:
Interest expense
$ 3,300.00
Other expenses
$ 3,300.00
Net Income /(Loss)
$ 1,56,200.00
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