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58 BOOKKEEPING AND ACCOUNTING
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The Income Statement The classi ed income statement sets out the amount of each function and enables management, stockholders, analysts, and others to study the changes in function costs over successive accounting periods. There are three functional classi cations of the income statement: 1. Revenue. Revenue includes gross income from the sale of prod ucts or services. It may be designated as sales, income from fees, and so on, to indicate gross income. The gross amount is reduced by sales re turns and by sales discounts to arrive at net sales. 2. Cost of Goods Sold. The inventory of a merchandising business consists of goods on hand at the beginning of the accounting period and those on hand at the end of the accounting period. The beginning inven tory appears in the income statement and is added to purchases to arrive at the cost of goods available for sale. Ending inventory is deducted from the cost of goods available for sale to arrive at cost of goods sold. 3. Operating Expenses. Operating expenses includes all expenses or resources consumed in obtaining revenue. Operating expenses are further divided into two groups. Selling expenses are related to the promotion and sale of the company s product or service. Generally, one individual is held accountable for this function, and his or her performance is mea sured by the results in increasing sales and maintaining selling expenses at an established level. General and administrative expenses are those re lated to the overall activities of the business, such as the salaries of the president and other of cers. When preparing income statements, list ex penses from highest to lowest except Miscellaneous, which is always last, no matter how large the amount may be.
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Under the periodic inventory method of inventory calculation, all pur chases are recorded in the Purchases account. At the end of the account ing period, the rm takes a physical count of all inventory that is on hand. The cost of the inventory includes the net purchase price plus any cost of transportation. The total cost of purchases is then added to Beginning In ventory to get cost of goods available for sale. The cost of the Ending In ventory is then subtracted from the goods available for sale to get goods
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CHAPTER 9: The Merchandising Company
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available for sale sold. The cost of goods sold is then subtracted from Sales to get gross pro t, which is then reduced by operating expenses to determine net income.
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1. Merchandise Inventory (ending) appears as an _______ in the ________ ( nancial statement). 2. The only account gure that appears on both the income statement and the balance sheet is ______. 3. The beginning balance of Merchandise Inventory would be the same amount as the ending balance of the _______ period. 4. Each of the revenue and each of the expense account balances is closed into the _______ account by means of ________. 5. The accounts with zero balance at the beginning of the year would be those involving ________ and ________. Answers: 1. asset, balance sheet; 2. Merchandise Inventory; 3. preceding; 4. Income Summary, closing entries; 5. income, expenses
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Solved Problem 9.1 The Mills Company purchased merchandise cost ing $150,000. What is the cost of goods sold under each assumption be low Beginning Inventory 100,000 75,000 50,000 0 Ending Inventory 60,000 50,000 30,000 10,000
(a) (b) (c) (d)
Solution:
To calculate cost of goods sold (CGS), use the following equation:
Beginning Inventory + Purchases Ending Inventory = CGS
(a) 190,000 (b) 175,000
60 BOOKKEEPING AND ACCOUNTING
(c) 170,000 (d) 140,000 Solved Problem 9.2 Compute the cost of goods sold from the following information: Beginning Inventory, $30,000; Purchases, $70,000; Pur chase Returns, $3,000; Ending Inventory, $34,000. Solution: Beginning Inventory Purchases Less: Purchase Returns Net Purchases Goods Available for Sale Less: Ending Inventory Cost of Goods Sold $30,000 $70,000 3,000 $67,000 $97,000 34,000 $63,000
Solved Problem 9.3 Prepare an income statement based on the follow ing data. (a) (b) (c) (d) (e) (f ) Merchandise Inventory, Jan. 1, 2000, $30,000 Merchandise Inventory, Dec. 31, 2000, $24,000 Purchases, $66,000 Sales Income, $103,000 Purchase Returns, $2,000 Total expenses, $27,900
Solution: Sales Income Cost of Goods Sold: Beginning Inventory Purchases $66,000 Less: Purchase Returns 2,000 Goods Available for Sale Less: Ending Inventory Cost of Goods Sold Gross Pro t Total Expenses: Net Pro t $103,000 $30,000 $64,000 $94,000 24,000 $ 70,000 $ 33,000 27,900 $ 5,100
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