Sunday
April 20, 2014

Homework Help: accounting

Posted by Anonymous on Saturday, December 10, 2011 at 3:17am.

In 2007, Clyde Blackstock opened Clyde’s Pets, a small retail shop selling pet supplies. On December 31, 2007 Clyde’s accounting records showed the following:

Merchandise inventory at December 31, 2007 $10,250
Merchandise inventory at January 1, 2007 $15,000
Sales revenue for year $54,000
Utilities for shop $3,000
Rent for shop $3,000
Sales commissions $2,250
Purchases of merchandise $27,000
Q. 1. Part 1. Prepare an income statement for Clyde’s Pets, a merchandiser, for the year ended December 31, 2007. You may use the template below. Hint: You will need to calculate Cost of Goods Sold (COGS).

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

income tax - Clyde had worked for many years as a chief executive of Red ...
english II - sentence contain and error in Subject-Verb Agreement. A.Nine ...
Math - 2x represents that Clyde is twice (2 times) as old as Bonnie. 6 years ...
physics - Bonnie and Clyde are sliding 500 bank safe across the floor to their ...
physics - Bonnie and Clyde are sliding 500 bank safe across the floor to their ...
English II - sentence contain and error in Subject-Verb Agreement. A.Nine ...
math - express 3/8 in thirty seconds
math - express 3/4 in sixty-forths
literature - HELP PLEASE!!! Can you state the aspect of style revealed in this ...
math - what part of an hour is 45 minutes? Give answer in lowest term.

Search
Members