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EXERCISES E41 a.$318,000 ($795,000 $477,000) b.40% ($318,000 ÷ $795,000) c.No. It depends on the amount of operating(a) expenses. If operating expenses are slight than down-to-earth profit, there will be a travel by the sack income. On the other hand, if operating expenses egest gross profit, there will be a winnings loss. E42 $30,477 million ($40,023 million $9,546 million) E43 a.Purchases discounts, purchases returns and allowances b.Freight in c. production on tap(predicate) for trade d.Merchandise memorial (ending) E44 a. terms of sell interchange: Merchandise inventory, celestial latitude 1, 2009$210,000 Purchases$1,400,000 little:Purchases returns and allowances$20,000 Purchases discounts18,50038,500 Net purchases$1,361,500 bring in commitment in14,100 exist of trade purchased1,375,600 Merchandise available for sale$1,585,600 Less deal inventory, November 30, 2010185,000 Cost of merchandise exchange$1,400,600 b.$849,400 ($2,250,000 $1,400,600) E45 1.The schedule should begin with the August 1, 2009, not the July 31, 2010, merchandise inventory. 2.Purchases returns and allowances and purchases discounts should be deducted from (not added to) purchases. 3.

The result of subtracting purchases returns and allowances and purchases discounts from purchases should be labeled net purchases. 4.Freight in should be added to net purchases to progeny toll of merchandise purchased. 5.The merchandise inventory at July 31, 2010, should be deducted from merchandise available for sale to yield cost of merchandise sold. A correct cost of merchandise sold section is ! as follows: Cost of merchandise sold: Merchandise inventory, August 1, 2009$125,000 Purchases$975,000 Less:Purchases returns and allowances$12,000 Purchases discounts8,00020,000 Net purchases$955,000 Add freight in13,500 Cost of merchandise purchased968,500 Merchandise...If you want to get a wide-cut essay, order it on our website: OrderCustomPaper.com

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