Kleiner Merchandising Company Accumulated Depreciation 700 Beginning Inventory8
Kleiner Merchandising Company
Accumulated depreciation$700
Beginning inventory 8,500
Ending Inventory 4,500
Expenses 1,800
Net Purchases 9,500
Net Sales 16,500
Krug Service Company
Expenses$8,100
Revenues 21,000
Cash 600
Prepaid rent 640
Accounts payable 200
Equipment 1,900
Required:
a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser. Hint: Not all information may be necessary.
b. Use the above information from a service company and from a merchandiser to compute net income.
a. Goods available for sale: ______
Cost of goods sold: _______
Gross profit: _____
b. Net income for Krug: _____
Net income for Kleiner: ______
PLEASE SHOW YOUR WORK!!!!! I AM ACTUALLY TRYING TO LEARN. THANKS!
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