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The trial balance of Sheridan Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $19,620; Purchases $190,350; Sales Revenue $188,100; Freight-In $8,490; Sales Returns and Allowances $3,450; Freight-Out $2,820; and Purchase Returns and Allowances $5,400. The ending inventory is $22,100. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. SHERIDAN COMPANY Income Statement choose the accounting period select an income statement item $enter a dollar amount enter an opening name for subsection one $enter a dollar amount select between addition and deduction : enter an income statement item enter a dollar amount select a closing name for subsection one enter a total amount for subsection one select between addition and deduction : enter an income statement item enter a dollar amount select an income statement item enter a total of the two previous amounts select a summarizing line for this part of the income statement enter a subtotal amount for this part of the statement select an income statement item enter a dollar amount select a closing section name $enter a total amount for this section

The trial balance of Sheridan Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $19,620; Purchases $190,350; Sales Revenue $188,100; Freight-In $8,490; Sales Returns and Allowances $3,450; Freight-Out $2,820; and Purchase Returns and Allowances $5,400. The ending inventory is $22,100. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. SHERIDAN COMPANY Income Statement choose the accounting period select an income statement item $enter a dollar amount enter an opening name for subsection one $enter a dollar amount select between addition and deduction : enter an income statement item enter a dollar amount select a closing name for subsection one enter a total amount for subsection one select between addition and deduction : enter an income statement item enter a dollar amount select an income statement item enter a total of the two previous amounts select a summarizing line for this part of the income statement enter a subtotal amount for this part of the statement select an income statement item enter a dollar amount select a closing section name $enter a total amount for this section

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...
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The trial balance of Sheridan Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $19,620; Purchases $190,350; Sales Revenue $188,100; Freight-In $8,490; Sales Returns and Allowances $3,450; Freight-Out $2,820; and Purchase Returns and Allowances $5,400. The ending inventory is $22,100. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. SHERIDAN COMPANY Income Statement choose the accounting period select an income statement item $enter a dollar amount enter an opening name for subsection one $enter a dollar amount select between addition and deduction : enter an income statement item enter a dollar amount select a closing name for subsection one enter a total amount for subsection one select between addition and deduction : enter an income statement item enter a dollar amount select an income statement item enter a total of the two previous amounts select a summarizing line for this part of the income statement enter a subtotal amount for this part of the statement select an income statement item enter a dollar amount select a closing section name $enter a total amount for this section
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