Accumulated depreciation: Buildings... Sales...... Accounts payable. Sales returns.. Advertising expense.. Buildings.. C

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Accumulated Depreciation Buildings Sales Accounts Payable Sales Returns Advertising Expense Buildings C 1 (103.46 KiB) Viewed 11 times

Accumulated depreciation: Buildings... Sales...... Accounts payable. Sales returns.. Advertising expense.. Buildings.. Cash..... Inventory.... Purchase discounts. Purchase returns.. Transportation In........ Josh Anderson, (Proprietor). Sales discounts.. Depreciation expense.. Office supplies.. Purchase allowances. Accounts receivable.. Sales allowances.. Purchases... Property tax expense Store supplies expense.. Wages expense.. The Icecream Shop Adjusted Trial Balance December 31, 2018 40,000 415,000 59,437 2,000 9,186 100,000 8,960 32,604 3,286 9,000 3,560 32,800 7,000 10,000 1,799 4,000 25,600 6,000 276,000 14,625 3,814 62,375 b. Calculate the gross margin (or gross profit) percentage (2 marks). CR REQUIRED (NOTE THAT ALL ACCOUNTS HAVE THEIR NORMAL DEBIT OR CREDIT BALANCES): a. The inventory on hand at December 31, 2018 was $25,878. Use this information to prepare ONLY the part of a classified, multiple-step income statement under the PERIODIC SYSTEM that shows the SALES, COST OF GOODS SOLD, and GROSS PROFIT SECTIONS (12 marks).