(The given is in the photo.)Required:1. SHOW THE COMPUTATION OF SM-X NET SALES REVENUE. COST OF GOODS SOLD AND GROSS PROFIT FOR THE YEAR ENDED DEC 31 2020 AMOUNTREF#ACCT TITLESDEC 31 20201 ACCOUNTS PAYABLE66,5002 ACCUMULATED DEPRECIATION - EQUIPMENT75,8003 ADMINISTRATIVE EXPENSES98,8004 CASH16,4005 H SY, CAPITAL6 H SY, WITHDRAWAL7 EQUIPMENT258,30045,600187,0009,000161,000159,000650,0004,2004,8008 FREIGHT-IN9 INVENTORY, DEC 31 201910 INVENTORY, DEC 31 202011 PURCHASES12 PURCHASES RETURNS & ALLOWANCES13 PURCHASE DISCOUNT14 SALARY PAYABLE5,80015 SALES REVENUE985,50014,2008,30016 SALES RETURNS & ALLOWANCES17 SALES DISCOUNTS18 SELLING EXPENSES44,600 AMOUNTREF#ACCT TITLESDEC 31 20204 CASH16,4009 INVENTORY, DEC 31 2019161,00010 INVENTORY, DEC 31 20207 EQUIPMENT2 ACCUMULATED DEPRECIATION - EQUIPMENT159,000187,00075,80066,5001 ACCOUNTS PAYABLE14 SALARY PAYABLE5,800258,30045,600985,5005 H SY, CAPITAL6 H SY, WITHDRAWAL15 SALES REVENUE16 SALES RETURNS & ALLOWANCES14,20017 SALES DISCOUNTS8,30011 PURCHASES650,00012 PURCHASES RETURNS & ALLOoWANCES4,20013 PURCHASE DISCOUNT4,8003 ADMINISTRATIVE EXPENSES98,8008 FREIGHT-IN18 SELLING EXPENSES9,00044,600

Net Purchase=Purchase revenue-Purchase returns & allowances+Purchase…

AMOUNT REF# ACCT TITLES DEC 31 2020 1 ACCOUNTS PAYABLE 66,500 2 ACCUMULATED DEPRECIATION - EQUIPMENT 75,800 3 ADMINISTRATIVE EXPENSES 98,800 4 CASH 16,400 5 H SY, CAPITAL 6 H SY, WITHDRAWAL 7 EQUIPMENT 258,300 45,600 187,000 8 FREIGHT-IN 9,000 9 INVENTORY, DEC 31 2019 161,000 10 INVENTORY, DEC 31 2020 159,000 11 PURCHASES 650,000 12 PURCHASES RETURNS & ALLOWANCES 4,200 13 PURCHASE DISCOUNT 4,800 14 SALARY PAYABLE 5,800 15 SALES REVENUE 985,500 16 SALES RETURNS & ALLOWANCES 14,200 17 SALES DISCOUNTS 8,300 18 SELLING EXPENSES 44,600

AMOUNT REF# ACCT TITLES DEC 31 2020 1 ACCOUNTS PAYABLE 66,500 2 ACCUMULATED DEPRECIATION - EQUIPMENT 75,800 3 ADMINISTRATIVE EXPENSES 98,800 4 CASH 16,400 5 H SY, CAPITAL 6 H SY, WITHDRAWAL 7 EQUIPMENT 258,300 45,600 187,000 8 FREIGHT-IN 9,000 9 INVENTORY, DEC 31 2019 161,000 10 INVENTORY, DEC 31 2020 159,000 11 PURCHASES 650,000 12 PURCHASES RETURNS & ALLOWANCES 4,200 13 PURCHASE DISCOUNT 4,800 14 SALARY PAYABLE 5,800 15 SALES REVENUE 985,500 16 SALES RETURNS & ALLOWANCES 14,200 17 SALES DISCOUNTS 8,300 18 SELLING EXPENSES 44,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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