Question

Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning inventory 14,500 Ending inventory 8,700 Expenses 2,400 Net purchases 19,100 Net sales 28,500 Krug Service Company Expenses $ 9,300 Revenues 33,000 Cash 800 Prepaid rent 720 Accounts payable 200 Equipment 3,100 Required: a. Compute the goods available for sale, and the cost of goods sold and gross profit for the merchandiser. Hint: Not all information may be necessary. b. Compute net income for each company.

Answer 1

Answer:

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Explanation:

Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning inventory ... 700 Beginning Inventory 5,000 Ending Inventory 1,700 Expenses 1,450 Net Purchases 3,900 Net Sales 9,500 Krug Service Company Expenses $ 12,500 Revenues 14,000 Cash 700 Prepaid Rent 800 Accounts Payable ...