Following Is a Random List of Some of the Accounts

question 2

Essay

Following is a random list of some of the accounts and their December 31, 2019, balances for Milita Merchandising. Milita Merchandising uses a periodic inventory system and all account balances are normal. $$\begin{array} { l r } \text { Purchases } & \$ 330,000 \\\text { Sales revenue } & 470,000 \\\text { Interest revenue } & 23,000 \\\text { Salary expense } & 45,000 \\\text { Freight in } & 17,000 \\\text { Purchase discounts } & 31,000 \\\text { Sales returns and allowances } & 40,000 \\\text { Interest expense } & 18,000 \\\text { Delivery expense } & 24,000 \\\text { Sales discounts } & 27,000 \\\text { Insurance expense } & 16,000 \\\text { Purchase returns and allowances } & 49,000 \\\text { R. Milita, Capital } & 35,000 \\\text { Utilities expense } & 14,000 \\\text { Amortization expense-equipment } & 10,000 \\\text { R. Milita, Withdrawals } & 18,000\end{array}$$ The beginning and ending amounts for inventory are $58,000 and $65,000, respectively.
Calculate the following for Milita Merchandising: $\begin{array}{llcc} \text { Net sales revenue } &\$\underline{\quad\quad} \\ \text { Net purchases} &\$\underline{\quad\quad}\\ \text { Cost of goods available for sale } &\$\underline{\quad\quad}\\ \text { Cost of goods sold} &\$\underline{\quad\quad}\\ \text {Gross margin } &\$\underline{\quad\quad}\\ \text { Operating income } &\$\underline{\quad\quad}\\ \text { Net income } &\$\underline{\quad\quad}\\\end{array}$

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Definitions:

Amplitude

The height of a wave from its baseline, indicating the strength or intensity of the wave.

Hue

A basic property of color, determined by the specific wavelength of light, perceived as the name of the color, such as blue, green, or red.

Binocular Cue

Visual information taken from both eyes that enables perception of depth, distance, and 3D structure of objects.

Convergence

The process or state of different elements coming together or merging towards a unified or common point.