Fill in the Appropriate Blank Figures in the Income Statement $\quad$

question 82

Essay

Fill in the appropriate blank figures in the income statement below.
Gross sales $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\$ 7,500$
Sales returns and allowances $\quad$$\quad$$\quad$$\quad$$\quad$ A
Less: Cash discounts on sales $\quad$$\quad$$\quad$$\quad$ $250$
B ----------------------------- $\quad$$\quad$$\quad$$\quad$$\quad$$\$ 7,100$ Cost of goods sold
$\begin{array}{lll} \text { \text { Inventory, Tanuary } 1,2 x10} && 200 \\ \text { Purchases (gross)} & \$ 3,210 \\C----------- & 275 \\ \text { Less: Cash discounts on purchases } & 280 \\\text { Net Purchases } & \mathrm{D} & \\\text { Add: Freight In } & \underline{50} & \\\text { Total cost of merchandise acquired } & & \underline{2,705} \\\text { Cost of goods available for sale } & & 2,905 \\\text { Inventory, December } 31,2 \times 10 && \underline{280} \\\text { Cost of goods sold} 10 &&E \\\text {Gross Profit } &&\$F \\\end{array}$

Know the penalties and exceptions associated with HIPAA violations.

Explain the requirements and expectations of counselors under HIPAA.

Understand the roles and rights established by FERPA for students and educational institutions.

Distinguish between healthcare and educational disclosures under emergency conditions.

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Definitions:

Equal Intervals

Regular, consistent spaces or periods of time between events or items.

Adjusting Entries

Bookkeeping records completed at the conclusion of a financial period to apportion revenues and expenses to the timeframe in which they truly happened.

Financial Statements

Formal records of the financial activities and position of a business, individual, or other entity, including income statement, balance sheet, and cash flow statement.

Cash Basis

An accounting method where revenue and expenses are recognized only when cash is received or paid.