Using the Following Information,calculate for 20xx (A)net Sales,(b)beginning Merchandise Inventory,(c)gross

question 11

Essay

Using the following information,calculate for 20xx (a)net sales,(b)beginning merchandise inventory,(c)gross margin,and (d)net income.
$\begin{array}{lr}\text { Sales statt Salaries Expense } & 7,000 \\\text { Sales } & 90,000 \\\text { Ending Merchandise Inventory } & 16,000 \\\text { Purchases Returns and Allowances } & 500\\\text { General and Administrative Expenses } & 11,000 \\\text { Sales Returns and Allowances } & 1,200 \\\text { Freight-In } & 1,500 \\\text { Purchases } & 30,000 \\\text { Cost of Goods Sold } & 47.000\end{array}$

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Definitions:

Presumed

Accepted as true or existing based on probability or logical inference, often without direct evidence.

Sole Proprietors

A sole proprietorship is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.

Limited Liability

The legal principle that limits each owner's financial loss to the amount of money that individual has invested in a company.

Partnership Name

The official legal name under which a partnership business operates and is recognized.