The Following Is a List of Selected Events for Sunglass

question 28

Essay

The following is a list of selected events for Sunglass Shack for 2013. Sunglass Shack uses a perpetual inventory system and had a zero inventory balance prior to these transactions.
1) Purchased merchandise on account for $85,000.
2) Sold inventory costing $62,000 for $104,000 on account.
3) Paid transportation-out cost of $3,500 on goods sold.
4) Paid operating expense of $27,600.
5) Sold land for $22,700 that had cost $25,000.
6) A count of the inventory revealed that there was $22,900 of inventory on hand at the end of 2013.
Required:
Answer the following questions based on the above information.
a) What was Sunglass Shack's net income for 2013?
b) Compute gross margin and the gross margin percent for 2013.
c) What amount of inventory will appear on the balance sheet for December 31, 2013?
d) Based on the above information, prepare a multistep income statement for 2013.

Understand the motivations and actions of key figures and groups during the Revolutionary period, including generals, loyalists, and patriots.

Evaluate the shift in war tactics and strategies as the conflict progressed.

Discuss the role and impact of external forces and alliances on the Revolutionary War's dynamic.

Examine the societal and political ideals that influenced the development of American republicanism.

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Definitions:

Jog Circuit

A control circuit designed to momentarily energize a motor or device to adjust its position without engaging full operation.

Control Circuit

A low-power circuit used to control the operation of a main circuit or device, often involving relays, switches, and sensors.

Eleven-Pin

Refers to a type of connector or relay base with eleven pins used for electrical or electronic connections.

Ice Cube Relay

A compact, square-shaped plug-in relay often used for control circuits, recognizable by its clear or translucent casing.