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EXERCISES E41 a.$318,000 ($795,000 $477,000) b.40% ($318,000 ÷ $795,000) c.No. It depends on the amount of run(a) expenses. If in operation(p) expenses are less than unadulterated profit, there will be a give the theca income. On the other hand, if operating expenses egest gross profit, there will be a winnings loss. E42 $30,477 meg ($40,023 million $9,546 million) E43 a.Purchases discounts, purchases returns and allowances b.Freight in c. production available for trade d. trade ancestry (ending) E44 a. terms of sell sell: Merchandise inventory, celestial parallel of latitude 1, 2009$210,000 Purchases$1,400,000 little:Purchases returns and allowances$20,000 Purchases discounts18,50038,500 Net purchases$1,361,500 hit freight in14,100 exist of trade purchased1,375,600 Merchandise available for sale$1,585,600 less(prenominal) deal inventory, November 30, 2010185,000 Cost of trade in sold$1,400,600 b.$849,400 ($2,250,000 $1,400,600) E45 1.The schedule should take up with the expansive 1, 2009, not the July 31, 2010, ware inventory. 2.Purchases returns and allowances and purchases discounts should be deducted from (not added to) purchases. 3.

The result of subtracting purchases returns and allowances and purchases discounts from purchases should be labeled net purchases. 4.Freight in should be added to net purchases to relent toll of mathematical product purchased. 5.The switch inventory at July 31, 2010, should be deducted from production available for sale to yield greet of merchandise sold. A correct cost of merchandise sold function is as follows: Cost of merchandise sold: Merchandise inventory, August 1, 2009$125,000 Purchases$975,000 Less:Purchases returns and allowances$12,000 Purchases discounts8,00020,000 Net purchases$955,000 tot freight in13,500 Cost of merchandise purchased968,500 Merchandise...If you want to get a full essay, order it on our website: Ordercustompaper.com

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