Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 59

Harry's Haberdashery is a retail clothing store for men.he store operates out of a rented building in Albertsville, Virginia.hown below is the store's adjusted year-end trial balance dated December 31, 2015.

Instructions
a.repare an income statement for Harry's Haberdashery dated December 31, 2015.
b.ompute the store's gross profit margin as a percentage of net sales.
c.o the store's customers seem to be satisfied with their purchases Defend your answer.
d.xplain how you can tell that the business records inventory purchases net of any purchase discounts.
e.he store reports sales taxes payable of $5,000 in its adjusted trial balance.xplain why it does not report any sales taxes expense.
f.hat is meant by the term "operating cycle" and which accounts in the trial balance comprise Harry's Haberdashery's operating cycle