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The Following Amounts Are on the Riley's Clothing Worksheet for the Month

Question 66

Short Answer

The following amounts are on the Riley's Clothing worksheet for the month ended March 30.
Required: Calculate the following:
a. Net sales
b. Gross profit
c. Operating expenses
d. Other revenue
e. Net income
 Account  Income Statement  Debit  Credit  Sales 35 Sales Returns and Allowances 4 Sales Discounts 2 Cost of Goods Sold 10 Salaries Expense 8 Rent Expense 5 Depreciation Expense 2 Interest Revenue 2\begin{array} { l c r } \text { Account } & { \text { Income Statement } } \\& \text { Debit } & \begin{array} { r } \text { Credit }\end{array} \\\text { Sales } & & 35 \\\text { Sales Returns and Allowances } & 4 & \\\text { Sales Discounts } & 2 & \\\text { Cost of Goods Sold } & 10 & \\\text { Salaries Expense } & 8 & \\\text { Rent Expense } & 5 & \\\text { Depreciation Expense } & 2 & \\\text { Interest Revenue } & &2\end{array}

Correct Answer:

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a. $29
b. ...

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