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Shawnie79
Apr 3, 2007, 06:43 AM
How do you calculate net income in a perpetual inventory system with the following accounts given

Cost of Goods Sold
Sales Revenue
Interest Revenue
Salary Expense
Sales returns and allowances
Interest Expense
Delivery Expense
Sales Discounts
Insurance Expense
Capital
Utilities Expense
Deprecation Expense
Withdrawals

CaptainForest
Apr 3, 2007, 11:42 PM
PLUS: Sales Revenue
LESS: Sales returns and allowances
LESS: Sales Discounts
PLUS: Interest Revenue
LESS: Cost of Goods Sold

LESS:
Salary Expense
Interest Expense
Delivery Expense
Utilities Expense
Deprecation Expense
Insurance Expense