UPSB v3

Off-topic / HELP

1. NoRice4U

   Date: Tue, Nov 17 2009 03:53:59

   Cain Company began the 2006 accounting period with $19,950 cash, $53,499 inventory, $43,248 common stock, and $29,031 retained earnings.
   
   During the 2006 accounting period, Cain experienced the following events:
   
   Sold merchandise costing $38,099 for $64,273 on account to Jones' General Store.
   
   Delivered the goods to Jones under terms FOB destination. Freight costs were $681 cash.
   
   Received returned damaged goods from Jones. The goods cost Cain $1,859 and were sold to Jones for $4,033.
   
   Granted Jones a $1,582 allowance for other damaged goods that Jones agreed to keep.
   
   Collected partial payment of $52,079 cash from accounts receivable.
   
   Calculate the amount of net income (loss) at the end of the period.
   

2. jaychou

   Date: Tue, Nov 17 2009 04:16:15

   this problem looks like it's worded shittly
   
   but Revenues - Expenses = Net Income
   
   so
   58658 Sales Revenue (64273-4033-1582)
   36921 Expenses (38099+681-1859)
   $21737 Ending Net Income
   
   the rest of the info they give you seems like bullshit that only matters on journal entries and stuff

3. NoRice4U

   Date: Tue, Nov 17 2009 04:20:23

   Thank you

4. Zombo

   Date: Tue, Nov 17 2009 20:06:54

   NoHelp4U
   
   I remember taking a course on that, totally forgot what I learned though.

5. jaychou

   Date: Tue, Nov 17 2009 21:25:28

   i hope i didn't do it wrong >_<

6. spinneraddiction

   Date: Tue, Nov 17 2009 21:42:24

   21737 iz your answer