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Following Is a Random List of Some of the Accounts

Question 169

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Following is a random list of some of the accounts and their December 31, 2019, balances for Milita Merchandising. Milita Merchandising uses a periodic inventory system and all account balances are normal.  Purchases $330,000 Sales revenue 470,000 Interest revenue 23,000 Salary expense 45,000 Freight in 17,000 Purchase discounts 31,000 Sales returns and allowances 40,000 Interest expense 18,000 Delivery expense 24,000 Sales discounts 27,000 Insurance expense 16,000 Purchase returns and allowances 49,000 R. Milita, Capital 35,000 Utilities expense 14,000 Amortization expense-equipment 10,000 R. Milita, Withdrawals 18,000\begin{array} { l r } \text { Purchases } & \$ 330,000 \\\text { Sales revenue } & 470,000 \\\text { Interest revenue } & 23,000 \\\text { Salary expense } & 45,000 \\\text { Freight in } & 17,000 \\\text { Purchase discounts } & 31,000 \\\text { Sales returns and allowances } & 40,000 \\\text { Interest expense } & 18,000 \\\text { Delivery expense } & 24,000 \\\text { Sales discounts } & 27,000 \\\text { Insurance expense } & 16,000 \\\text { Purchase returns and allowances } & 49,000 \\\text { R. Milita, Capital } & 35,000 \\\text { Utilities expense } & 14,000 \\\text { Amortization expense-equipment } & 10,000 \\\text { R. Milita, Withdrawals } & 18,000\end{array} The beginning and ending amounts for inventory are $58,000 and $65,000, respectively.
Calculate the following for Milita Merchandising:  Net sales revenue $ Net purchases$ Cost of goods available for sale $ Cost of goods sold$Gross margin $ Operating income $ Net income $\begin{array}{llcc} \text { Net sales revenue } &\$\underline{\quad\quad} \\ \text { Net purchases} &\$\underline{\quad\quad}\\ \text { Cost of goods available for sale } &\$\underline{\quad\quad}\\ \text { Cost of goods sold} &\$\underline{\quad\quad}\\ \text {Gross margin } &\$\underline{\quad\quad}\\ \text { Operating income } &\$\underline{\quad\quad}\\ \text { Net income } &\$\underline{\quad\quad}\\\end{array}

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