Kleiner Merchandising Company Accumulated depreciation$700 Beginning inventory8,500 Ending Inventory4,500 Expenses1,800 Net Purchases9,500 Net

Kleiner Merchandising Company

Accumulated depreciation$700

Beginning inventory 8,500

Ending Inventory 4,500

Expenses 1,800

Net Purchases 9,500

Net Sales 16,500

Krug Service Company

Expenses$8,100

Revenues 21,000

Cash 600

Prepaid rent 640

Accounts payable 200

Equipment 1,900

Required:

a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser. Hint: Not all information may be necessary.

b. Use the above information from a service company and from a merchandiser to compute net income.

a. Goods available for sale: ______

Cost of goods sold: _______

Gross profit: _____

b. Net income for Krug: _____

Net income for Kleiner: ______

PLEASE SHOW YOUR WORK!!!!! I AM ACTUALLY TRYING TO LEARN. THANKS!

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