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  3. 1. given the following account information, calcul

1. Given the following account information, calculate net income: Sales 500,000...

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Accounting

1. Given the following account information, calculate net income:

Sales 500,000
Beginning Inventory 200,000
Ending Inventory 35,000
Purchases of Inventory 25,000
Selling Expenses 1,000
Administrative Expenses 6,000
Rent Income 30,000
Calculate Net Income

273,000

333,000

233,000

263,000

2. If the shipping terms are "FOB Destination", then

the buyer is responsible for shipping cost

The seller is responsible for shipping cost

3. If the shipping terms are "FOB shipping point", then

the buyer is responsible for shipping costs

The seller is responsible for shipping costs.

4. When the seller is responsible for paying freight, They will debit _______________ and credit cash

Delivery Expense

Merchandise Inventory

5. When the buyer is responsible for paying freight, They will debit _______________ and credit cash

Delivery Expesne

Merchandise Inventory

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