Income Statement for Nets Ltd. (Periodic System) – Year Ended December 31, 2022

Perpetual and Periodic System
The following transactions were completed during December by QLO Clothing.
Dec 2
Dec 5 Paid freight on Giant Co. purchase $90
Dec 7 Sold hats to Nunez, Co $2,400, terms n/30. The merchandise sold had a cost of
$2,100
Dec 10 Received credit of $95 from Giant Co. for pants that was returned
Dec 12 Purchased jackets from Margot for cash $2,150
Dec 13 Paid Giant Co. In full
Dec 15 Purchased cardigans from Alpha $2,000, FOB Shipping Point, terms
5/10, n/60
Dec 16 Received cash refund of $175 from Margot for damaged jackets that was returned
Dec 18 Paid freight on Alpha purchase $95
Dec 19 Sold jackets to members $1070, terms n/45. The cost of merchandise sold was $550
Dec 22 Received $830 in cash from Nunez, Co in settlement of their account
Dec 25 Paid Alpha in full
Dec 28 Granted an allowance of $95 to Nunez, Co for hats that were torn. The cost of the
hat is $60
Required:
Prepare the December transactions using a perpetual and periodic inventory system
Task:
Income Statement
At the end of Nets Ltd.’s fiscal year on December 31, 2022, these accounts appeared in its
adjusted trial balance.
Freight – In $ 9,300
Inventory (1 Jan 2022) $ 55,000
Purchases $ 850,000
Purchases Discount $ 35,000
Purchases Return and Allowances $ 8,500
Sales Revenue $ 865,000
Sales Return and Allowances $ 32,000
Additional facts:
1. Merchandise inventory on December 31, 2022, is $92,000
2. Nets Ltd. uses a periodic system.
Required:
Prepare an income statement through gross profit for the year ended December 31,2022.

 

Health Policy Committee Meeting – February 2, 2022

 

Link: https://www.youtube.com/watch?v=W1ZzULK24zM
Submit a 3-4 page summary paper on the public policy meeting. (link above) Include headings in your paper that address these components:
1) The purpose of the meeting, key participants, key agenda items, and meeting logistics
2) Background information and a description about the committee
3) One specific topic that was discussed at the meeting and an explanation of the committee process
4) An analysis of the key stakeholder positions related to the topic discussed
5) Key interactions that occurred at the meeting
6) Outcomes of the meeting including the specific topic focus