For This Assignment, You Will Be Preparing Entries And An Income Statement For Packer Company. Information For?

Please Help.
For this assignment, you will be preparing entries and an income statement for Packer Company. Information for this firm is given below. This group collaboration project will be worked on in pairs assigned by your instructor.
Here are the transactions:
Packer Company purchased 200 cheeseheads for $2,000 total, terms 1/10, n/45.
Packer paid $100 to have the cheeseheads shipped to their (Packer’s) warehouse.
Packer returned 50 cheeseheads to the supplier and received $500 credit.
Packer sold 100 of the cheeseheads to a customer for $1,900 on account, terms 2/10, n/30.
Packer paid the balance due 16 days after purchasing the inventory.
The customer returned 10 cheeseheads.
An allowance was given to the customer for $100, due to some slightly damaged cheeseheads.
The customer paid the balance due within the discount period.
Also assume Packer Company had salaries expense for the period of $140, utilities expense of $77.50, and interest revenue of $90. Packer Company’s income tax rate is 30%.

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One Response to “For This Assignment, You Will Be Preparing Entries And An Income Statement For Packer Company. Information For?”

  1. Uncommon Sense says:

    Now I won’t. YOU will.

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