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    Homeworkkid24 Posts: 1, Reputation: 1
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    #1

    Mar 4, 2009, 11:12 AM
    Computing and Preparing
    BizKid Company’s adjusted trial balance on August 31, 2005, its fiscal year-end follows:

    Debit Credit

    Merchandise Inventory ……………………… $ 31,000
    Other (noninventory) assets …………………. 120,400
    Total liabilities ………………………………. $ 35,000
    N. Kidman, Capital ………………………….. 101,650
    N. Kidman, Withdrawals ……………………. 8,000
    Sales …………………………………………. 212,000
    Sales discounts ………………………………. 3,250
    Sales returns & allowances ………………….. 14,000
    Cost of goods sold …………………………… 82,600
    Sales salaries expense ………………………... 29,000
    Rent expense – Selling space ………………… 10,000
    Store supplies expense ……………………….. 2,500
    Advertising expense ………………………….. 18,000
    Office salaries expense ……………………….. 26,500
    Rent expense – Office space ………………….. 2,600
    Office supplies expense ………………………. 800 ________
    Totals …………………………………………. $348,650 $348,650
    _________ _________

    On August 31, 2004, merchandise inventory was $25,000. Supplemental records of merchandising activities for the year ended August 31, 2005, reveal the following costs:

    Invoice cost of merchandise purchases …………$ 91,000
    Purchase discounts received …………………… 1,900
    Purchase returns and allowances ………………. 4,400
    Costs of transportation-in ………………………. 3,900

    Required

    1. Compute the company’s net sales for the year.
    2. Compute the company’s total cost of merchandise purchased for the year.
    3. Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses.
    4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
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    #2

    Mar 4, 2009, 11:31 AM

    Thanks for taking the time to cut and paste your homework to AMHD.

    Please see this:

    Ask Me Help Desk - Announcements in Forum : Homework Help

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