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problem: BizKid firm'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 and 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. Supplementary records of merchandising activities for the year ended August 31, 2005, reveal the following itemized 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

[A] find out the firm's net sales for the year.

[B] find out the firm's total cost of merchandise purchased for the year.

[C] Make a multiple-step income statement that includes separate categories for selling expenses & for general and administrative expenses.

[D] Make a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, & general and administrative expenses.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922374

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