Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

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

Have any Question? 


Related Questions in Cost Accounting

Module 3 - slpstrategic choicessimulationin module 3 you

Module 3 - SLP Strategic Choices SIMULATION In Module 3, you will use CVP analysis to inform the pricing of your 3 products. SCENARIO CONTINUATION: You've now completed SLP2, and it the date is (once again) January 1, 20 ...

Company expansion - internationallocate the financial

Company Expansion - International Locate the financial information for a company that has only domestic manufacturing operations. Assume management desires to expand into the global market with its current products. The ...

Assignment cost accountingoverviewthe final project for

Assignment: Cost Accounting Overview The final project for this course is the creation of a quantitative analysis with a memo to management. Classifying a company's costs allows for an in-depth analysis of the impact tha ...

Case questionsmarriott corporation the cost of capital

Case Questions Marriott Corporation: The Cost of Capital (Abridged) 1. What is the weighted average cost of capital for Marriott Corporation? a. What risk-free rate and risk premium did you use to calculate the cost of e ...

Questionyou are just from attending a conference on

QUESTION You are just from attending a conference on Activity Based Costing (ABC) and you now wish to put your knowledge to practice by applying the principles of ABC to the four products currently made and sold by your ...

Question 1 high-low methodtucson tractor inc has

Question 1 High-low method Tucson Tractor Inc. has accumulated the following data over a six month period   Indirect Labor Hours Indirect Labor Costs January......................... 400 $ 6,000 February................. ...

Final project milestone three guidelinesoverview

Final Project Milestone Three Guidelines Overview: Classifying a company's costs allows for an in-depth analysis of the impact that changes in output have on revenues, costs, and net income or net loss. A cost-volume-pro ...

Question 1pringle company distributes a single product the

Question 1. Pringle Company distributes a single product. The company's sales and expenses for a recent month follow:   Total    Per Unit   Sales $ 300,000   $ 20        Variable expenses   210,000     14          Contri ...

Assignmentwhile a form of abc was being used by general

Assignment While a form of ABC was being used by General Electric back in the sixties, widespread use of ABC didn't began in the United States until the late eighties. The early focus of ABC was on developing more reliab ...

Requirementsdo not use any direct quotes andor cut and

Requirements: Do not use any direct quotes and/or cut and pasted information (i.e. your discussion is to be 100% your thoughts, ideals and insights). A minimum 350 words are required (this is the minimum and totally feel ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen