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

Discuss cost management as a professionname three

Discuss cost management as a profession Name three professional cost management organizations and explain their roles. Where in the corporate, not for profit, areas would cost accountants work and what types of work woul ...

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 ...

Assignment1 the following information is from the

Assignment 1. The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication: Compute the budgeted amounts for: a. Purchases of direct materials during the year. b. ...

Problem 1 master budgetomega inc has developed the

Problem 1: Master Budget Omega, Inc. has developed the following sales forecast for the first six months of the coming year Month Sales (in units) January 30,000 February 50,000 March 70,000 April 80,000 May 60,000 June ...

Assignment discussion-cost accumulation systemwhen

Assignment: Discussion-Cost Accumulation System When companies accumulate costs, they generally use either a job-order or a process costing system. The type of system used often varies based on the type of product or ser ...

Cost of capital assignment questions -1 what does the cost

Cost of Capital Assignment Questions - 1. What does the cost of capital represents? What is should reflect? 2. How do taxes affect the cost of debt? 3. What are the retained earnings? Do they have any costs for the firm? ...

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 ...

Cost accountingquestion 1 which of the following statements

Cost Accounting Question 1. Which of the following statements regarding differential costs is (are) false? (A). The full cost fallacy occurs when a decision-maker fails to include fixed manufacturingoverhead in the produ ...

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 ...

Accounting assignmentmotorcade company has three service

Accounting Assignment Motorcade Company has three service departments (S1, S2, and S3) and two production departments (P1 and P2). The following data relate to Motorcade's allocation of service department costs:   Budget ...

  • 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