Ask Question, Ask an Expert


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



Total liabilities


$ 35,000

N. Kidman, Capital



N. Kidman, Withdrawals






Sales discounts



Sales returns and allowances



Cost of goods sold



Sales salaries expense



Rent expense-Selling space



Store supplies expense



Advertising expense



Office salaries expense



Rent expense-Office space



Office supplies expense






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


[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

Abc costing1 assume you own a business that makes two

ABC COSTING 1. Assume you own a business that makes two complementary products for which you allocated manufacturing overhead proportionally. A competitor is trying to undercut your price for one of the products. How mig ...

Assignment - task specificationthis case study is designed

Assignment - Task Specification This Case Study is designed for you to demonstrate your abilities in relation to the following subject learning outcomes (see Subject Outline) Case Study - Seafarer Kayaks Your team (group ...

Cost accounting assessment - group reportlearning outcomesa

Cost Accounting Assessment - Group Report Learning outcomes a) Select devise and apply different types of cost allocation and explain their different roles for supporting strategic managerial decision making. b) Design a ...

1 what factors influence the costs of supplying such public

1. What factors influence the costs of supplying such public goods as police protection and national defense? What might cause these costs to go up or down, and how would such change affect your taxes? 2. How does a pers ...

Module cost of capital worksheetthe assignment in this

Module Cost of Capital Worksheet The assignment in this module builds on the idea of forecasting and valuation theory from Chapters 6 and 7 in Module Six by valuing a company through calculations using real data. This wi ...

Exercise assume that schipper company has the same data as

Exercise : Assume that Schipper Company has the same data as before, but that Schipper Company now pays a marginal tax rate of 40 percent. Required 1. What is the after-tax cost of the mortgage bonds? 2. What is the afte ...

Cost accountingthe following company uses machine-hours to

Cost Accounting The following company uses machine-hours to allocate manufacturing overhead costs.                                               Company         Job # 323 Direct materials                         $25,000 ...

The cost of capitalassume that you are a member of an

The Cost of Capital Assume that you are a member of an aerospace company's newly formed executive committee that has been given the role of reviewing requests for major capital expenditures. The committee chairman has la ...

1 avatar company uses the indirect method to prepare its

1) Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the following portion of the comparative balance sheet:   2014 2013 Increase/decrease Cash $  21,000 $  18,000  $  3,000 ...

Part aemu electronics is an electronics manufacturer

Part A Emu Electronics is an electronics manufacturer located in Box Hill, Victoria. The company's managing director is Shelly Chan, who inherited the company from her father. The company originally repaired radios and o ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate