Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please help me to check what am I missing for 5? Thanks The following amounts appeared on the Mendelstein Company's adjusted trial balance

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedcan you please help me to check what am I missing for 5? Thanks

The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year. Merchandise inventory Other assets Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense Totals Debit Credit $ 900 30,000 $ 26,340 36,925 2,000 100 86,400 6,500 1,025 42,500 1,650 800 4,550 16,8ee 8,200 2,200 8,000 21,000 6,600 1,940 $152, 215 $152, 215 A physical count shows that the cost of the ending inventory is $11,600. Required: 1. Calculate the company's net sales for the year. Net sales $ 78,875 2. Calculate the company's cost of goods purchased for the year. Cost of goods purchased $ 44,600 3. Calculate the company's cost of goods sold for the year. Cost of goods sold $ 33,900 4. Present a multiple-step income statement that lists the company's net sales, cost of goods sold, and gross profit from sales. MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Net sales $ 78,875 Cost of goods sold 33,900 $ 44,975 $ Gross profit from sales Operating expenses: Rent expense Salaries expense Supplies expense Advertising expense 14,800 37,800 4,140 8,000 64,740 19,765 $ Total operating expenses Loss from operations Other revenues and expenses: Interest revenue 17 100 19,665 $ Loss 5. Present a condensed single-step income statement that lists these expenses: cost of goods sold, selling expenses, and general and administrative expenses. MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 $ Revenues: Net sales Interest revenue 78,875 100 78,975 $ Total revenues Expenses: General and administrative expenses Selling expenses $ 29,540 35,200 Total expenses 64,740 14,235 $ Loss

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comparative International Accounting Subsequent Edition

Authors: Christopher Nobes, R. H. Parker

5th Edition

0137364636, 9780137364633

More Books

Students also viewed these Accounting questions