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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
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 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 $ LossStep by Step Solution
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