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I am having trouble with these questions, I cannot find the right answer. It seems i may have out of track with these knowledge. I
I am having trouble with these questions, I cannot find the right answer. It seems i may have out of track with these knowledge. I would appreciate if any can help me.
Debit Credit $ 31,000 120,400 $ 35,000 101,650 8,000 212.000 Merchandise inventory ............. Other (noninventory) assets Total liabilities N. Kidman, Capital ....... N. Kidman, Withdrawals Sales ................... Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense ......... Rent expenseSelling space Store supplies expense ..... Advertising expense Office salaries expense ........ Rent expense-Office space Office supplies expense Totals ...................... 3,250 14,000 82,600 29,000 10,000 2,500 18,000 26,500 2.600 800 $348,650 $348,650 The above table is adjusted trial balance on December 31, 2018 of Kidman's Business Company. In addition, you have the following information of the company's merchandise inventory: Merchandise inventory on December 31, 2018 remained was $25,000. Other records of merchandising activities are as follows: Invoice cost of merchandise purchases ........ Purchase discounts received Purchase returns and allowances Costs of transportation-in .... $91,000 1,900 4,400 3,900 Required 1. Compute the company's net sales for the year. 2. Compute the company's total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expensesStep by Step Solution
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