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MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2014 Revenues: Total revenues Expenses: Total expenses Debit Credit Merchandise inventory $ 1,100 Other assets 34,000
MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2014 Revenues: Total revenues Expenses: Total expenses
Debit | Credit | |||
Merchandise inventory | $ | 1,100 | ||
Other assets | 34,000 | |||
Liabilities | $ | 30,340 | ||
Joe Mendelstein, capital | 37,105 | |||
Joe Mendelstein, withdrawals | 2,400 | |||
Interest revenue | 120 | |||
Sales | 90,400 | |||
Sales returns and allowances | 6,900 | |||
Sales discounts | 1,065 | |||
Purchases | 42,900 | |||
Purchase returns and allowances | 1,850 | |||
Purchase discounts | 840 | |||
Transportation-in | 4,750 | |||
Sales salaries expense | 17,200 | |||
Rent expense, selling space | 8,600 | |||
Store supplies expense | 2,600 | |||
Advertising expense | 8,400 | |||
Office salaries expense | 21,400 | |||
Rent expense, office space | 7,000 | |||
Office supplies expense | 2,340 | |||
Totals | $ | 160,655 | $ | 160,655 |
A physical count shows that the cost of the ending inventory is $12,000. |
Required |
1. | Calculate the companys net sales for the year. |
2. | Calculate the companys cost of goods purchased for the year. |
3. | Calculate the companys cost of goods sold for the year. |
4. | Present a multiple-step income statement that lists the companys net sales, cost of goods sold, and gross profit from sales. |
5. | Present a condensed single-step income statement that lists these expenses: cost of goods sold, selling expenses, and general and administrative expenses. |
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