ping Tool dit Tools Help w Mode - Delay Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Tavalte cost of merchandise purchases Purchases discounts received Purchase returns and allowances Costs of transportation in $92,00 2.000 4,500 4,600 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 net sales, cost of goods sold, selling expenses, and 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 expenses ng Tool Tools Help Mode - 3 Delay Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, 1/60 and an invoice price of $24000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method 1. Prepare entries that the buyer records for the la) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period Complete this question by entering your answers in the tabs below, Required 1 Required 2 Prepare entries that the buyer records for the () purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period ping Tool dit Tools Help w Mode - Delay Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Tavalte cost of merchandise purchases Purchases discounts received Purchase returns and allowances Costs of transportation in $92,00 2.000 4,500 4,600 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 net sales, cost of goods sold, selling expenses, and 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 expenses ng Tool Tools Help Mode - 3 Delay Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, 1/60 and an invoice price of $24000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method 1. Prepare entries that the buyer records for the la) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period Complete this question by entering your answers in the tabs below, Required 1 Required 2 Prepare entries that the buyer records for the () purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period
