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The following amounts appeared on the Mendelstein Companys adjusted trial balance as of October 31, 2014 the end of its fiscal year: Debit Credit Merchandise
The following amounts appeared on the Mendelstein Companys adjusted trial balance as of October 31, 2014 the end of its fiscal year: |
Debit | Credit | |||
Merchandise inventory | $ | 1,150 | ||
Other assets | 35,000 | |||
Liabilities | $ | 31,340 | ||
Joe Mendelstein, capital | 37,150 | |||
Joe Mendelstein, withdrawals | 2,500 | |||
Interest revenue | 125 | |||
Sales | 91,400 | |||
Sales returns and allowances | 7,000 | |||
Sales discounts | 1,075 | |||
Purchases | 43,000 | |||
Purchase returns and allowances | 1,900 | |||
Purchase discounts | 850 | |||
Transportation-in | 4,800 | |||
Sales salaries expense | 17,300 | |||
Rent expense, selling space | 8,700 | |||
Store supplies expense | 2,700 | |||
Advertising expense | 8,500 | |||
Office salaries expense | 21,500 | |||
Rent expense, office space | 7,100 | |||
Office supplies expense | 2,440 | |||
Totals | $ | 162,765 | $ | 162,765 |
A physical count shows that the cost of the ending inventory is $12,100. |
Required |
1. | Calculate the companys net sales for the year. |
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