Req.1
Net Sales | |
Sales | $ 270,180 |
Less: Sales Discount | (4,134) |
Sales Return & Allowances | (17,832) |
Net Sales | $ 248,214 |
Req.2
Total Cost of Merchandise Purchase | |
Invoice cost of Merchandise Purchases | $ 116,130 |
Less: Purchase Discounts Received | (2,439) |
Purchase Returns & Allowances | ( 5,574) |
Add: Cost of transport in | 3,900 |
Total Cost of Merchandise Purchase | $ 112,017 |
Req.3
VALLEY COMPANY Income Statement For Year Ended August 31 |
||
---|---|---|
Sales |
$ 270,180 | |
Less: Sales discounts |
( 4,134) |
|
Sales returns and allowances |
(17,832) |
|
Net sales |
$ 248,214 |
|
Cost of goods sold |
( $104,394) |
|
Gross profit |
143,820 |
|
Expenses: |
||
Selling expenses |
||
Sales salaries expense |
37,015 |
|
Rent expense—Selling space |
12,698 |
|
Store supplies expense |
3,242 |
|
Advertising expense |
22,965 |
|
Total selling expenses |
$ 75,920 | |
General and administrative expenses: |
||
Office salaries expense |
$33,773 |
|
Rent expense—Office space |
3,242 |
|
Office supplies expense |
1,081 |
|
Total general and administrative expenses |
$38,096 | |
Total expenses |
114,016 |
|
Net income |
29,804 |
Req.4
VALLEY COMPANY Income Statement For Year Ended August 31 |
||
Net sales |
248,214 |
|
Expenses |
||
Cost of goods sold |
104,394 |
|
Selling expenses |
75,920 |
|
General and administrative expenses. |
38,096 |
|
Total expenses |
218,410 |
|
Net income |
$29,804 |
1. compute the companys net sales for the year 2. compute the companys total cost of...
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.
[The following information applies to the questions displayed below.) Valley Company's adjusted...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative, Credit Debit $41,000 130,400 $ 25,000 104,550 8.000 225,600 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense Selling...
Valley Company s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. Debit Credit $ 25,000 Merchandise inventory (ending) $ 41,000 Other (noninventory) assets 130,400 Total liabilities Common stock Retained earnings Dividends 8,000 Sales 10,000 94,550 225,600 2,250 12,000 74,500 32,000 8,000 Sales discounts Sales returns and allowances Cost of...
NEED HELP ASAP
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative Credit Debit $ 41,888 130, 480 8,eee $ 25,eee 104,55€ 225,600 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 45,000 Other (noninventory) assets 180,000 Total liabilities $ 51,975 Common stock 60,575 Retained earnings 85,954 Dividends 8,000 Sales 307,800 Sales discounts 4,709 Sales returns and allowances 20,315 Cost of goods sold 118,387 Sales...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 42,500 Other (noninventory) assets 170,000 Total liabilities $ 49,088 Common stock 57,210 Retained earnings 81,838 Dividends 8,000 Sales 290,700 Sales discounts 4,448 Sales returns and allowances 19,186 Cost of goods sold 112,026 Sales...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 33,000 Other (noninventory) assets 132,000 Total liabilities $ 38,115 K. Valley, Capital 110,629 K. Valley, Withdrawals 8,000 Sales 225,720 Sales discounts 3,454 Sales returns and allowances 14,898 Cost of goods sold 87,857 Sales salaries...
Award: 5.00 points Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 34,500 138,000 $39.84R 115,114 8,000 235,980 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales...
Check my Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit $ 49,665 57,883 82,659 294,120 Debit Merchandise inventory (ending) $ 43,000 Other (noninventory) assets 172,000 Total liabilities Common stock Retained earnings Dividends 8,000 Sales Sales discounts 4,500 Sales returns and allowances 19,412 Cost of goods sold...
a AS Problem 5-3A Computing merchandising amounts and formatting income statements c2P4 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. Credit $ 25,000 10,000 225,000 Debit Merchandise inventory (ending) $ 41.000 Other (noninventory) assets 130,400 Total liabilities K. Valley, Capital K. Valley, Withdrawals 8,000 Sales Sales discounts...