Computing merchandising amounts and formatting income statements LO1 LO2
Cacuango Company’s adjusted trial balance on August 31, 2010, its fiscal year-end, follows.
On August 31, 2009, merchandise inventory was $25,400.
Required
1. Compute the company’s net sales for the year.
2. Compute the company’s total cost of net purchases 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 expenses.
Check (2) $90,100
(3) Gross profit, $136,850;
Net income, $49,850
(4) Total expenses, $161,500
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.