Question

In: Accounting

Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...

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) $ 41000
Other (noninventory) assets 130400
Total liabilities $ 25,000
Common stock 10,000
Retained earnings 94550
Dividends 8,000
Sales 225600
Sales discounts 2250
Sales returns and allowances 12,000
Cost of goods sold 74500
Sales salaries expense 32000
Rent expense—Selling space 8000
Store supplies expense 1,500
Advertising expense 13,000
Office salaries expense 28,500
Rent expense—Office space 3,600
Office supplies expense 400
Totals $ 355,150 $ 355150

Beginning merchandise inventory was $25,400 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs.

Invoice cost of merchandise purchases $ 92000
Purchases discounts received 2,000
Purchases returns and allowances 4,500
Costs of transportation-in 4,600

- Each financial statement must include a proper heading, Net Sales, Cost of Merchandise Purchased, Multiple-Step Income Statement, Single-Step Income Statement, Closing Entries.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
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) $ 41,400 Other (noninventory) assets 57,370 Total liabilities $ 24,300 Common stock 16,400 Retained earnings 20,500 Dividends 8,700 Sales 225,200 Sales discounts 2,280 Sales returns and allowances 12,000 Cost of goods sold 74,700 Sales...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
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) $ 41,000 Other (noninventory) assets 130,400 Total liabilities $ 25,000 Common stock 10,000 Retained earnings 94,550 Dividends 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500...
Valley Company’s adjusted trial balance on August 31, its fiscalyear-end, follows. It categorizes the following...
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.DebitCreditMerchandise inventory (ending)$43,500Other (noninventory) assets174,000Total liabilities$50,243Common stock58,556Retained earnings83,482Dividends8,000Sales297,540Sales discounts4,552Sales returns and allowances19,638Cost of goods sold114,570Sales salaries expense40,763Rent expense—Selling space13,984Store supplies expense3,570Advertising expense25,291Office salaries expense37,193Rent expense—Office space3,570Office supplies expense1,190Totals$489,821$489,821Beginning merchandise inventory was $35,105. Supplementary records of merchandising activities for the year...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows.
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)   $ 30,500         Other (noninventory) assets     122,000         Total liabilities         $ 35,228   Common stock        ...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows.
 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.
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows.    Debit Credit...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows.    Debit Credit Merchandise inventory $ 41,000 Other (noninventory) assets 130,400 Total liabilities $ 25,000 Common stock 10,000 Retained earnings 94,550 Dividends 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense—Selling space 8,000 Store supplies expense 1,500 Advertising expense 13,000 Office salaries expense 28,500 Rent expense—Office space 3,600 Office supplies expense 400 Totals $...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 42,000 Other (non inventory) assets 168,000 Total liabilities $ 48,510 Common stock 10,000 Retained earnings 127,550 Dividends 8,000 Sales 287,280 Sales discounts 4,395 Sales returns and allowances 18,960 Cost of goods sold 110,754 Sales salaries expense 39,357 Rent expense—Selling space 13,502 Store supplies expense 3,447 Advertising expense 24,419 Office salaries expense 35,910 Rent expense—Office space 3,447 Office supplies expense 1,149 Totals $...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 38,000 Other (noninventory) assets 152,000 Total liabilities $ 43,890 K. Valley, Capital 125,585 K. Valley, Withdrawals 8,000 Sales 259,920 Sales discounts 3,977 Sales returns and allowances 17,155 Cost of goods sold 100,577 Sales salaries expense 35,609 Rent expense—Selling space 12,216 Store supplies expense 3,119 Advertising expense 22,093 Office salaries expense 32,490 Rent expense—Office space 3,119 Office supplies expense 1,040 Totals $ 429,395...
Valley Company’s adjusted trial balance on August 31, 2016, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2016, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 37,000 Other (noninventory) assets 148,000 Total liabilities $ 42,735 Common stock 49,806 Retained earnings 72,788 Dividends 8,000 Sales 253,080 Sales discounts 3,872 Sales returns and allowances 16,703 Cost of goods sold 98,034 Sales salaries expense 34,672 Rent expense—Selling space 11,895 Store supplies expense 3,037 Advertising expense 21,512 Office salaries expense 31,635 Rent expense—Office space 3,037 Office supplies expense 1,012 Totals $ 418,409...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 40,500 Other (noninventory) assets 62,090 Total liabilities $ 25,500 Common stock 17,200 Retained earnings 21,500 Dividends 8,800 Sales 226,200 Sales discounts 2,210 Sales returns and allowances 13,000 Cost of goods sold 74,300 Sales salaries expense 32,800 Rent expense—Selling space 8,800 Store supplies expense 1,800 Advertising expense 14,000 Office salaries expense 28,200 Rent expense—Office space 3,500 Office supplies expense 400 Totals $ 290,400...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT