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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 14
Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows.
On August 31, 2014, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs.
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 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.
On August 31, 2014, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs.
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 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.
Explanation
Verified
Verified
1.
Sales is sum total of goods sold on c...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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