accounting 1374459 2
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Valley Company’s adjusted trial balance on August 31, 2013, its fiscal year-end, follows. |
Debit | Credit | ||||||
Merchandise inventory | $ | 32,000 | |||||
Other (noninventory) assets | 128,000 | ||||||
Total liabilities | $ | 36,960 | |||||
Common stock | 43,076 | ||||||
Retained earnings | 64,560 | ||||||
Dividends | 8,000 | ||||||
Sales | 218,880 | ||||||
Sales discounts | 3,349 | ||||||
Sales returns and allowances | 14,446 | ||||||
Cost of goods sold | 85,312 | ||||||
Sales salaries expense | 29,987 | ||||||
Rent expense—Selling space | 10,287 | ||||||
Store supplies expense | 2,627 | ||||||
Advertising expense | 18,605 | ||||||
Office salaries expense | 27,360 | ||||||
Rent expense—Office space | 2,627 | ||||||
Office supplies expense | 876 | ||||||
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Totals | $ | 363,476 | $ | 363,476 | |||
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On August 31, 2012, merchandise inventory was $25,824. Supplementary records of merchandising activities for the year ended August 31, 2013, reveal the following itemized costs. Save your time - order a paper!Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines Order Paper Now |
Invoice cost of merchandise purchases | $ | 94,080 |
Purchase discounts received | 1,976 | |
Purchase returns and allowances | 4,516 | |
Costs of transportation-in |
3,900
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Compute the company’s net sales for the year.
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