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        
   

 

 
  Totals   $ 363,476   $ 363,476  
   



 



 

 

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.

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  Invoice cost of merchandise purchases $ 94,080  
  Purchase discounts received   1,976  
  Purchase returns and allowances   4,516  
  Costs of transportation-in  

3,900

 

 

 

 

Compute the company’s net sales for the year.

 

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