FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following amounts appeared on the Mendelsteln Company's adjusted trial balance as of October 31, 2020, the end of Its fiscal
year.
Debit
Credit
Merchandise inventory
$ 1,750
Other assets
47, 000
$ 43, 340
37,698
Liabilities
Joe Mendelstein, capital
Joe Mendelstein, withdrawals
3,700
Interest income
185
Sales
103,400
Sales returns and allowances
8, 200
Sales discounts
1,195
Purchases
44, 200
Purchase returns and allowances
2, see
Purchase discounts
970
Transportation-in
Sales salaries expense
Rent expense, selling space
Store supplies expense
Advertising expense
Office salaries expense
5,400
18,500
9,900
3,900
9,700
22,700
Rent expense, office space
Office supplies expense
8, 300
3,640
Totals
$188,085 $188,085
A physical count shows that the cost of the ending inventory is $13,300.
Required:
1. Calculate the company's net sales for the year.
Net sales
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Transcribed Image Text:The following amounts appeared on the Mendelsteln Company's adjusted trial balance as of October 31, 2020, the end of Its fiscal year. Debit Credit Merchandise inventory $ 1,750 Other assets 47, 000 $ 43, 340 37,698 Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals 3,700 Interest income 185 Sales 103,400 Sales returns and allowances 8, 200 Sales discounts 1,195 Purchases 44, 200 Purchase returns and allowances 2, see Purchase discounts 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense 5,400 18,500 9,900 3,900 9,700 22,700 Rent expense, office space Office supplies expense 8, 300 3,640 Totals $188,085 $188,085 A physical count shows that the cost of the ending inventory is $13,300. Required: 1. Calculate the company's net sales for the year. Net sales
2. Calculate the company's cost of goods purchased for the year.
Cost of goods purchased
3. Calculate the company's cost of goods sold for the year.
Cost of goods sold
4. Present a multiple-step income statement that lists the company's net sales, cost of goods sold, and gross profit from sales.
MENDELSTEIN COMPANY
Income Statement
For Year Ended October 31, 2020
Operating expenses:
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Transcribed Image Text:2. Calculate the company's cost of goods purchased for the year. Cost of goods purchased 3. Calculate the company's cost of goods sold for the year. Cost of goods sold 4. Present a multiple-step income statement that lists the company's net sales, cost of goods sold, and gross profit from sales. MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Operating expenses:
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