Valley Company’s adjusted trial balance on August 31, 2015, 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   $ 429,395                       On August 31, 2014, merchandise inventory was $30,666. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs.           Invoice cost of merchandise purchases $ 111,720     Purchase discounts received   2,346     Purchase returns and allowances   5,363     Costs of transportation-in   3,900     Compute the company’s total cost of merchandise purchased for the year.   Total cost of merchandise purchased____.

On December 1, 2016, Lynch Incorporated sold $18,000 of merchandise with terms 2/10, n/EOM. On December 11, 2016, collections were made on sales originally billed for $12,000, and on December 31, 2016, additional collections on sales originally billed for $5,000 were received. Required:1. Prepare the journal entries to record the sale, collections, and any required year-end adjustments assuming that Lynch records accounts receivable and sales at (a) the gross price and (b) the net price.2. Next Level Assume that Lynch’s customer does not have the available cash to pay Lynch within the discount period. How much interest should the customer be willing to pay for a loan to permit them to take advantage of the discount period (assume no additional costs to the loan)?3. Next Level Explain why Lynch’s granting of cash (sales) discounts may improve cash flow. Prepare the journal entries to record the sale, collections and any required year-end adjustments assuming that Lynch records accounts…

The following figures appear on LaGrange’s financial statements for the most recent fiscalyear: Cost of Goods Sold       $1,960,000 Beginning Inventory            238,000 Ending Inventory                 278,000 Accounts Payable               182,000 What is the age of this company’s accounts payable?     Responses 33.2 days 34.7 days 33.9 days 35.3 days

Current Attempt in Progress The adjusted trial balance of Novak Corp. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $907,200; Freight-Out $13,600; Sales Returns and Allowances $19,800; and Sales Discounts $15,200. Prepare the sales section of the income statement. Novak Corp. Income Statement (Partial) +A