FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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, 2016, merchandise inventory was $33,894. Supplementary records of merchandising
activities for the year ended August 31, 2017, reveal the following itemized costs.
Invoice cost of merchandise purchases
$123,480
Purchases discounts received
2,593
Purchases returns and allowances
5,927
3,900
Costs of transportation-in
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Transcribed Image Text:On August 31, 2016, merchandise inventory was $33,894. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Invoice cost of merchandise purchases $123,480 Purchases discounts received 2,593 Purchases returns and allowances 5,927 3,900 Costs of transportation-in
Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows.
Debit
Credit
Merchandise inventory
$ 42,000
168,000
Other (noninventory) assets
$ 48,510
137,550
Total liabilities
к. Valley, Сapital
K. Valley, Withdrawals
8,000
Sales
287,280
4,395
18,960
110,754
39,357
13,502
3,447
Sales discounts
Sales returns and allowances
Cost of goods sold
Sales salaries expense
Rent expense-Selling space
Store supplies expense
Advertising expense
Office salaries expense
24,419
Rent expense-Office space
Office supplies expense
35,910
3,447
1,149
Totals
$473,340
$473,340
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Transcribed Image Text:Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 42,000 168,000 Other (noninventory) assets $ 48,510 137,550 Total liabilities к. Valley, Сapital K. Valley, Withdrawals 8,000 Sales 287,280 4,395 18,960 110,754 39,357 13,502 3,447 Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense 24,419 Rent expense-Office space Office supplies expense 35,910 3,447 1,149 Totals $473,340 $473,340
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