5. Present a condensed single-step Income statement that lists these expenses: cost of goods sold, selling expenses, and general and administrative expenses. MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Revenues: Total revenues Expenses: Total expenses
5. Present a condensed single-step Income statement that lists these expenses: cost of goods sold, selling expenses, and general and administrative expenses. MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Revenues: Total revenues Expenses: Total expenses
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Only 4c photo question thanks!
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ed0e7b2-8efa-4da4-a3ad-74d945a553a2%2F083d3bff-1d20-48b2-97f9-38d24457af47%2F9gflx6_processed.jpeg&w=3840&q=75)
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
![5. Present a condensed single-step Income statement that lists these expenses: cost of goods sold, selling expenses, and general and
administrative expenses.
MENDELSTEIN COMPANY
Income Statement
For Year Ended October 31, 2020
Revenues:
Total revenues
Expenses:
Total expenses](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ed0e7b2-8efa-4da4-a3ad-74d945a553a2%2F083d3bff-1d20-48b2-97f9-38d24457af47%2Fkrpigx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5. Present a condensed single-step Income statement that lists these expenses: cost of goods sold, selling expenses, and general and
administrative expenses.
MENDELSTEIN COMPANY
Income Statement
For Year Ended October 31, 2020
Revenues:
Total revenues
Expenses:
Total expenses
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