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Debit $ 1,758 47,000 Credit ndise inventory assets $ 43,34 37,65 dties ndelstein, capital ndelstein, withdrawals st income 3,7e0 18 103,46 returns and allowances discounts 8,200 1,195 200

Debit $ 1,758 47,000 Credit ndise inventory assets $ 43,34 37,65 dties ndelstein, capital ndelstein, withdrawals st income 3,7e0 18 103,46 returns and allowances discounts 8,200 1,195 200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 1,750 47,808 Credit Merchandise inventory Other assets Liabilities $ 43,340 37,690 Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income 3,700 185 Sales 103,400 Sales returns and allowances 8,200 1,195 44, 200 Sales discounts Purchases Purchase returns and allowances Purchase discounts 2,500 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense 5,400 18,500 ,900 3,900 9,708 22,700 8,300 3,648 $188,885 $188,885 Totals A physical count shows that the cost of the ending inventory is $13.30o. Requlred: 1. Calculate the company's net sales for the year. Net sales
Transcribed Image Text:The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 1,750 47,808 Credit Merchandise inventory Other assets Liabilities $ 43,340 37,690 Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income 3,700 185 Sales 103,400 Sales returns and allowances 8,200 1,195 44, 200 Sales discounts Purchases Purchase returns and allowances Purchase discounts 2,500 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense 5,400 18,500 ,900 3,900 9,708 22,700 8,300 3,648 $188,885 $188,885 Totals A physical count shows that the cost of the ending inventory is $13.30o. Requlred: 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. MENDEL STEIN COMPANY Income Statement For Year Ended October 31, 2020 Revenues: Total revenues Expenses: Total expenses
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. MENDEL STEIN COMPANY Income Statement For Year Ended October 31, 2020 Revenues: Total revenues Expenses: Total expenses
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