Please make balance sheet and income statement
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please make
![9:05 PM
11
O .. LTE 1 l 4 13]
docs.google.com/forms/d/e/1F
PROBLEM #2
BizKid Company's adjusted trial balance on
August 31, 2011, its fiscal year-end, follows.
Merchandise inventory
31,000
Other (non-inventory) assets.
. 120,400
Total liabilities
35,000
N. Kidman, Capital.
.101,650
N. Kidman, Withdrawals
8,000
Sales..
212,000
Sales discounts..
3,250
Sales returns and allowances.
14,000
Cost of goods sold
Sales salaries expense.
Rent expense - Selling space.
Store supplies expense
Advertising expense
Office salaries expense.
.82,600
29,000
10,000
2,500
18,000
.26,500
Rent expense - Office space
Office supplies expense.
2,600
800
On August 31, 2010, merchandise inventory was
P25,000. Supplementary records of
merchandising activities
for the year ended August 31, 2011, reveal the
following itemized costs.
Invoice cost of merchandise purchases.
.P91,000
Purchase discounts received.
..1,900
Purchase returns and allowances
4,400
Costs of transportation-in..
3,900](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0491f739-2e9a-48c7-b59f-11a632642746%2F58da6ecf-7b06-436e-b195-0b4ba7e7e051%2F8evjqz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:9:05 PM
11
O .. LTE 1 l 4 13]
docs.google.com/forms/d/e/1F
PROBLEM #2
BizKid Company's adjusted trial balance on
August 31, 2011, its fiscal year-end, follows.
Merchandise inventory
31,000
Other (non-inventory) assets.
. 120,400
Total liabilities
35,000
N. Kidman, Capital.
.101,650
N. Kidman, Withdrawals
8,000
Sales..
212,000
Sales discounts..
3,250
Sales returns and allowances.
14,000
Cost of goods sold
Sales salaries expense.
Rent expense - Selling space.
Store supplies expense
Advertising expense
Office salaries expense.
.82,600
29,000
10,000
2,500
18,000
.26,500
Rent expense - Office space
Office supplies expense.
2,600
800
On August 31, 2010, merchandise inventory was
P25,000. Supplementary records of
merchandising activities
for the year ended August 31, 2011, reveal the
following itemized costs.
Invoice cost of merchandise purchases.
.P91,000
Purchase discounts received.
..1,900
Purchase returns and allowances
4,400
Costs of transportation-in..
3,900
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