Please make balance sheet and income statement 9:05 PM11O .. LTE 1 l 4 13]docs.google.com/forms/d/e/1FPROBLEM #2BizKid Company's adjusted trial balance onAugust 31, 2011, its fiscal year-end, follows.Merchandise inventory31,000Other (non-inventory) assets.. 120,400Total liabilities35,000N. Kidman, Capital..101,650N. Kidman, Withdrawals8,000Sales..212,000Sales discounts..3,250Sales returns and allowances.14,000Cost of goods soldSales salaries expense.Rent expense - Selling space.Store supplies expenseAdvertising expenseOffice salaries expense..82,60029,00010,0002,50018,000.26,500Rent expense - Office spaceOffice supplies expense.2,600800On August 31, 2010, merchandise inventory wasP25,000. Supplementary records ofmerchandising activitiesfor the year ended August 31, 2011, reveal thefollowing itemized costs.Invoice cost of merchandise purchases..P91,000Purchase discounts received...1,900Purchase returns and allowances4,400Costs of transportation-in..3,900

Income statement is the financial statement which shows all incomes and all expenses of the business…

Answered: Please make balance sheet and income…

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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Please make balance sheet and income statement

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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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