Prepare a balance sheet Valley Company Adjusted Trial Balance Debit Credit Ending Merchandise inventory 41000 Other Assets (noninventory) 130,400 Total Liabilities 25,000 K. Valley, Capital 10,000 K. Valley, Withdrawals 8,000 Sales 225,600 Sales Discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense- Selling space 8,000 Store supplies expense 1,500 Advertising Expense 13,000 Office salaries expense 28,500 Rent expense – Office space 3,600 Office supplies expense 400 $355,150 $335,150 Additional Information The beginning merchandise inventory was $25,400 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases $92,000 Purchases returns and allowances $4,500 Purchases discounts received $2,000 Costs of transportation -in 4,600
Prepare a balance sheet Valley Company Adjusted Trial Balance Debit Credit Ending Merchandise inventory 41000 Other Assets (noninventory) 130,400 Total Liabilities 25,000 K. Valley, Capital 10,000 K. Valley, Withdrawals 8,000 Sales 225,600 Sales Discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense- Selling space 8,000 Store supplies expense 1,500 Advertising Expense 13,000 Office salaries expense 28,500 Rent expense – Office space 3,600 Office supplies expense 400 $355,150 $335,150 Additional Information The beginning merchandise inventory was $25,400 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases $92,000 Purchases returns and allowances $4,500 Purchases discounts received $2,000 Costs of transportation -in 4,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare a
|
Valley Company Adjusted |
||
|
|
Debit |
Credit |
|
Ending Merchandise inventory |
41000 |
|
|
Other Assets (noninventory) |
130,400 |
|
|
Total Liabilities |
|
25,000 |
|
K. Valley, Capital |
|
10,000 |
|
K. Valley, Withdrawals |
8,000 |
|
|
Sales |
|
225,600 |
|
Sales Discounts |
2,250 |
|
|
Sales returns and allowances |
12,000 |
|
|
Cost of goods sold |
74,500 |
|
|
Sales salaries expense |
32,000 |
|
|
Rent expense- Selling space |
8,000 |
|
|
Store supplies expense |
1,500 |
|
|
Advertising Expense |
13,000 |
|
|
Office salaries expense |
28,500 |
|
|
Rent expense – Office space |
3,600 |
|
|
Office supplies expense |
400 |
|
|
|
$355,150 |
$335,150 |
Additional Information
- The beginning merchandise inventory was $25,400
- Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs
|
Invoice cost of merchandise purchases $92,000 |
Purchases returns and allowances $4,500 |
|
Purchases discounts received $2,000 |
Costs of transportation -in 4,600 |
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