Prepare a balance sheet Valley Company Adjusted Trial Balance DebitCreditEnding Merchandise inventory41000 Other Assets (noninventory)130,400 Total Liabilities 25,000K. Valley, Capital 10,000K. Valley, Withdrawals8,000 Sales 225,600Sales Discounts2,250 Sales returns and allowances12,000 Cost of goods sold74,500 Sales salaries expense32,000 Rent expense- Selling space8,000 Store supplies expense1,500 Advertising Expense13,000 Office salaries expense28,500 Rent expense – Office space3,600 Office supplies expense400 $355,150$335,150 Additional InformationThe beginning merchandise inventory was $25,400Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costsInvoice cost of merchandise purchases $92,000Purchases returns and allowances $4,500Purchases discounts received $2,000Costs of transportation -in 4,600

Name: Prepare a balance sheet Valley Company Adjusted Trial Balance DebitCr
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Description: Prepare a balance sheet Valley Company Adjusted Trial Balance DebitCreditEnding Merchandise inventory41000 Other Assets (noninventory)130,400 Total Liabilities 25,000K. Valley, Capital 10,000K. Valley, Withdrawals8,000 Sales 225,600Sales Discounts2,

Classified Balance sheet: A Balance sheet is a statement that shows the assets and liabilities held by a company on a particular date. The assets include both current and fixed assets and the liabilities include both current and long-term liabilities. A classified balance sheet groups the assets and liabilities in a vertical format. It starts with the current assets and reports the current assets in the order of liquidity. After the current assets, long-term assets and the long-term investments are reported. After that the liabilities and stockholders’ equity or owner’s equity are reported. The current liabilities are reported first and then the long-term liabilities are reported. Then the equity part is reported.

Answered: Prepare a balance sheet Valley…

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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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

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