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...... N. Kidman, Capital . N. Kidman, Withdrawals. 35,000 ...101,650 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.. Rent expense – Office space. Office supplies expense.. .82,600 29,000 .... 10,000 .... 2,500 18,000 .26,500 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.... Purchase returns and allowances... .1,900 4,400 Costs of transportation-in... 3,900

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
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
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education