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

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

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