Required information [The following information applies to the questions displayed below.] Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store. supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances 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 Totals Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in Sales Add: Sales discounts Expenses $423,904 Beginning merchandise inventory was $30,263. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Selling expenses VALLEY COMPANY Income Statement For Year Ended August 31 Debit $ 37,500 150,000 Total selling expenses General and administrative expenses 8,000 3,924 16,929 99,306 35,141 12,056 3,078 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Total general and administrative expenses Total expenses 21,803 32,063 3,078 1,026 $ 423,904 Credit $ 43,313 73,612 50,479 256,500 $ 110,250 2,315 5,292 3,900 0 0 0 0 0 0
Required information [The following information applies to the questions displayed below.] Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store. supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances 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 Totals Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in Sales Add: Sales discounts Expenses $423,904 Beginning merchandise inventory was $30,263. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Selling expenses VALLEY COMPANY Income Statement For Year Ended August 31 Debit $ 37,500 150,000 Total selling expenses General and administrative expenses 8,000 3,924 16,929 99,306 35,141 12,056 3,078 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Total general and administrative expenses Total expenses 21,803 32,063 3,078 1,026 $ 423,904 Credit $ 43,313 73,612 50,479 256,500 $ 110,250 2,315 5,292 3,900 0 0 0 0 0 0
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 21GI: Indicate the effect of each of the following errors on the following balance sheet and income...
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Required information
[The following information applies to the questions displayed below.]
Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It
categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store
supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.
Credit
Adjusted Account Balances.
Merchandise inventory (ending)
Other (non-inventory) assets
Total liabilities.
Common stock
Retained earnings
Dividends
Sales
Sales discounts
Sales returns and allowances
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
Totals
Invoice cost of merchandise purchases
Purchases discounts received
Purchases returns and allowances.
Costs of transportation-in
Sales
Add: Sales discounts
Beginning merchandise inventory was $30,263. Supplementary records of merchandising activities for the year ended
August 31 reveal the following itemized costs.
Expenses
Selling expenses
VALLEY COMPANY
Income Statement
For Year Ended August 31
Debit
$ 37,500
150,000
Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses,
and general and administrative expenses.
Total selling expenses
General and administrative expenses.
8,000
3,924
16,929
Total general and administrative expenses
Total expenses
$ 43,313
73,612
50,479
256,500
99,306
35,141
12,056
3,078
21,803
32,063
3,078
1,026
$ 423,904 $ 423,904
$ 110,250
2,315
5,292
3,900
0
0
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb366ae32-585c-46a5-a7e6-fc202583e1f4%2F98767f28-e68a-41af-91e4-6b8614af044f%2Fyc55cho_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It
categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store
supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.
Credit
Adjusted Account Balances.
Merchandise inventory (ending)
Other (non-inventory) assets
Total liabilities.
Common stock
Retained earnings
Dividends
Sales
Sales discounts
Sales returns and allowances
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
Totals
Invoice cost of merchandise purchases
Purchases discounts received
Purchases returns and allowances.
Costs of transportation-in
Sales
Add: Sales discounts
Beginning merchandise inventory was $30,263. Supplementary records of merchandising activities for the year ended
August 31 reveal the following itemized costs.
Expenses
Selling expenses
VALLEY COMPANY
Income Statement
For Year Ended August 31
Debit
$ 37,500
150,000
Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses,
and general and administrative expenses.
Total selling expenses
General and administrative expenses.
8,000
3,924
16,929
Total general and administrative expenses
Total expenses
$ 43,313
73,612
50,479
256,500
99,306
35,141
12,056
3,078
21,803
32,063
3,078
1,026
$ 423,904 $ 423,904
$ 110,250
2,315
5,292
3,900
0
0
0
0
0
0
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