I only need 4b question thanks! 4. Present a multiple-step Income statement that lists the company's net sales, cost of goods sold, and gross profit fromsales.MENDELSTEIN COMPANYIncome StatementFor Year Ended October 31, 2020Net salesOperating expenses:Total operating expenses17.215Other revenues and expenses: The following amounts appeared on the Mendelsteln Company's adjusted trlal balance as of October 31, 2020, the endof Its fiscal year:DebitCreditMerchandise inventory$ 1,750Other assets47, 000$ 43,34837, 690LiabilitiesJoe Mendelstein, capitalJoe Mendelstein, withdrawals3,7eeInterest income185Sales103,400Sales returns and allowances8,200Sales discounts1,195Purchases44, 200Purchase returns and allowances2,5eePurchase discounts970Transportation-inSales salaries expense5,400Rent expense, selling spaceStore supplies expenseAdvertising expenseOffice salaries expense18, see9,9003,9009,70022,7008, 300Rent expense, office spaceOffice supplies expense3,648$188,085 $188,085TotalsA physical count shows that the cost of the ending Inventory Is $13,300.Requlred:1. Calculate the company's net sales for the year.Net sales94,005

Net Sales = Sales - Sales return and allowances - Sales discount = 103400 - 8200 - 1195 = 94005

The following amounts appeared on the Mendelsteln Company's adjusted trial balance as of October 31, 2020, the end of Its fiscal year: Debit Credit Merchandise inventory $ 1,750 Other assets 47, 000 $ 43, 340 37,690 Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income 3,7e0 185 Sales 103,400 Sales returns and allowances 8, 200 Sales discounts 1,195 Purchases 44, 200 Purchase returns and allowances 2, 5ee Purchase discounts 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense 5,400 18, see 9,900 3,900 9,700 22, 700 8, 300 3,640 Totals $188,085 $188, 085 A physical count shows that the cost of the ending Inventory Is $13,300.

The following amounts appeared on the Mendelsteln Company's adjusted trial balance as of October 31, 2020, the end of Its fiscal year: Debit Credit Merchandise inventory $ 1,750 Other assets 47, 000 $ 43, 340 37,690 Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income 3,7e0 185 Sales 103,400 Sales returns and allowances 8, 200 Sales discounts 1,195 Purchases 44, 200 Purchase returns and allowances 2, 5ee Purchase discounts 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense 5,400 18, see 9,900 3,900 9,700 22, 700 8, 300 3,640 Totals $188,085 $188, 085 A physical count shows that the cost of the ending Inventory Is $13,300.

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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7:27 f t < Session[1].docx - Word ✓ Qo 138 - 21 Paragraph O References Mailings Review View Help BLUEBEAM One day you're going to miss my boring texts ## TO Accessibility: Investigate Search Costs to date Estimated costs to complete Progress billings during the year Cash collected during the year hoher webb ng Normal ||| No Spacing Styles Acrobat 2021 $ 980,000 3,020,000 1,000,000 648,000 Go to website O Heading 1 √ Calculate the amount will be reported for accounts receivable on the statement of financial position at December 31, 2022. 3. Accounts Receivable on the Statement of Financial Position at December 31, 2022 for Newton Corp.: Accounts Receivable is calculated as the cumulative billings to date minus the cumulative cash collected: Accounts Receivable at December 31, 2022 = Cumulative Billings- Cumulative Cash Collected Accounts Receivable at December 31, 2022 = ($1,000,000+ $1,000,000) - ($648,000+ $1,280,000) = $2,000,000 - $1,928,000 = $72,000 Therefore, the amount reported…
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