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.
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...
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