Valley Company\'s adjusted trial balance on August 31, 2015, its fiscal year-end
ID: 2584289 • Letter: V
Question
Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Debit Credit Merchandise inventory Other (noninventory) 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 $ 45,000 180,000 51,975 60,575 85,954 8,000 307,800 4,709 20,315 118,387 42,169 14,467 3,694 26,163 38,475 3,694 1,231 Totals $506,304 $506.304 On August 31, 2014, merchandise inventory was $36,315. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs. Invoice cost of merchandise purchases Purchase discounts received Purchase returns and allowances Costs of transportation-in 132,300 2,778 6,350 3,900 value: .5.00 points 30Explanation / Answer
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1 Net sales: Sales 307800 Less: Sales discounts 4709 Sales returns and allowances 20315 25024 Net sales $ 282776 2 Total cost of merchandise purchased: Invoice cost of merchandise purchases 132300 Add: Costs of transportation-in 3900 136200 Less: Purchase discounts received 2778 Purchase returns and allowances 6350 9128 Total cost of merchandise purchased $ 127072Related Questions
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