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Can some one explain this to me?


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  #1  
Old 09-07-2009, 07:46 AM
Joel Joel is offline
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Default Can some one explain this to me?

BizKid Company’s adjusted trial balance on August 31, 2005, its fiscal year-end, followsMerchandise inventory . . . . . . . . . . . . $ 31,000Other (noninventory) assets . . . . . . . . 120,400Total liabilities . . . . . . . . . . . . . . . . . . $ 35,000N. Kidman, Capital . . . . . . . . . . . . . . . 101,650N. Kidman, Withdrawals . . . . . . . . . . . 8,000Sales . . . . . . . . . . . . . . . . . . . . . . . . . 212,000Sales discounts . . . . . . . . . . . . . . . . . 3,250Sales returns and allowances . . . . . . . 14,000Cost of goods sold . . . . . . . . . . . . . . 82,600Sales salaries expense . . . . . . . . . . . . 29,000Rent expense—Selling space . . . . . . . 10,000Store supplies expense . . . . . . . . . . . . 2,500Advertising expense . . . . . . . . . . . . . . 18,000Office salaries expense . . . . . . . . . . . . 26,500Rent expense—Office space . . . . . . . 2,600Office supplies expense . . . . . . . . . . . 800Totals . . . . . . . . . . . . . . . . . . . . . . . . $348,650 $348,650On August 31, 2004, merchandise inventory was $25,000. Supplementary records of merchandisingactivities for the year ended August 31, 2005, reveal the following itemized costs:Invoice cost of merchandise purchases . . . . . . . $91,000Purchase discounts received . . . . . . . . . . . . . . . 1,900Purchase returns and allowances . . . . . . . . . . . . 4,400Costs of transportation-in . . . . . . . . . . . . . . . . 3,900
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Old 09-07-2009, 08:14 AM
France France is offline
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Default Can some one explain this to me?

Be guided by Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition, chapter 4
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