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Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory Other (noninventory) assets Total liabilities $ 42,000 168,000 $ 48,510 137,550 K. Valley, Capital K. Valley, Withdrawals 8,000 Sales 287,280 Sales discounts 4,395 18,960 Sales returns and allowances Cost of goods sold Sales salaries expense 110,754 Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense 39,357 13,502 3,447 24,419 35,910 3,447 1,149 Rent expense-Office space Office supplies expense Totals $473,340 $473,340

Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory Other (noninventory) assets Total liabilities $ 42,000 168,000 $ 48,510 137,550 K. Valley, Capital K. Valley, Withdrawals 8,000 Sales 287,280 Sales discounts 4,395 18,960 Sales returns and allowances Cost of goods sold Sales salaries expense 110,754 Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense 39,357 13,502 3,447 24,419 35,910 3,447 1,149 Rent expense-Office space Office supplies expense Totals $473,340 $473,340

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter8: Gross Profit Method (gp)
Section: Chapter Questions
Problem 3R: On December 31, 2013, the year-to-date account balances of selected accounts were as follows:...
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3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.

On August 31, 2016, merchandise inventory was $33,894. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Invoice cost of merchandise purchases $123,480 Purchases discounts received 2,593 Purchases returns and allowances 5,927 3,900 Costs of transportation-in
Transcribed Image Text:On August 31, 2016, merchandise inventory was $33,894. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Invoice cost of merchandise purchases $123,480 Purchases discounts received 2,593 Purchases returns and allowances 5,927 3,900 Costs of transportation-in
Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 42,000 168,000 Other (noninventory) assets $ 48,510 137,550 Total liabilities к. Valley, Сapital K. Valley, Withdrawals 8,000 Sales 287,280 4,395 18,960 110,754 39,357 13,502 3,447 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 24,419 Rent expense-Office space Office supplies expense 35,910 3,447 1,149 Totals $473,340 $473,340
Transcribed Image Text:Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 42,000 168,000 Other (noninventory) assets $ 48,510 137,550 Total liabilities к. Valley, Сapital K. Valley, Withdrawals 8,000 Sales 287,280 4,395 18,960 110,754 39,357 13,502 3,447 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 24,419 Rent expense-Office space Office supplies expense 35,910 3,447 1,149 Totals $473,340 $473,340
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