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Week 6 Assignment
5-4A

  1. Compute the company’s net sales for the year.
Sales= 212,000
Sales Discounts = 3,250
Sales Returns and Allowances = 14,000
$194,750
2. Compute the company’s total cost of merchandise purchased for the year.

Invoice cost of merchandise purchases = $91,000
Purchase Discounts = (1,900)
Purchase returns = (4,400)
Cost of transportation-in = 3,900
$88,600

3. Prepare a multiple-step income statement that includes separate categories for selling expenses
and for general and administrative expenses.

BizKid Company
Multi-Step Income Statement
Year Ending
August 31, 2005
Sales Revenues
Sales $212,000
Sales Returns and Allowances $14,000
Sales Discounts 3,250 17,250
Net Sales $194,750
Cost of Goods Sold 82,600
Gross Profits $112,150
Operating Expenses
Selling Expenses
Sales Salary Expenses 29,000
Rent-Selling Space Expense 10,000
Store Supplies Expense 2,500
Advertising Expense 18,000
Total Selling Expense 59,500
Administrative Expenses
Office Salaries Expense 26,500
Rent-Office Space Expense 2,600
Office Supplies 800
Total Administrative Expense 29,900
Total Operating Expenses $89,400
Net Income $22,750

4. Prepare a single-step income statement that includes these expense categories: cost of goods
sold, selling expenses, and general and administrative expenses.

BizKid Company
Single Step Income Statement
Year Ending
August 31,2005
Revenues
Net Sales $194,750
Expenses
Cost of Goods Sold $82,600
Selling Expenses 59,500
Administrative Expenses 29,900
Total Expenses 172,000
Net Income $22,750

6-1A
1-Jan BEGINNING INVENTORY 600 @ $44.00 $26,400.00
10-Feb PURCHASE 200 @ $40.00 $8,000.00
13-Mar PURCHASE 100 @ $20.00 $2,000.00
15-Mar SALES 400 @ $75.00 $30,000.00
21-Aug PURCHASE 160 @ $60.00 $9,600.00
5-Sep PURCHASE 280 @ $48.00 $13,440.00
910 SALES 200 @ $75.00 $15,000.00
TOTAL 1340 $59,440.00 600 $45,000.00

6-6B
The company's year-end inventory at...

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Acc 225. Anti Essays. Retrieved December 18, 2018, from the World Wide Web: http://snehaedu.com/free-essays/Acc-225-358025.html