bizkid company s adjusted trial balance on august 31 2011 its fiscal year 384122

BizKid Companys adjusted trial balance on August 31, 2011, its fiscal year end, follows. Debit Credit Merchandise inventory $ 42,000 Other (noninventory) assets 168,000 Total liabilities $ 48,510 Common stock 81,013 Retained earnings 56,537 Dividends 8,000 Sales 287,280 Sales discounts 4,395 Sales returns and allowances 18,960 Cost of goods sold 110,754 Sales salaries expense 39,357 Rent expense”Selling space 13,502 Store supplies expense 3,447 Advertising expense 24,419 Office salaries expense 35,910 Rent expense”Office space 3,447 Office supplies expense 1,149 Totals $ 473,340 $ 473,340 On August 31, 2010, merchandise inventory was $33,894. Supplementary records of merchandising activities for the year ended August 31, 2011, reveal the following itemized costs. Invoice cost of merchandise purchases $ 123,480 Purchase discounts received 2,593 Purchase returns and allowances 5,927 Costs of transportation in 3,900 1.value: 10.00 points Required: 1. Compute the companys net sales for the year. (Omit the “$” sign in your response.) Net sales $ check my workeBook Links (2)references 2.value: 10.00 points 2. Compute the companys total cost of merchandise purchased for the year. (Omit the “$” sign in your response.) Total cost of merchandise purchased $ check my workeBook Links (2)references 3.value: 10.00 points 3. Prepare a multiple step income statement that includes separate categories for selling expenses and for general and administrative expenses. (Input all amounts as positive values. Omit the “$” sign in your response.) BIZKID COMPANY Income Statement For Year Ended August 31, 2011 $ $ Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses $ check my workeBook Links (2)references 4.value: 10.00 points 4. Prepare a single step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. (Input all amounts as positive values. Omit the “$” sign in your response.) BIZKID COMPANY Income Statement For Year Ended August 31, 2011 $ Expenses $ Total expenses $