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Business, 21.07.2020 14:01 lexipooh7894

Smith Company’s adjusted trial balance on August 31, 2013, its fiscal year-end, follows. Debit Credit
Merchandise inventory $40,500
Other (noninventory) assets 162,000
Total liabilities $46,778
K. Smith, Capital 133,065
K. Smith, Withdrawals 8,000
Sales 277,020
Sales discounts 4,238
Sales returns and allowances 18,283
Cost of goods sold 106,939
Sales salaries expense 37,952
Rent expense—Selling space 13,020
Store supplies expense 3,324
Advertising expense 23,547
Office salaries expense 34,628
Rent expense—Office space 3,324
Office supplies expense 1,108
Totals $456,863 $456,863

On August 31, 2012, merchandise inventory was $32,684. Supplementary records of merchandising activities for the year ended August 31, 2013, reveal the following itemized costs.

Invoice cost of merchandise purchases $119,070
Purchase discounts received 2,500
Purchase returns and allowances 5,715
Costs of transportation-in 3,900

Required:

a. Compute the company's net sales for the year.
b. Compute the company's total cost of merchandise purchased for the year.
c. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.
d. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.

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