Valley Companyâ€™s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.DebitCredit Merchandise inventory$36,500 Other (noninventory) assets146,000 Total liabilities$42,158 Common stock49,133 Retained earnings71,965 Dividends8,000 Sales249,660 Sales discounts3,820 Sales returns and allowances16,478 Cost of goods sold96,761 Sales salaries expense34,203 Rent expenseâ€”Selling space11,734 Store supplies expense2,996 Advertising expense21,221 Office salaries expense31,208 Rent expenseâ€”Office space2,996 Office supplies expense999 Totals$412,916$412,916On August 31, 2014, merchandise inventory was $29,456. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs. Invoice cost of merchandise purchases$107,310 Purchase discounts received2,254 Purchase returns and allowances5,151 Costs of transportation-in3,900 Compute the companyâ€™s total cost of merchandise purchased for the year.
https://qualitywriters.org/wp-content/uploads/2019/11/logo-300x75.png 0 0 Paul https://qualitywriters.org/wp-content/uploads/2019/11/logo-300x75.png Paul2020-09-30 00:00:002021-07-03 03:19:50Valley Companyâ??s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.DebitCred