The following amounts appeared on the Mendelstein Company?s adjusted trial balance as of October 31, 2020, the end of its fiscal year:

A physical count shows that the cost of the ending inventory is $13,300.

Required

1. Calculate the company?s net sales for the year.

2. Calculate the company?s cost of goods purchased for the year.

3. Calculate the company?s cost of goods sold for the year.

4. Present a multiple-step income statement that lists the company?s net sales, cost of goods sold, and gross profit from sales.

5. Present a condensed single-step income statement that lists these expenses: cost of goods sold, selling expenses, and general and administrative expenses.

Transcribed Image Text:

Debit Credit $ 1,750 Merchandise inventory Other assets 47,000 $ 43,340 Liabilities. Joe Mendelstein, capital.. Joe Mendelstein, withdrawals 37,690 3,700 Interest income 185 103,400 Sales. Sales returns and allowances. 8,200 Sales discounts. 1,195 Purchases. 44,200 Purchase returns and allowances. 2,500 Purchase discounts. 970 Transportation-in. 5,400 Sales salaries expense 18,500 Rent expense, selling space. 9,900 Store supplies expense. 3,900 Advertising expense. 9,700 Office salaries expense. 22,700 Rent expense, office space. Office supplies expense. 8,300 3,640 $188,085 $188,085 Totals.