enerd X Cut Calibri 22 Wrap lext Cb Copy - Format Painter Paste $ - % BIU - AA- Merge & Center Alignment Num Clipboard Font A42 Hint - the tables below are formatted for the exact numbers of lines you will D E F B 1 Concord Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general 2 and administrative. 3 Debit Credit 4 5 Merchandise inventory (ending) 44,000 6 Other (noninventory) assets 176.000 7 Total liabilities 50,820 8 K. Concord, Capital 143,537 9 K. Concord, Withdrawals 8,000 10 Sales 300,960 11 Sales discounts 4.605 12 Sales returns and allowances 19,863 13 Cost of goods sold 115.842 14 Sales salaries expense 41,232 15 Rent expense-Selling space 14.145 16 Store supplies expense 3,612 17 Advertising expense 25,582 18 Office salaries expense 37,620 19 Rent expense-Office space 3,612 20 Office supplies expense 1.204 21 Totals 495,317 495,317 22 23 Beginning merchandise inventory was $35,508. Supplementary records of merchandising activities for the year ended August 31 reveal the following litemized costs. 24 25 Invoice cost of merchandise purchases 129,360 26 Purchases discounts received 2,717 27 Purchases returns and allowances 6,209 28 Costs of transportation in 3.900 29 Page 30 HU Formulas Data Review view Help Calibri 11 A A General X Cut h Copy Format Painter a Wrap Text Es Merge & Center Paste BIOA. $ % Clipboard Font Alignment Number A42 f Hint - the tables below are formatted for the exact numbers of lines you will need D G B E F 33 Required: 34 1. Compute the company's net sales for the year 35 2. Compute the company's total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that includes separate categories for net sales, cost 36 of goods sold, selling expenses, and general and administrative expenses. 4. Prepare a single step income statement that includes these expense categories: cost of goods 37 sold, selling expenses and general and administrative expenses. 38 39 40 41 42 Hint - the tables below are formatted for the exact numbers of lines you will need to complete each section, 43 Compute Net Sales Sales 44 45 46 47 48 Net Sales Cost of Merchandise Purchased 49 50 51 52 53 54 55 56 57 Total cost of merchandise purchased 58 Calculate Selling Expense 59 60 61 62 63 64 Total cost of merchandise purchased General Calibri X Cut CB Copy 3 Format Painter 11 A A == aby Wrap Text A Merge & Center $ Paste BIU. Font Alignment Clipboard A42 Hint - the tables below are formatted for the exact numbers of lines you w D E F 66 Concord COMPANY Income Statement For Year Ended August 31 67 68 69 Sales 70 71 72 Net sales 73 74 Gross profit Expense 75 76 77 78 79 80 81 Total selling expenses General and administrative expenses 82 83 84 85 86 Total general and administrative expenses Total expenses Net income 87 88 Concord COMPANY Income Statement For Year Ended August 31 4 Net sales Expenses 5 Page 3 16 27 38 99 100 Total expenses Net income Msde income stmt