I am having trouble with this problem that is due tonight. Can someone please help!! I am unsure what to do with the information given after the adjusted trial balance. Do I add those numbers into the adjusted trial balance or what do I do with them? HELP!! BizKid Companys adjusted trial balance on August 31, 2005, its fiscal year-end, follows: Debit Credit Merchandise inventory $ 31,000 Noninventory assets 120,400 Total liabilities $ 35,000 N. Kidman, Capital 101,650 N. Kidman, Withdrawals 8,000 Sales 212,000 Sales discounts 3,250 Sales returns&allowances 14,000 Cost of goods sold 82,600 Sales salaries expense 29,000 Rent expense 10,000 Store supplies expense 2,500 Advertising expense 18,000 Office salaries expense 26,500 Rent expenseOffice space 2,600 Office supplies expense 800 Totals $348,650 $348,650 On August 31, 2004, merchandise inventory was $25,000. Supplementary records of merchandising activities for the year ended August 31, 2005, reveal the following itemized costs: Invoice cost of merchandise purchases $91,000 Purchase discounts received 1,900 Purchase returns and allowances 4,400 Costs of transportation-in 3,900 Required 1. Compute the companys net sales for the year. 2. Compute the companys total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses. 4. 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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