Business College

Valley Company's adjusted account balances from its general ledger 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, and advertising expense. It categorizes the remaining expenses as general and administrative.
Adjusted Account Balances
Merchandise inventory (ending)
Other (non-inventory) assets
Total liabilities
K. Valley, Capital
K. Valley, withdrawals
Sales
Sales discounts
Sales returns and allowances
Cost of goods sold
Sales salaries expense
Rent expense-Selling space
Store supplies expense
Advertising expense
office salaries expense
Rent expense-Office space
office supplies expense
Totals
Debit
$ 40,000
160,000
Invoice cost of merchandise purchases
Purchases discounts received
Purchases returns and allowances
Costs of transportation-in
8,000
4,186
18,058
105,665
37,483
12,859
3,283
23,256
34,200
3,283
1,094
$ 451,367
Credit
$ 46,200
131,567
273,600
$ 451,367
Beginning merchandise inventory was $32,280. Supplementary records of merchandising activities for the year
ended August 31 reveal the following itemized costs.
$ 117,600
2,470
5,645
3,900
Required:
1. Compute the company's net sales for the year.
2. Compute the company's total cost of merchandise purchased for the year.
4
3. Prepare a multiple-step income statement that includes separate categories for net sales, cost 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 sold, selling expenses, and
general and administrative expenses.

Answers

Answer 1

The cοmpany's net sales fοr the year = $79,126

The cοmpany's tοtal cοst οf merchandise purchased fοr the year = $178,865  , Net Operating Lοss $(143,997)

What is Net Operating Lοss?

When a cοmpany's οperating expenses exceed its οperating revenues during a specific tax periοd, it incurs a net οperating lοss (NOL). At the end οf the day, it is a negative measure οf available pay that an οrganizatiοn might cοntinue tο future fiscal years tο cοunterbalance its available pay in thοse years.

Fοr instance, in the event that an οrganizatiοn causes wοrking cοsts οf $1 milliοn in a fiscal year, yet its wοrking incοmes are just $500,000, then, at that pοint, it has a NOL οf $500,000. Up tο a certain limit, which varies depending οn the tax laws in the natiοn in which the business is based, this NOL can be used tο reduce taxable incοme in subsequent years.

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Related Questions

why are some counties rich and others poor?

Answers

The reasons why some counties are rich and others are poor are complex and multifaceted. However, some factors that may contribute to a county's level of wealth include natural resources, access to education and infrastructure, political stability, economic policies, and historical legacies. Additionally, global economic trends and international trade can also have a significant impact on a county's economic situation.

explain how does a transformation process take place in a bank​

Answers

The transformation process in a bank involves converting inputs into outputs. The inputs could be customer deposits, loan applications, and requests for other banking services. The transformation process would then involve various activities such as processing transactions, analyzing loan applications, and generating reports for internal and external stakeholders.

discuss the 8-point socioeconomic agenda of the marcos administration

Answers

President Ferdinand "Bongbong" Marcos Jr.'s economic team unveiled his administration's eight-point economic program on Monday.

What exactly did Bongbong Marcos do?

From 1992 until 1995, Marcos served as the Representative of Ilocos Norte's 2nd congressional district. In 1998, he was re-elected Governor of Ilocos Norte. He returned to his old post as Congressman from 2007 to 2010, then as Senator for the Nacionalista Party from 2010 to 2016.

Marcos, who governed by decree after that, restricted press freedom and other civil freedoms, disbanded Congress, controlled media outlets, and ordered the imprisonment of opposition leaders and militant activists, including his staunchest adversaries, Senators Benigno Aquino Jr. and Juan Ponce Enrile.

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How to tell someone that you see them as a father figure

Answers

Answer:You can just be like"Hey can I talk to you for a minute" and then you guys sit down and just be like "Umm I wan to tell you this for a lo ng time now but I see you have a father figure"

Explanation:

Given the interest rate of 10%, if the initial investment is 200,000 and the amount of annual investment is 30,000 to be made forever, what is the capitalized cost?

Answer Choices:

a. 230,000

b. 170,000

c. 300,000

d. 500,000

Answers

Answer:

200000×10×30000÷100

Explanation:

answer 600000000

question questionquestionquestionquestionquestionquestionquestionquestionquestion

Answers

Explanation:

what's the question I'm waiting to hear it

SAPPY HAD A LITTLE LAM, No he didn’t. True or false?

Answers

He did, Sappy had a very minuscule lam.
True he had a sad lamb

North American Dental Group recently hired Keith Carrington as its chief compliance and privacy officer. One thing that Carrington may be responsible for is creating a _____, which would outline policies for acceptable and ethical behavior.

Answers

A Code of Conduct, which establishes guidelines for proper and moral conduct, establishes the tone for the workplace culture, and instructs employees on how to conduct themselves with integrity, may be developed by Carrington.

Who is in charge of developing a code of conduct?

The employer draughts a code of conduct to inform employees of what is expected of them in terms of conduct at work.

Which committee on the company board is in charge of the code of ethics?

The Board's Nomination and Compensation Committee would be designated as the Ethics Committee and be in charge of creating the conditions that will encourage Directors to embrace the Code of Conduct and ensuring that it is effectively followed.

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Why is it important to balance a ledger account?

Answers

Answer:

balancing a ledger account is a crucial step in maintaining accurate financial records and ensuring that financial statements are reliable and trustworthy.

Explanation:

It serves as a check to ensure that for every transaction, a debit recorded in one ledger account has been matched with a credit in another. If the double entry has been carried out, the total of the debit balances should always equal the total of the credit balances.

How is marine insurance different from automobile insurance?

Answers

Ability to suspend coverage, “Agreed value” and Navigational limits

Emmanuel and Camille are married, file jointly, and have two children, ages three and seven, whom they support. Their AGI is $28,470.
Click here to access Exhibit 13.2 Earned Income Credit and Phaseout Percentages.
Carry out computations to two decimal places, and round your final answer to the nearest dollar.

Enter the amount of Emmanuel and Camille's earned income credit:

Answers

Emmanuel and Camille's earned income credit is $11,388.

Based on the information provided, we need to refer to Exhibit 13.2 to determine the Earned Income Credit (EIC) and phaseout percentage.

For married filing jointly taxpayers with two children and an AGI of $28,470, the EIC percentage is 40.0%, with a maximum credit of $5,716.

To calculate the EIC, we first need to determine Emmanuel and Camille's earned income.

If we assume that all of their income is from wages, then their earned income would be equal to their AGI of $28,470.

Next, we can calculate their EIC as follows:

EIC = earned income x EIC percentage

= $28,470 x 40.0%

= $11,388

The total earned income credit for Emmanuel and Camille is thus $11,388.

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Buford sells an apartment building for $720,000. His adjusted basis is $500,000 for regular income tax purposes and $550,000 for AMT purposes.

a. Buford's recognized gain for regular income tax purposes is
b. Buford's recognized gain for AMT purposes is
c. Buford's AMT adjustment is and its value is

Answers

For normal income tax purposes, Buford has a gain that is valued at $220,000 ($720,000 - $500,000). ($720,000 - $550,000) Buford's recognised gain for AMT purposes is $170,000.

What serves as the stock's foundation when it is traded for property?

The adjusted basis of the property you transferred to the corporation, increased by: Any gain realised by you, is the basis of the shares you get in exchange for that property.

What is the foundation of the goods acquired through a nontaxable exchange?

Nontaxable Exchanges - A nontaxable exchange is one in which neither a gain nor a loss may be written off. In a nontaxable exchange, the basis of any property you get is often the same as the basis of the item you swapped.

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How spaceX occupies Mars? what are their plans and strategies? ​

Answers

please make me brainalist and keep smiling dude I hope you will

please make me brainalist and keep smiling dude I hope you willTogether the Starship spacecraft and Super Heavy rocket create a reusable transportation system capable of on orbit refueling and leveraging Mars' natural H2O and CO2 resources to refuel on the surface of Mars. Starship launches with Starship Super Heavy booster. Booster separates, returning to Earth.

What should you click and drag to rotate an image or text box?
O the top right corner of the image or text box
O the clear arrow above the image or text box
the lower left corner of the image or text box
O the red box at the center of the image or text box

Answers

To rotate an image or text box, you should: A.  the top right corner of the image or text box.

What should you click and drag to rotate an image or text box?

Typically, when you hover your mouse over the corner of the image or text box, the cursor will change to a curved arrow, indicating that you can click and drag to rotate the element.

This allows you to freely adjust the angle of the element to your desired orientation. Some software may have slightly different interfaces, but in general, rotating an image or text box by clicking and dragging the top right corner is a common method across many applications.

Therefore the correct option  is A.

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Answer:

B) the clear arrow above the image or text box


What is one or more printed or electronic pages of information issued to generate publicity or shed light on a subject of interest.

Answers

News release is the one or more printed or electronic pages of material released to raise awareness of something or shine light on it. The option (E) is correct.

What does public relations publicity mean?

Any information shared with the public through the media that has the power to alter public perception of a brand, organisation, person, or product is referred to as publicity. There is a mix of good and bad news because the entity being discussed doesn't manage or control the information.

What is an illustration of public relations and publicity?

Campaigns in traditional media, sponsorships, product placement, social media campaigns, consumer education, and corporate social responsibility are a few examples of public relations.

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The complete question is below:-

A _____ is one or more printed or electronic pages of information issued to generate publicity or shed light on a subject of interest.

A. feature article

B. house organ

C. press bulletin

D. media announcement

E. news release

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