Rusio Company’s adjusted trial balance on August 31, 2009, its fiscal year-end, follows. Debit Credit . . . . . On August 31, 20.....

Rusio Company’s adjusted trial balance on August 31, 2009, its fiscal year-end, follows. Debit Credit . . . . . On August 31, 20.....

Q:


Rusio Company’s adjusted trial balance on August 31, 2009, its fiscal year-end, follows.

Debit Credit

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.

.

.

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On August 31, 2008, merchandise inventory was $35,104. Supplementary records of merchandising activities for the year ended August 31, 2009, reveal the following itemized costs.

Invoice cost of merchandise purchases $127,890

Purchase discounts received 2,685

Purchase returns and allowances 6,138

Costs of transportation-in 3,900



Requirements:

1. Compute the company’s net sales for the year.

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 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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