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Valley Company?s adjusted trial balance on August 31, 2013, its fiscal year-end, follows.;Debit Credit;Merchandise inventory $ 32,000;Other (noninventory) assets 128,000;Total liabilities $ 36,960;Common stock 43,076;Retained earnings 64,560;Dividends 8,000;Sales 218,880;Sales discounts 3,349;Sales returns and allowances 14,446;Cost of goods sold 85,312;Sales salaries expense 29,987;Rent expense?Selling space 10,287;Store supplies expense 2,627;Advertising expense 18,605;Office salaries expense 27,360;Rent expense?Office space 2,627;Office supplies expense 876;Totals $ 363,476 $ 363,476;On August 31, 2012, merchandise inventory was $25,824. Supplementary records of merchandising activities for the year ended August 31, 2013, reveal the following itemized costs.;Invoice cost of merchandise purchases $ 94,080;Purchase discounts received 1,976;Purchase returns and allowances 4,516;Costs of transportation-in;3,900;Compute the company?s net sales for the year.


Paper#77364 | Written in 18-Jul-2015

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