The following account titles and balances were taken from the


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The following account titles and balances were taken from the 2 answers below » The following account titles and balances were taken from the adjusted trial balance of Brisco Farm Co. for 2012. The company uses the periodic inventory system. Account Title Balance Sales returns and allowances ………………………..$ 3,250 Miscellaneous expense ……………………………… 400 Transportation-out …………………………………… 700 Sales ………………………………………………… 69,750 Advertising expense ………………………………… 2,750 Salaries expense …………………………………….. 8,500 Transportation-in …………………………………… 1,725 Purchases …………………………………………… 42,000 Interest expense ……………………………………. 360 Merchandise inventory, January 1 …………………. 6,200 Rent expense ………………………………………. View complete question » The following account titles and balances were taken from the adjusted trial balance of Brisco Farm Co. for 2012. The company uses the periodic inventory system. Account Title Balance Sales returns and allowances ………………………..$ 3,250 Miscellaneous expense ……………………………… 400 Transportation-out …………………………………… 700 Sales ………………………………………………… 69,750 Advertising expense ………………………………… 2,750 Salaries expense …………………………………….. 8,500 Transportation-in …………………………………… 1,725 Purchases …………………………………………… 42,000 Interest expense ……………………………………. 360 Merchandise inventory, January 1 …………………. 6,200 Rent expense ……………………………………….. 5,000 Merchandise inventory, December 31 ……………… 4,050 Purchase returns and allowances …………………… 1,250 Loss on sale of land ………………………………… 3,400 Utilities expense …………………………………….. 710 Required a. Prepare a schedule to determine the amount of cost of goods sold. b. Prepare a multistep income statement. c. Prepare a single-step income statement. View less » Oct 11 2013 07:51 AM

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