is when producers advertise to wholesalers and retailers about their
products.
O A. Institutional advertising
O B. Comparison advertising
O C. Trade advertising
OD. Pull advertising

Answer:

THE ANSWER IS A

Explanation:

The following information relates to the Sunshine Co-operative for the year ended August 31, 2019:
Prepaid Insurance $800
Statutory Reserve Funds $11,000
Interest Receivable22,700
Furniture and Fittings (Less Accumulated 210,000 Depreciation) $ 210,000 Members' dues receivables $ 170,000 Share Capital $300,000
Cash at Bank $224,500

The following were also determined; a. Net Income for the current year amounted to $110,000 and Undistributed
Net Income from last year was $15,000.

b. 20% of Net Income is to be transferred to the Statutory Reserve and 2 1/2% to a Special Reserve.

c. Dividends declared and paid to members amounted to $36,000

An honorarium of $1,500 is owing to the Chairman of the Management Committee. You are required to:

(a) Prepare the Appropriation Account for the year ended August 31, 2019.

(b) Prepare the statement of financial position as at August 31, 2019.​

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.

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