The following account titles and balances were taken from

the adjusted
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
BalanceSales returns and allowances ........... $ 3,250Miscellaneous expense ............
400Transportation-out ................ 700Sales ................... 69,750Advertising expense .............
2,750Salaries expense ................ 8,500Transportation-in .............. 1,725Purchases .................
42,000Interest expense ............... 360Merchandise inventory, January 1 ........ 6,200Rent
expense ................. 5,000Merchandise inventory, December 31 ...... 4,050Purchase returns and
allowances ........ 1,250Loss on sale of land ............. 3,400Utilities expense ................
710Requireda. 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 Solution:
The following account titles and balances were taken from the adjusted
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