3) Prepare and income statement, statement of owners equty and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable solve Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00 Intereest Expense 1,805.00 Tax Expense 7,220.00 Sales 250,000.00
3) Prepare and income statement, statement of owners equty and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable solve Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00 Intereest Expense 1,805.00 Tax Expense 7,220.00 Sales 250,000.00
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E
Related questions
Question
#3) | ||||||
Prepare and income statement, statement of owners equty | ||||||
and balance sheet for Rabid Insect based on the information below | ||||||
Salary Expense | 28,500.00 | |||||
Rent Expense | 14,250.00 | |||||
Insurance Expense | 9,500.00 | |||||
|
4,750.00 | |||||
Miscellaneous Expense | 1,900.00 | |||||
Sales Returns/Allowance | 5,000.00 | |||||
Sales Discounts | 7,500.00 | |||||
Cost of Goods Sold | 142,500.00 | |||||
Accts Payable | 30,000.00 | |||||
Note Payable | solve | |||||
Equipment | 400,000.00 | |||||
Accum Depreciation | (160,000.00) | |||||
Accts Receivable | 20,000.00 | |||||
Mdse Inventory | 60,000.00 | |||||
Prepiaid Insurance | 10,000.00 | |||||
Cash | 100,000.00 | |||||
Capital 1/1 (beginning) | 187,500.00 | |||||
Drawing | (5,415.00) | |||||
Cost of Goods Sold | 142,500.00 | |||||
Intereest Expense | 1,805.00 | |||||
Tax Expense | 7,220.00 | |||||
Sales | 250,000.00 |
4)
Three identical units of merchandise were purchased during July, as follows: | ||||||
Date | Product Basic H | Units | Cost | |||
3-Jul | Purchase | 1 | 35 | |||
10 | Purchase | 1 | 36 | |||
24 | Purchase | 1 | 37 | |||
Total | 3 | $108 | ||||
Average cost per unit | $36 | |||||
Assume one unit sells on July 28 for $45. | ||||||
Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 | ||||||
using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods. |
5)
Prepare a bank reconciliation for XYZ on 11/30 | ||||||
Balance per books 11/30 | 9,920 | |||||
Balance per bank 11/30 | 12,170 | |||||
Deposit in Transit | 1,500 | |||||
Outstanding Checks | 1,710 | |||||
Bank Service Charge | 190 | |||||
Note Collected by bank | 2,230 |
6)
CBC has accounts receivable at year end | 620,000.00 | |||
Balance in allowance for doubtful accts | 12,400.00 | credit balance | ||
Sales on account for the year were | 868,000.00 | |||
The company uses the % of receivables allownace method for |
||||
Prepare the |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning