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Comprehensive Problem 2 130 C Part 1 and Part 2 Pe Creek Cs a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co as of Mar 1, 2017 (unless otherwise indicated), are as follows $3,600 233,900 52,400 14.800 115 Merchand Inventory 211 Custom Rende 212 Salvable 339 Cost of chande Sold Part 3: NOTE: You complete parts 1 and 2 before completing part 3 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense Palisade Creek Co Usadjusted Trial Balance May 31, 2017 Accumulated Depreciat Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Expert Q&A 15.000 13,000 549.500 . . 6 11400 Debit Balances Credit Balances 99,430 245,875 585.200 Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense 54,700 9.600 50,000 65.300 135,000 1,000,000 2.822.000 O O • 36,700 63,150 .... 135,000 3,013,000 720,800 292,000 12,600 411,100 88,700 664,800 281,000 12,600 382,100 83,700 Done 7,800 0 0 0 0 0 0 0 0 0 0

Comprehensive Problem 2 130 C Part 1 and Part 2 Pe Creek Cs a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co as of Mar 1, 2017 (unless otherwise indicated), are as follows $3,600 233,900 52,400 14.800 115 Merchand Inventory 211 Custom Rende 212 Salvable 339 Cost of chande Sold Part 3: NOTE: You complete parts 1 and 2 before completing part 3 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense Palisade Creek Co Usadjusted Trial Balance May 31, 2017 Accumulated Depreciat Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Expert Q&A 15.000 13,000 549.500 . . 6 11400 Debit Balances Credit Balances 99,430 245,875 585.200 Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense 54,700 9.600 50,000 65.300 135,000 1,000,000 2.822.000 O O • 36,700 63,150 .... 135,000 3,013,000 720,800 292,000 12,600 411,100 88,700 664,800 281,000 12,600 382,100 83,700 Done 7,800 0 0 0 0 0 0 0 0 0 0

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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7:59 Comprehensive Problem 2 112 Accounts Receivable 115 Merchandise Inventory 117 Prepaid Insurance Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2017 (unless otherwise indicated), are as follows: 110 Cash $83,600 233,900 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation Store Equipment 230 Accountable 211 Customer Refunds Favable 212 Salaries Payable 330 Lynn Capital, June 1, 2016 331 Lynn Tolle Drawing 430 Sales 530 Cost of Merchandise Sold Comprehensive Problem 2 Part 3 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Palisade Creek Co. Unadjusted Trial Balance May 31, 2017 NOTE: You must complete parts 1 and 2 before completing part 3. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank Accumulated Depreciation Street Accounts Payable Customer Refunds Payable Expert Q&A Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense 569,500 652,400 16,800 11,400 Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense 569,500 56,700 96,600 50,000 Debit Balances Credit Balances 99,430 245,875 585,200 16,000 13,000 685,300 135,000 5,000,000 2.423.000 0 。 B 0 0 | 56,700 o 63,150 ¯¯¯¯¯¯ 0 0 135,000 0 3,013,000 720,800 292,000 0 12,600 411,100 88,700 664,800 281,000 12,600 382,100 83,700 Done 7,800 0 0 0 0 0 0 0 0 0 0
Transcribed Image Text:7:59 Comprehensive Problem 2 112 Accounts Receivable 115 Merchandise Inventory 117 Prepaid Insurance Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2017 (unless otherwise indicated), are as follows: 110 Cash $83,600 233,900 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation Store Equipment 230 Accountable 211 Customer Refunds Favable 212 Salaries Payable 330 Lynn Capital, June 1, 2016 331 Lynn Tolle Drawing 430 Sales 530 Cost of Merchandise Sold Comprehensive Problem 2 Part 3 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Palisade Creek Co. Unadjusted Trial Balance May 31, 2017 NOTE: You must complete parts 1 and 2 before completing part 3. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank Accumulated Depreciation Street Accounts Payable Customer Refunds Payable Expert Q&A Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense 569,500 652,400 16,800 11,400 Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense 569,500 56,700 96,600 50,000 Debit Balances Credit Balances 99,430 245,875 585,200 16,000 13,000 685,300 135,000 5,000,000 2.423.000 0 。 B 0 0 | 56,700 o 63,150 ¯¯¯¯¯¯ 0 0 135,000 0 3,013,000 720,800 292,000 0 12,600 411,100 88,700 664,800 281,000 12,600 382,100 83,700 Done 7,800 0 0 0 0 0 0 0 0 0 0
7:59 Comprehensive Problem 2 Part You must complete parts 1, 2, 3, 4, 6 and 7 before attempting to complete part 8. Note: part 5 is optional 1. Prepare an income statement Sales Cost of merchandise sold ✔ Gross profit ✔ Expenses Selling expenses: Sales salaries expense ✔ Advertising expense Depreciation expense Store supplies expense Miscellaneous selling expense ✔ Total selling expenses Administrative expenses: Rent expense ✓ Insurance expense ✔ Miscellaneous administrative expense Total administrative expenses Total expenses Net income Net income for the year. Withdrawals 2. Prepare a statement of owner's equity 3. Prepare a balance sheet Current assets: ✓ Accounts receivable ✓ Store supplies Total current assets ✔ Current liabilities: Salaries payable Total liabilities Property, plant, and equipment: Store equipment Less accumulated depreciation ✓ Total property, plant, and equipment Total assets Palisade Creek Co. Statement of Owner's Equity For the Year Ended May 31, 2017 Palisade Creek Co. Income Statement For the Year Ended May 31, 2017 Accounts payable - ✓ Customer refunds payable ✔ V Lynn Tolley, capital ✓ Expert Q&A 135,000 Palisade Creek Co. Balance Sheet May 31, 2017 Assets Total liabilities and owner's equity Comprehensive Problem 2 727,000 ✓ 292,000 ✓ 14,000 ✓ 9,300✓ 12,600✔ 417,700 ✓ 88,700✔ 12,000 ✓ 7,800✔ 245,875 4,000 ✓ 4.000✓ 685,300 Liabilities Owner's equity Part 9: You must complete parts 1. 2. 3. 4, 6, 7 and 8 before attempting to complete part 9. Part 5 istina 1,056,200✔ 526,200✔ 5,316,205 ✔ 3,026,950 ✓ 2.289,255 v 1,502,400✔ 569,500 70,700 ✓ 63,150 ✓ 13,600 Done 498,800 ✔
Transcribed Image Text:7:59 Comprehensive Problem 2 Part You must complete parts 1, 2, 3, 4, 6 and 7 before attempting to complete part 8. Note: part 5 is optional 1. Prepare an income statement Sales Cost of merchandise sold ✔ Gross profit ✔ Expenses Selling expenses: Sales salaries expense ✔ Advertising expense Depreciation expense Store supplies expense Miscellaneous selling expense ✔ Total selling expenses Administrative expenses: Rent expense ✓ Insurance expense ✔ Miscellaneous administrative expense Total administrative expenses Total expenses Net income Net income for the year. Withdrawals 2. Prepare a statement of owner's equity 3. Prepare a balance sheet Current assets: ✓ Accounts receivable ✓ Store supplies Total current assets ✔ Current liabilities: Salaries payable Total liabilities Property, plant, and equipment: Store equipment Less accumulated depreciation ✓ Total property, plant, and equipment Total assets Palisade Creek Co. Statement of Owner's Equity For the Year Ended May 31, 2017 Palisade Creek Co. Income Statement For the Year Ended May 31, 2017 Accounts payable - ✓ Customer refunds payable ✔ V Lynn Tolley, capital ✓ Expert Q&A 135,000 Palisade Creek Co. Balance Sheet May 31, 2017 Assets Total liabilities and owner's equity Comprehensive Problem 2 727,000 ✓ 292,000 ✓ 14,000 ✓ 9,300✓ 12,600✔ 417,700 ✓ 88,700✔ 12,000 ✓ 7,800✔ 245,875 4,000 ✓ 4.000✓ 685,300 Liabilities Owner's equity Part 9: You must complete parts 1. 2. 3. 4, 6, 7 and 8 before attempting to complete part 9. Part 5 istina 1,056,200✔ 526,200✔ 5,316,205 ✔ 3,026,950 ✓ 2.289,255 v 1,502,400✔ 569,500 70,700 ✓ 63,150 ✓ 13,600 Done 498,800 ✔
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