Prepare a statement of owner’s equity CashAccounts ReceivablesAllowance for Bad DebtsOffice SuppliesPrepaid InsuranceMerchandise Inventory, June 1,2012Office EquipmentAccumulated Depreciation-Office EquipmentStore EquipmentAccumulated Depreciation-Store EquipmentAccounts PayableSalaries PayableNote Payable (final payment due2025)Rayne Sison, Capital, June 1,2012Rayne Sison, DrawingSalesSales DiscountsSales Returns and AllowancesPurchasesPurchase DiscountsPurchase Returns andAllowances757,500 Interest Income396,000 Equipment33,00016,800Gain from Sale of Office10,200 Store Egg'tFreight-In166,8007,200Advertising ExpenseDepreciation Expense-Office Ean't525,000255,000 Freight-Out138,400Miscellaneous759,000 Administrative ExpenseMiscellaneous SellingDepreciation Expense-168,0001,307,500102,600 Expense105,0003,850,000Insurance ExpenseOffice Salaries ExpenseOffice Supplies ExpenseRent ExpenseSales Salaries ExpenseStore Equipment RepairExpense65,700 Taxes Expense69,300 Utilities Expense (OfficeSpaces)2,400,000Utilities Expense (SellingArea)38,00028,000Office Equipment RepairExpenseInterest ExpenseLoss from Sale of StoreEquipment3,0008,000110,40033,00017,00070,00021,00011,7005,50015,0005,00014,00010,20050,00070,0002,20010,00010,0008,0008,00015,000The following selected accounts and their current balances appear in the ledger of RayneSupplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retailcustomers at the end of the fiscal year May 31, 2013.

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Description: Prepare a statement of owner’s equity CashAccounts ReceivablesAllowance for Bad DebtsOffice SuppliesPrepaid InsuranceMerchandise Inventory, June 1,2012Office EquipmentAccumulated Depreciation-Office EquipmentStore EquipmentAccumulated Depreciation-St

Stockholder's equity refers to the owner's contribution to the business. It determines the balance…

Business

Accounting

Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Sison, Capital, June 1, Rayne 2012 Rayne Sison, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 255,000 Freight-Out 138,400 759,000 102,600 Expense 166,800 7,200 Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense Taxes Expense 168,000 1,307,500 65,700 69,300 Insurance Expense 2,400,000 38,000 28,000 Miscellaneous Administrative Expense Miscellaneous Selling Utilities Expense (Office Spaces) Utilities Expense (Selling Area) Interest Expense Loss from Sale of Store Equipment 21,000 11,700 5,500 15,000 5,000 14,000 10,200 50,000 70,000 2,200 10,000 10,000 8,000 8,000 15,000 The following selected accounts and their current balances appear in the ledger of Rayne Supplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retail customers at the end of the fiscal year May 31, 2013.

Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Sison, Capital, June 1, Rayne 2012 Rayne Sison, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 255,000 Freight-Out 138,400 759,000 102,600 Expense 166,800 7,200 Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense Taxes Expense 168,000 1,307,500 65,700 69,300 Insurance Expense 2,400,000 38,000 28,000 Miscellaneous Administrative Expense Miscellaneous Selling Utilities Expense (Office Spaces) Utilities Expense (Selling Area) Interest Expense Loss from Sale of Store Equipment 21,000 11,700 5,500 15,000 5,000 14,000 10,200 50,000 70,000 2,200 10,000 10,000 8,000 8,000 15,000 The following selected accounts and their current balances appear in the ledger of Rayne Supplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retail customers at the end of the fiscal year May 31, 2013.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 31E

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