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*P5.13A (LO 7) AP The following is an alphabetical list of Bud's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021: Accounts payable $ 32,310 Merchandise inventory $ 34,360 Accounts receivable 13,770 Mortgage payable Prepaid insurance Property tax expense Purchases 106,000 Accumulated depreciation-building Accumulated depreciation-equipment 61,200 4,500 19,880 3,500 Building B. Hachey, capital B. Hachey, drawings 175,000 634,700 104,480 Purchase discounts 6,300 12,000 Purchase returns and allowances 13,315 Cash 8,500 Rent revenue 2,800 Depreciation expense Equipment Freight in Freight out Insurance expense 14,000 Salaries expense 122,000 57,000 Salaries payable 8,500 5,060 Sales 872,000 8,200 Sales discounts 8,250 9,000 Sales returns and allowances 9,845 Interest expense 5,300 Unearned revenue 3,000 Land 85,000 Utilities expense 19,800 Additional facts: 1. Bud's Bakery uses a periodic inventory system. 2. Of the mortgage payable, $8,500 is due on March 31, 2022. 3. A physical count determined that merchandise inventory on hand st November 30, 2021, was $37,350. 4. The owner made no capital contributions during the year. Instructions a. Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet for the November 30, 2021, year end. b. Prepare the closing journal entries. c. Post closing entries to the Merchandise Inventory and capital accounts. Check that the balances in

*P5.13A (LO 7) AP The following is an alphabetical list of Bud's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021: Accounts payable $ 32,310 Merchandise inventory $ 34,360 Accounts receivable 13,770 Mortgage payable Prepaid insurance Property tax expense Purchases 106,000 Accumulated depreciation-building Accumulated depreciation-equipment 61,200 4,500 19,880 3,500 Building B. Hachey, capital B. Hachey, drawings 175,000 634,700 104,480 Purchase discounts 6,300 12,000 Purchase returns and allowances 13,315 Cash 8,500 Rent revenue 2,800 Depreciation expense Equipment Freight in Freight out Insurance expense 14,000 Salaries expense 122,000 57,000 Salaries payable 8,500 5,060 Sales 872,000 8,200 Sales discounts 8,250 9,000 Sales returns and allowances 9,845 Interest expense 5,300 Unearned revenue 3,000 Land 85,000 Utilities expense 19,800 Additional facts: 1. Bud's Bakery uses a periodic inventory system. 2. Of the mortgage payable, $8,500 is due on March 31, 2022. 3. A physical count determined that merchandise inventory on hand st November 30, 2021, was $37,350. 4. The owner made no capital contributions during the year. Instructions a. Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet for the November 30, 2021, year end. b. Prepare the closing journal entries. c. Post closing entries to the Merchandise Inventory and capital accounts. Check that the balances in

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...
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prepare the multi step income statement

Search nd *P5.13A (LO 7) AP The following is an alphabetical list of Bud's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021: and Accounts payable $ 32,310 Merchandise inventory $ 34,360 Accounts receivable 13,770 Mortgage payable Prepaid insurance Property tax expense 106,000 Accumulated depreciation-building Accumulated depreciation-equipment Building B. Hachey, capital B. Hachey, drawings 61,200 4,500 19,880 3,500 175,000 Purchases 634,700 104,480 Purchase discounts 6,300 12,000 Purchase returns and allowances 13,315 Cash 8,500 Rent revenue 2,800 Depreciation expense Equipment Freight in Freight out Insurance expense 14,000 Salaries expense 122,000 57,000 Salaries payable 8,500 5,060 Sales 872,000 8,200 Sales discounts 8,250 9,000 Sales returns and allowances 9,845 Interest expense 5,300 Unearned revenue 3,000 Land 85,000 Utilities expense 19,800 Additional facts: 1. Bud's Bakery uses a periodic inventory system. 2. Of the mortgage payable, $8,500 is due on March 31, 2022. 3. A physical count determined that merchandise inventory on hand at November 30, 2021, was $37,350. 4. The owner made no capital contributions during the year. Instructions a. Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet for the November 30, 2021, year end. b. Prepare the closing journal entries. c. Post closing entries to the Merchandise Inventory and capital accounts. Check that the balances in
Transcribed Image Text:Search nd *P5.13A (LO 7) AP The following is an alphabetical list of Bud's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021: and Accounts payable $ 32,310 Merchandise inventory $ 34,360 Accounts receivable 13,770 Mortgage payable Prepaid insurance Property tax expense 106,000 Accumulated depreciation-building Accumulated depreciation-equipment Building B. Hachey, capital B. Hachey, drawings 61,200 4,500 19,880 3,500 175,000 Purchases 634,700 104,480 Purchase discounts 6,300 12,000 Purchase returns and allowances 13,315 Cash 8,500 Rent revenue 2,800 Depreciation expense Equipment Freight in Freight out Insurance expense 14,000 Salaries expense 122,000 57,000 Salaries payable 8,500 5,060 Sales 872,000 8,200 Sales discounts 8,250 9,000 Sales returns and allowances 9,845 Interest expense 5,300 Unearned revenue 3,000 Land 85,000 Utilities expense 19,800 Additional facts: 1. Bud's Bakery uses a periodic inventory system. 2. Of the mortgage payable, $8,500 is due on March 31, 2022. 3. A physical count determined that merchandise inventory on hand at November 30, 2021, was $37,350. 4. The owner made no capital contributions during the year. Instructions a. Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet for the November 30, 2021, year end. b. Prepare the closing journal entries. c. Post closing entries to the Merchandise Inventory and capital accounts. Check that the balances in
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