Prepare SFP Cash$ 290,800 Kristina Marble, Drawing $ 121,200Accounts Receivable 1,170,600 Sales13,746,00Cost of MerchandiseMerchandise Inventory 2,075,300Sold9,513,000Office SuppliesPrepaid Insurance16,400 Sales Salaries Expense 1,110,100Advertising Expense9,700666,500Office Equipment1,005,800 Depreciation Expense-AccumulatedDepreciation-Store Equipment169,700Miscellaneous SellingOffice Equipment666,50046,100ExpenseStore Equipment4,362,700 Office Salaries Expense 787,700AccumulatedRent Expense113,900Depreciation-Store Equipment2,205,600 Depreciation Expense-Accounts Payable395,100 Office Equipment60,600Customer Refunds48,500 Insurance Expense58,200PayableSalaries Payable50,300Office Supplies Expense 34,100MiscellaneousNote Payable17,600Administrative Exp.(final payment due in10 years)Kristina Marble, Capital 4,179,800363,600 Interest Expense25,400

Financial statement means the trading and profit and loss account and balance sheet of the company…

Answered: Prepare SFP

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 9BE

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Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.
Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.
Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journal
Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
Purchase-related transactions Journalize entries for the following related transactions of Lilly Heating Air Company: A. Purchased 36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that 9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased 5,000 of merchandise from Schell Co. on account, terms n/30. E. Received a refund from Schell Co. for return in (C) less the purchase in (D).
110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable — 310 Lynn Tolley, Capital, June 1, 20Y6 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end…
110 Cash $ 63,600 112 Accounts Receivable 153,900 115 Merchandise Inventory 602,400 116 Prepaid Insurance 16,800 117 Store Supplies 11,400 123 Store Equipment 469,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable — 310 Rocky Hansen, Capital, August 1, 2009 555,300 311 Rocky Hansen, Drawing 135,000 312 Income Summary — 410 Sales 3,221,100 411 Sales Returns and Allowances 92,700 412 Sales Discounts 59,400 510 Cost of Merchandise Sold 1,623,000 520 Sales Salaries Expense 334,800 521 Advertising Expense 81,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 182,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800 South…
Super Sound Company as at 31 Dec, 2015 TITLE OF ACCOUNTS DEBIT CREDIT Cash 145,000 A/c receivable 75,000 Plant 325,000 Selling expenses 12,500 Prepaid Rent 8,500 Other expenses 6,000 Office supplies expense 3,500 Interest expense 16,000 Mds. Inventory-Beg 27,800 Purchases 275,000 Transportation-in 22,000 Sales return 12,000 Equipment 500,000 Acc. dep-equipment 75,000 Acc. dep- plant 100,000 All for bad debts 12,000 Salaries expenses 65,000 Marketable securities 45,000 Sales revenue 695,000 Purchases return 1,800 Purchases discount 4,500 Commission income…
Accounts Receivable$ 21,000 Cost of Goods Sold215,000 Selling Expenses (includes depreciation)27,000 Interest Expense800 Accumulated Depreciation—Building33,000 Sales Discounts13,000 Unearned Service Revenue28,000 Inventory37,000 Administrative Expenses (includes depreciation)18,000 Sales Revenue330,000 Accounts Payable9,000 Interest Revenue600 Instructions: Using the data provided as appropriate, prepare a multiple-step income statement for Atlantic Department Store for the year ended December 31, 2012.
Prepare a balance sheet Valley Company Adjusted Trial Balance Debit Credit Ending Merchandise inventory 41000 Other Assets (noninventory) 130,400 Total Liabilities 25,000 K. Valley, Capital 10,000 K. Valley, Withdrawals 8,000 Sales 225,600 Sales Discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense- Selling space 8,000 Store supplies expense 1,500 Advertising Expense 13,000 Office salaries expense 28,500 Rent expense – Office space 3,600 Office supplies expense 400 $355,150 $335,150 Additional Information The beginning merchandise inventory was $25,400 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases…
Perpetual Inventories 1) Opening: Cash $ 300,000.00; Goods $ 600,000.00 and Furniture $ 250,000.00. 2) When selling merchandise for $ 500,000.00 in strict cash, the entity granted a discount or rebate for $ 50,000.00; the cost of the sale is $ 300,000.00. 3) When buying merchandise for $ 600,000.00 paid by check, they granted you a discount of $ 300,000.00. 4) Previous purchases originated hauling expenses of $ 15,000.00; amount that was left to owe. 5) They returned merchandise with a cost of $ 100,000.00, which the entity had sold for $ 150,000.00, for this same amount merchandise with a cost of $ 110,000.00 was given. 6) Goods were returned for $ 40,000.00 and for that same amount they gave goods. 7) Make the adjustment seat and the corresponding transfer.
BENE Store Worksheet December 31, 20X1 Balance Sheet Account Titles Trial Balance Income Statement Dr Cr Dr Cr Dr Cr Cash in Bank 70,000 Account Receivables 1,003,000 Allowance for Bad Debts 40,000 Merchandise Inventory 710,000 Equipment 2,720,100 Accumulated Depreciation- Equipment 70,000 Furniture 300,000 Accumulated Depreciation- Furniture 30,000 Accounts Payable 861,000 Loans Payable 1,000,000 BIR, SSS, PhilHealth Payable 100,000 V. Bene, Capital 1,300,000 V. Bene, Drawing 105,000 Sales 6,000,000 Cost of Sales 1,500,000 Salaries 1,305,900 Supplies Expense 48,400 Employees Benefits 238,100…

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