SAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350 Account receivable 54600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 183,200 Accumulated depreciation-furniture 2400 Account payable 47,000 Note payable (long-term) 12,600 Capital-Frank 275,000 Sales revenue 364,500 Sales discount 1400 Sales return and allowance 2000 Commission income 600 Purchases 89,300 Purchases discount 3000 Purchases return and allowances 1200 Freight in 5200 Rent expense 8400 Salaries expense 5000 Insurance expense 1500 TOTAL 706,300 706,300 ADJUSTMENT DATA: Depreciation for the year Rs. 600 Inventory on hand at the end of the year Rs. 32,000 Tax rate 15% INSTRUCTIOS: Income Statement showing EBIT and EAT Balance Sheet
SAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350 Account receivable 54600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 183,200 Accumulated depreciation-furniture 2400 Account payable 47,000 Note payable (long-term) 12,600 Capital-Frank 275,000 Sales revenue 364,500 Sales discount 1400 Sales return and allowance 2000 Commission income 600 Purchases 89,300 Purchases discount 3000 Purchases return and allowances 1200 Freight in 5200 Rent expense 8400 Salaries expense 5000 Insurance expense 1500 TOTAL 706,300 706,300 ADJUSTMENT DATA: Depreciation for the year Rs. 600 Inventory on hand at the end of the year Rs. 32,000 Tax rate 15% INSTRUCTIOS: Income Statement showing EBIT and EAT Balance Sheet
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...
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ASAP!!
DECEMBER 31,2012
TITLE OF ACCOUNT |
DEBIT |
CREDIT |
Cash |
130,350 |
|
Account receivable |
54600 |
|
Note receivable |
83,000 |
|
Land |
100,000 |
|
Inventory-opening |
40,500 |
|
Supplies |
650 |
|
Prepaid insurance |
1200 |
|
Furniture and Fixture |
183,200 |
|
Accumulated |
|
2400 |
Account payable |
|
47,000 |
Note payable (long-term) |
|
12,600 |
Capital-Frank |
|
275,000 |
Sales revenue |
|
364,500 |
Sales discount |
1400 |
|
Sales return and allowance |
2000 |
|
Commission income |
|
600 |
Purchases |
89,300 |
|
Purchases discount |
|
3000 |
Purchases return and allowances |
|
1200 |
Freight in |
5200 |
|
Rent expense |
8400 |
|
Salaries expense |
5000 |
|
Insurance expense |
1500 |
|
TOTAL |
706,300 |
706,300 |
ADJUSTMENT DATA:
- Depreciation for the year Rs. 600
- Inventory on hand at the end of the year Rs. 32,000
- Tax rate 15%
INSTRUCTIOS:
- Income Statement showing EBIT and EAT
- Balance Sheet
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