Income statement ? The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings Accounts Receivable 1,197,000 Dividends Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Notes Payable (long-term) Common Stock 1,790,000 Sales 23,500 Cost of Goods Sold 14,000 Sales Salaries Expense 8,500 Advertising Expense 870,000 Depreciation Expense-Store Equipment 580,000 Miscellaneous Selling Expense 2,600,000 Office Salaries Expense 820,000 Rent Expense 336,000 Depreciation Expense-Office Equipment 39,000 Insurance Expense 43,000 Office Supplies Expense 200,000 Miscellaneous Administrative Expense 600,000 Interest Expense 2,850,000 50,000 9,350,000 5,840,000 820,000 350,000 120,000 58,000 550,000 104,000 60,000 50,000 26,000 12,000 25,000

Income statement ? The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings Accounts Receivable 1,197,000 Dividends Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Notes Payable (long-term) Common Stock 1,790,000 Sales 23,500 Cost of Goods Sold 14,000 Sales Salaries Expense 8,500 Advertising Expense 870,000 Depreciation Expense-Store Equipment 580,000 Miscellaneous Selling Expense 2,600,000 Office Salaries Expense 820,000 Rent Expense 336,000 Depreciation Expense-Office Equipment 39,000 Insurance Expense 43,000 Office Supplies Expense 200,000 Miscellaneous Administrative Expense 600,000 Interest Expense 2,850,000 50,000 9,350,000 5,840,000 820,000 350,000 120,000 58,000 550,000 104,000 60,000 50,000 26,000 12,000 25,000

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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