The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. No additional investments were madeduring the period.Accounts301 Bridget Swanson, Capital302 Bridget Swanson, Drawing$63,360 Cr.40,500 Dr.Net income for the year $43,115.Prepare a statement of owner's equity for the year ended December 31, 20X1.BRIDGET'S OFFICE SUPPLIESStatement of Owner's Equity Exercise 13.4 (Algo) Preparing a statement of owner's equity. LO 13-2The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventoryamounted to $59,375 on January 1, 20X1, and $52,325 on December 31, 20X1, The expense accounts numbered 611 through 617represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.Accounts401 Sales451 Sales returna and allowances$246,800 Cr.4,310 Dr.360 Cr.103,200 Dr.491 Miscellaneoun income501 Purchanes502 Freight in503 Purchases returns and allowances504 Purchases discounts611 Salarien expense-Sales614 Store nupplies expense617 Depreciation expense-Store equipment631 Rent expense634 Utilities expense637 Salaries expense-office640 Payroll taxes expense643 Depreciation expense-office equipment646 Uncollectible accounta expense691 Interest expense1,935 Dr.3,560 Cr.1,760 Cr.44,900 Dr.2,270 Dr.1,470 Dr.13,100 Dr.2,960 Dr.20,700 Dr.5,600 Dr.530 Dr.680 Dr.660 Dr.The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. No additional investments were madeduring the period.Accounts301 Bridget Swanson, Capital302 Bridget Svanson, Drawing$63,360 Cr.40,500 Dr.Net income for the year $43,115.

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Description: The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. No additional investments were madeduring the period.Accounts301 Bridget Swanson, Capital302 Bridget Swanson, Drawing$63,360 Cr.40,500 Dr.Net income for the y

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The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. No additional investments were made during the period. Accounts 301 Bridget Svanson, Capital 302 Bridget Svanson, Drawing $63,360 Cr. 40,500 Dr. Net income for the year $43,115. Prepare a statement of owner's equity for the year ended December 31, 20X1. BRIDGET'S OFFICE SUPPLIES Statement of Owner's Equity

The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. No additional investments were made during the period. Accounts 301 Bridget Svanson, Capital 302 Bridget Svanson, Drawing $63,360 Cr. 40,500 Dr. Net income for the year $43,115. Prepare a statement of owner's equity for the year ended December 31, 20X1. BRIDGET'S OFFICE SUPPLIES Statement of Owner's Equity

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

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

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

Chapter6: Inventories

Section: Chapter Questions

Problem 2ADM: Costco, Walmart, Nordstrom: Inventory turnover and number of days sales in inventory The general...

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Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2016, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash 5,13,500 Accounts Receivable 72,000 Merchandise Inventory, January 1,2016 257,000 Office Supplies 3,000 Prepaid Insurance 4,500 Land 150,000 Store Equipment 270,000 Accumulated DepreciationStore Equipment 55,900 Office Equipment 78,500 Accumulated DepreciationOffice Equipment 16,000 Accounts Payable 27,800 Salaries Payable 3,000 Unearned Rent 8,300 Notes Payable 50,000 Common Stock 150,000 Retained Earnings 430,500 Dividends 25,000 Sales 3,280,000 Purchases 2,650,000 Purchases Returns and Allowances 93,000 Purchases Discounts 37,000 Freight In 48,000 Sales Salaries Expense 300,000 Advertising Expense 45,000 Delivery Expense 9,000 Depreciation ExpenseStore Equipment 6,000 Miscellaneous Selling Expense 12,000 Office Salaries Expense 175,000 Rent Expense 28,000 Insurance Expense 3,000 Office Supplies Expense 2,000 Depreciation ExpenseOffice Equipment 1,500 Miscellaneous Administrative Expense 3,500 Rent Revenue 7,000 Interest Expense 2,000 Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2016. The merchandise inventory as of December 31, 2016, was 305,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2016. 4. What would lie the net income if the perpetual inventory system had been used?
Appendix Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2018, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash 13,500 Dividends 25,000 Accounts Receivable 72,000 Sales 3,280,000 Inventory, January 1, 2018 257,000 Purchases 2,650,000 Estimated Returns Inventory, January 1,2018 35,000 Purchases Returns and Allowances 93,000 Purchases Discounts 37,000 Office Supplies 3,000 Freight In 48,000 Prepaid Insurance 4,500 Sales Salaries Expense 300,000 Land 150,000 Advertising Expense 45,000 Store Equipment 270,000 Delivery Expense 9,000 Accumulated Depreciation Store Equipment 55,900 Depreciation Expense Store Equipment 6,000 Office Equipment 78,500 Miscellaneous Selling Expense 12,000 Accumulated Depreciation Office Equipment 16,000 Office Salaries Expense 175,000 Rent Expense 28,000 Accounts Payable 77,800 Insurance Expense 3,000 Salaries Payable 3,000 Office Supplies Expense 2,000 Customer Refunds Payable 50,000 Depreciation Expense Office Equipment 1,500 Unearned Rent 8,300 Notes Payable 50,000 Miscellaneous Administrative Expense 3,500 Common Stock 150,000 Rent Revenue 7,000 Retained Earnings 365,600 Interest Expense 2,000 Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2018. The inventory as of December 31, 2018, was 305,000. The estimated cost of customer returns inventory for December 31, 2018, is estimated to increase to 40,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2018. 4. What would be the net income if the perpetual inventory system had been used?
2. Net income, 185,000 Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 20Y5, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 20Y5. The inventory as of December 31, 20Y5, was 305,000. The estimated cost of customer returns inventory for December 31, 20Y5, is estimated to increase to 40,000. 3. Prepare the closing entries for Wyman Company as of December 31, 20Y5. 4. What would be the net income if the perpetual inventory system had been used?
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018: Cash 92,000 Retained Earnings 381,000 Accounts Receivable 450,000 Dividends 300,000 Inventory 370,000 Sales 8,925,000 Estimated Returns Inventory 5,000 Cost of Goods Sold 5,620,000 Office Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12,000 Advertising Expense 420,000 Office Equipment 220,000 Depreciation Expense Accumulated Depreciation Store Equipment 33,000 Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated Depreciation Rent Expense 48,000 Store Equipment 87,500 Insurance Expense 24,000 Accounts Payable 38,500 Depreciation Expense Customers Refunds Payable 10,000 Office Equipment 10,000 Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable Miscellaneous Administrative (final payment due 2034) 140,000 Exp. 6,000 Common Stock 50,000 Interest Expense 12,000 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a retained earnings statement. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Purchases transactions Hoffman Company purchased merchandise on account from a supplier for 65,000, terms 1/10, n/30. Hoffman returned 7,500 of the merchandise and received full credit. A. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment? B. What account is debited by Hoffman Company to record the rerurn?
Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.
Purchases journal The following purchase transactions occurred during October for K-Town Inc.: Oct. 6. Purchased office supplies for 190, on account from U-Save Supply Inc. 14. Purchased office equipment for 2,100, on account from Zell Computer Inc. 26. Purchased office supplies for 5295, on account from U-Save Supply Inc. Record these transactions in the following purchases journal format: PURCHASESJOURNAL Date Account Credited Post. Ref. Accounts Payable Cr. Party Supplies Dr. Other Accounts Dr. Post. Ref. Amount
Costco, Walmart, Nordstrom: Inventory turnover and number of days sales in inventory The general merchandise retail industry has a number of segments represented by the following companies: Company Name Merchandise Concept Costco Wholesale Corporation Membership warehouse Walmart Stores, Inc. Discount general merchandise Nordstrom, Inc. Fashion department store For a recent year, the following cost of goods sold and beginning and ending inventories are provided from corporate annual reports (in millions) for these three companies: Costco Walmart Nordstrom Cost of goods sold 98,458 365,086 8,406 Inventories: Beginning of year 7,894 44,858 1,531 End of year 8,456 45,141 1,733 A. Determine the inventory turnover ratio for all three companies. (Round all calculations to one decimal place.) B. Determine the number of days sales in inventory for all three companies. (Use 365 days and round all calculations to one decimal place.) C. Interpret these results based on each companys merchandising concept.
Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash 13,500 Accounts Receivable 72,000 Merchandise Inventory, January 1,2019 257,000 Estimated Returns Inventory 35,000 Office Supplies 3,000 Prepaid Insurance 4,500 Land 150,000 Store Equipment 270,000 Accumulated DepreciationStore Equipment 55000 Office Equipment 78,500 Accumulated DepreciationOffice Equipment 16000 Accounts Payable 27,800 Customer Refunds Payable 50,000 Salaries Payable 3,000 Unearned Rent 8,300 Notes Payable 50,000 Shirley Wyman, Capital 515,600 Shirley Wyman, Drawing 25,000 Sales 3280000 Purchases 2650000 Purchases Returns and Allowances 93,000 Purchases Discounts 37,000 Freight In 48,000 Sales Salaries Expense 300,000 Advertising Expense 45,000 Delivery Expense 9,000 Depreciation ExpenseStore Equipment 6,000 Miscellaneous Selling Expense 12,000 Office Salaries Expense 175,000 Rent Expense 28,000 Insurance Expense 3,000 Office Supplies Expense 2,000 Depreciation Expense-Office Equipment 1,500 Miscellaneous Administrative Expense 3,500 Rent Revenue 7,000 Interest Expense 2,000 Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
Prepare a statement of owner's equity for the year ended December 31, 20X1. The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,875 on January 1, 20X1, and $51,825 on December 31, 20X1. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales $ 245,800 Credit 451 Sales Returns and Allowances 4,260 Debit 491 Miscellaneous Income 310 Credit 501 Purchases 102,700 Debit 502 Freight In 1,885 Debit 503 Purchases Returns and Allowances 3,510 Credit 504 Purchases Discounts 1,710 Credit 611 Salaries Expense—Sales 44,400 Debit 614 Store Supplies Expense 2,220 Debit 617 Depreciation Expense—Store Equipment 1,420 Debit 631 Rent Expense 12,600 Debit 634 Utilities Expense 2,910 Debit 637 Salaries Expense—Office 20,200 Debit 640 Payroll Taxes Expense 5,100…