Please see below. Use the accounts listed to create a multistep income statement. Cash$ 112,987Accounts Receivable$ 345,078Coffee & Library Supplies$56,234Rent Expense$3,550Sales$32,097Accounts Payable$10,087Adverting Expense$3,450Net Income$10,000Gross Profit$45,000Cost of Goods$55,309

Answered: Use the accounts listed to create a…

Business

Accounting

Use the accounts listed to create a multistep income statement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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…
Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00
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…
ACCOUNT NAME NORMAL BALANCE Cash in Bank ............................................$46,540 Accounts Receivable.............................................20,340 Inventory ...............................................................23,785 Prepaid Expenses...................................................6,300 Equipment-ALL....................................................38,000 Accum Depreciation –Equipment...........................3,600 Accounts Payable..................................................16,385 HST on Sales..........................................................4,180 HSTon Purchases..................................................2,670 Long Term LoanPayable..................................29,500 Capital, Your ACTUAL name..................................????? Capital Additional Investments..................................0 Drawings, Your ACTUAL name.............................12,000 SalesRevenue....................................................109,800…
Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum. depreciation—Equipment (39,625 ) (49,000 ) Total assets $ 531,531 $ 460,940 Liabilities and Equity Accounts payable $ 59,141 $ 123,675 Short-term notes payable 11,800 7,200 Total current liabilities 70,941 130,875 Long-term notes payable 62,000 54,750 Total liabilities 132,941 185,625 Equity Common stock, $5 par value 171,750 156,250 Paid-in capital in excess of par, common stock 46,500 0 Retained earnings 180,340 119,065 Total…
Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum. depreciation—Equipment (39,625 ) (49,000 ) Total assets $ 531,531 $ 460,940 Liabilities and Equity Accounts payable $ 59,141 $ 123,675 Short-term notes payable 11,800 7,200 Total current liabilities 70,941 130,875 Long-term notes payable 62,000 54,750 Total liabilities 132,941 185,625 Equity Common stock, $5 par value 171,750 156,250 Paid-in capital in excess of par, common stock 46,500 0 Retained earnings 180,340 119,065 Total…
is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…
Dec. 31, 20Y9. Dec.31, 20Y8 Cash $155,000 $150,000 Accounts Receivable $450,000 $400,000 Inventories $770,000 $750,000 Investments 0 $100,000 Land $500,000 0 Equipment $1,400,000 $1,200,000 Accumulated Depreciation Equipment ($600,000) ($500,000) Total Assets $2, 675,000 $ 2,100,000 Dec. 31, 20Y9 Dec.31, 20Y8 Accounts Payable $340,000 $300,000 Accrued Expense Payable $45,000 $50,000 Dividends Payable $30,000 $ 25,000 Common Stock $4 par $700,000 $ 600,000 Paid in Capital in excess of par-Common Stock $200,000 $175,000 Retained Earnings $ 1, 360,000 $ 950,000 Total Liabilities & Stockholders Equity $ 2, 675,000. $ 2, 100,000 Additional data obtained from an examination of the accounts in the ledger for 20Y7 are as follows: The investments were sold for…
Current Year Prior Year Cash $ 7,440 $ 8,000 Accounts receivable 54,000 18,000 Equipment, net 44,000 40,000 Land 91,680 66,000 Total assets $ 197,120 $ 132,000 Express the items in common-size percents. (Round your percentage answers to one decimal place.) Current Year Prior Year Cash % % Accounts receivable % % Equipment, net % % Land % % Total assets 0.0 % 0.0 %
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…
Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the…
Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Income tax rate is 40%Prepare adjusted trial balance and income statement