FINANCIAL ACCOUNTING-2 ACCESS PACKAGE
9th Edition
ISBN: 9781119617297
Author: Kimmel
Publisher: WILEY
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The following balances are extracted from the books of Happy-go Lucky Stores for the year ended 30 June 2018. The two images attached form part of the same table3. Prepare the Statement of Comprehensive Income of Happy-go-Lucky Stores for the most recent accounting period.4. Prepare the Statement of Financial Position of Happy-go-Lucky Stores on 30 June 2018
The following accounts are from the accounting records of JadaTech Industries. Unless otherwise indicated, assume that all balance sheet items reflect account balances for the fiscal year that began on January 1, 2016 and ended on December 31, 2016. All income statement accounts reflect activities that occurred during that fiscal year.
Paid-in capital 30,000
Gross revenue 675,000
Equipment 21,500
Accounts receivable 60,400
Merchandise inventory 224,500
Income tax expense 85,000
Cash 37,800
Notes payable (long term) 75,600
Interest expense 10,450.40
Depreciation expense 3,149.60
Accumulated depreciation 13,800
Rent expense 17,900
Sales discounts…
The income statement for the year 2018 of Stellar Co. contains the following information:
Revenues$70700Expenses: Salaries and Wages Expense$44800 Rent Expense12400 Advertising Expense9900 Supplies Expense5600 Utilities Expense2400 Insurance Expense2100 Total expenses77200Net income (loss)$ (6500)
After the revenue and expense accounts have been closed, the balance in Income Summary will be
a)a credit balance of $70700.
b)a credit balance of $6500.
c)a debit balance of $6500.
d)$0.
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- Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owners equity. 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is 50,000. 4. Prepare closing entries as of May 31, 2016.arrow_forwardSelected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are presented in Problem 6-5B. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owners equity. 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is 7,000. 4. Prepare closing entries as of June 30, 2016.arrow_forwardMS, Inc. is a retail that engaged you to assist in the preparation of its financial statement at December 31, 2018. Following are the correct adjusted is alphabetical order, as of that date. Each balance is the "normal" balance for that accountthe normal balance is the same as the debit or credit Side that increases the accountAccounts payable…………………………… $12,750 Accounts receivables ……………………….. 2,600 Accumulated depreciation: office equipment. 12,000 Additional paid in capital (common stock)….. 13,000 Bonds payable (due December 31, 2021) …… 22,500Cash…………………………………………. 19,200 Common stock (1,800 shares, $10par value).. 18,000Cost of goods sold…………………………… 100,575 Deferred income taxes………………………. 5,750Depreciation expense: office equipment 2.750Dividends declared…………………………… 5,000 Income tax expense………………………….. 8,190 Insurance expense……………………………. 900Land…………………………………………..…arrow_forward
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- The following information was provided for Macy company. The purpose of presenting these account balances is for you to prepare an income statement for the year ended December 31, 2018. Use the functional presentation and provide a supporting schedule or notes to financial statements. Make also a narrative description highlighting the importance of the information embodied herein to the users of financial statements. Sales 3,750,000Depreciation-store equipment 35,000Purchases 1,500,000Office salaries 75,000Direct Labor 475,000Depreciation-office equipment 20,000Indirect Labor 125,000Depreciation-machinery 30,000Superintendence…arrow_forwardThe net realizable value of the company’s accounts receivable on December 31, 2016, should be A. P1,518,887 C. P1,528,150 B. P1,612,650 D. P1,603,358arrow_forwardThe following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $ 243,100 Accounts receivable 964,900 Inventory 1,788,600 Estimated returns inventory 21,200 Office supplies 17,800 Prepaid insurance 8,400 Office equipment 825,900 Accumulated depreciation-office equipment 543,800 Store equipment 3,609,700 Accumulated depreciation-store equipment 1,814,900 Accounts payable 356,300 Customer refunds payable 39,200 Salaries payable 44,100 Note payable (final payment due 2024) 289,000 Common stock 500,900 Retained earnings 3,143,700 Dividends 94,200 Sales 11,281,200 Cost of goods sold 7,858,000 Sales salaries expense 917,600 Advertising expense 551,900 Depreciation expense-store equipment 149,700 Miscellaneous selling expense 36,600 Office salaries expense 668,600 Rent expense 99,800 Depreciation expense-office equipment 56,200 Insurance expense 38,600…arrow_forward
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