INTERMEDIATE ACCT VOL.2>CUSTOM<
9th Edition
ISBN: 9781307165067
Author: SPICELAND
Publisher: MCG/CREATE
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Textbook Question
Chapter 2, Problem 2.20E
Worksheet
• Appendix 2A
The December 31, 2018, unadjusted
Account Title | Debits | Credits |
Cash | 20,000 | |
Accounts receivable | 35,000 | |
Prepaid rent | 5,000 | |
Inventory | 50,000 | |
Equipment | 100,000 | |
30,000 | ||
Accounts payable | 25,000 | |
Salaries and wages payable | –0– | |
Common stock | 100,000 | |
29,000 | ||
Sales revenue | 323,000 | |
Cost of goods sold | 180,000 | |
Salaries and wages expense | 71,000 | |
Rent expense | 30,000 | |
Depreciation expense | –0– | |
Utility expense | 12,000 | |
Advertising expense | 4,000 | |
Totals | 507,000 | 507,000 |
The following year-end
a. Depreciation expense for the year on the equipment is $10,000.
b. Accrued salaries and wages payable at year-end should be $4,000.
Required:
1. Prepare and complete a worksheet similar to Illustration 2A–1.
2. Prepare an income statement for 2018 and a balance sheet as of December 31, 2018.
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INTERMEDIATE ACCT VOL.2>CUSTOM<
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