Chapter 7, Problem 1CP

The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Alberto, Capital     12/31 9,053         1/1 6,252                 12/31 13,109     Alberto, Drawing     6/30 2,646         12/31 9,053         11/30 6,407             Net income for the period is a.$33,218 b.$20,109 c.$13,109 d.$6,252

otals of various columns from the work sheet are shown below. What is the net income or loss?   Income Statement   Balance Sheet   Debit Credit Debit Credit $8,500 $6,750 $4,300 $6,050   Net loss of $4,300 Net income of $4,300 Net income of $1,750 Net loss of $1,750

The supplies account has a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year.  If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is

Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. amount due for employee salaries, $4,800 actual count of supplies inventory, $ 2,300 depreciation on equipment, $3,000

The accountant of Sohar International Company, has compiled the following information from the company’s record as a basis for an income statement for the year ended December 31, 2019. Rental revenue $ 29,000 Income tax $37,400 Interest on notes payable $18,000 Wages and salaries – administrative $135,900 Market appreciation on land above cost $31,000 Other administrative expenses $51,700 Wages and salaries- sales $114,800 Cost of goods sold $496,000 Material and supplies – sales $17,600 Net sales $980,000 Depreciation on plant assets ( 70% selling, 30% administrative) $65,000 Cash dividends declared $ 16,000 There were 20,000 shares of common stock outstanding during the year. Instructions: From the foregoing information prepare an income statement for the year 2019 in single-step form. 2. Al Amwaj Co. uses the gross method to record sales made on credit. On June1,2010, it made sales of $50,000 with terms 3/15, n/45. On June 12,2010, Al Amwaj received full payment for the June 1…

The accountant wishes you to provide an analysis of the company’s annual operating expenses. Add an extra worksheet called “Expense analysis”, and add your 20Y3 data next to the given 20Y2 data. You must link this new Expense Analysis table/worksheet (relevant cells in column “E”) with the respective data from your 20Y3 income statement. Do not hard code the 20Y3 data. Use appropriate formula to calculate the total expenses in cell E10, E12 and percentages in column F and G.

A summary of selected ledger accounts appears as follows for Alberto's Plumbing Services for the current calendar year-end. Alberto, Capital     12/31 Clos. 8,541         1/1 Bal. 6,926                 12/31 Clos. 13,530     Alberto, Drawing     6/30 2,512         12/31 Clos. 8,541         11/30 6,029             Net income for the period is a.$13,530 b.$32,457 c.$6,926 d.$18,927

A bookkeeper prepared the year-end financial statements of Giftwrap, Inc. The income statement showed net income of $23,000, and the balance sheet showed ending retained earnings of $91,000. The firm's accountant reviewed the bookkeeper's work and determined that adjustments should be made that would increase revenues by $4,800 and increase expenses by $7,400.Required:Calculate the amounts of net income and retained earnings after the preceding adjustments are recorded. (Enter any decreases as negatives.)