The following additional information is available at June 30, 2022: (0) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) Store Supplies on hand at June 30, 2022 amounted to $98,400. Insurance of $115,500 was paid on May 1, 2022, for 7-months to November 2022 Rent was prepaid on April 1, 2022, for 5-months to August 2022. (xi) The furniture and fixtures have an estimated useful life of 5 years and is being depreciated on the straight-line method down to a residual value of $10,000. The motor truck was acquired on March 31, 2022, and is being depreciated over 10 years on the double-declining balance method of depreciation, down to a residue of $15,000 Salaries earned by employees not yet paid amounted to $48,000 at June 30, 2022. Accrued interest expense as of June 30, 2022, $45,000. On June 30, 2022, $99,000 of the previously unearned sales revenue had been earned. The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the Allowance for Bad Debts should be $70,000. After making all other adjustments, a physical count of inventory was done, which reveals that there was $1,100,000 worth of inventory on hand at June 30,2022 Other data: The business is expected to make principal payments totalling $250,000 towards the loan during the fiscal year to June 30,2023
The following additional information is available at June 30, 2022: (0) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) Store Supplies on hand at June 30, 2022 amounted to $98,400. Insurance of $115,500 was paid on May 1, 2022, for 7-months to November 2022 Rent was prepaid on April 1, 2022, for 5-months to August 2022. (xi) The furniture and fixtures have an estimated useful life of 5 years and is being depreciated on the straight-line method down to a residual value of $10,000. The motor truck was acquired on March 31, 2022, and is being depreciated over 10 years on the double-declining balance method of depreciation, down to a residue of $15,000 Salaries earned by employees not yet paid amounted to $48,000 at June 30, 2022. Accrued interest expense as of June 30, 2022, $45,000. On June 30, 2022, $99,000 of the previously unearned sales revenue had been earned. The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the Allowance for Bad Debts should be $70,000. After making all other adjustments, a physical count of inventory was done, which reveals that there was $1,100,000 worth of inventory on hand at June 30,2022 Other data: The business is expected to make principal payments totalling $250,000 towards the loan during the fiscal year to June 30,2023
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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Prepare the company's statement of owner's equity at June 30,2022.
Prepare the company's classified balance sheet at June 30,2022
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