Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) From the information given below create: a multi-step income statement, basic retained earnings statement and a classified balance sheet for:

The Crows Nest
For the year ended December 31st

Extra Data

Accounts Receivable Balance--Jan 1 was $32,400
Merchandise Inventory Balance --Jan 1 was $64,800
Accounts Payable Balance--Jan 1 was $24,777
Monthly Mortgage Payments are $550
Retained Earnings Balance--Jan 1 was $43,933
The stock had a par value of $10; 10,000 shares are authorized
Current Market Price of Stock is $34.50

Additionally to three statements, find out two ratios from each of the ratio categories.

Adjusted Trial Balance

Title:
Credit
Debit
(Acc. #)133 Acc. Depr-Building $8,640
135 Acc. Depr- Delivery Equipt $9,450
137 Acc. Depr. Office Equipt $5,000
212 Accounts Payable $25,683
114 Accounts Receivable $35,300
614 Advertising Expense $10,000
132 Building $20,650
111 Cash $10,360
311 Common Stock $50,000
134 Delivery Equipt. $18,400
613 Delivery Expense $5,700
617 Depr. Expense Building $2,600
618 Depr. Expense- Delivery Equipt $5,200
624 Depr. Expense- Office Equipt $2,200
313 Dividends $ 20,000
512 Freight-In $8,236
315 Income Summary $4,400
214 Income Tax Payable $3,381
619 Income Taxes $3,381
622 Insurance Expense- General $4,200
615-Insurance Expense- Selling $1,600
811-Interest Expense $2,631
711- Interest Income $1,400
121-Land for future Use $5,000
131- Land (currently in use) $4,500
115-Merchandise Inventory $60,400
221-Mortgage Payable $17,800
211 Notes Payable $15,000
113 Notes Receivable $8,000
136 Office Equipt $8,600
623 Office Salaries Expense $26,900
118 Office Supplies $636
625 Office Supplies Expense $1,204
312 Paid In -Excess of Par $6,619
116 Prepaid Insurance $ 6,600
511 Purchases $168,624
512 Purchases Discounts $1,400
513 Purchases Returns $600
612 Rent Expense $5,600
314 Retained Earnings $43,933
213 Salaries Payable $2,000
411 Sales $297,156
412 Sales Discounts $3,200
413 Sales Returns $6,300
611 Sales Salary Expense $22,500
112 Short Term Investment $2,000
117 Store Supplies $1,060
616 Store Supplies Expense $1,540
141 Trademarks $500
   
$488,062 $488,062

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919839

Have any Question? 


Related Questions in Accounting Basics

Required 1 provide fletchers ceo with an interactive report

Required 1. Provide Fletcher's CEO with an interactive report presenting the sales and profits of SuperDepot for the last four years. Use an interactive visualization software(Power BI) to produce one or more Interactive ...

Assignmenttravel-r-us inc travel is a publicly-traded

Assignment Travel-R-Us, Inc. (Travel) is a publicly-traded company with annual revenue of $370 million and a fiscal year ending May 31. Travel owns and operates three cruise ships serving Alaska, the Mediterranean, and t ...

Questionin order to complete this project it will be

Question In order to complete this project, it will be necessary for you to access the FASB Codification website through the American Accounting Association. You may login at http://aaahq.org/ascLogin.cfm using the follo ...

Data for the year-end adjustments for al geromes courier

Data for the year-end adjustments for Al Gerome's Courier Services are as follows: Insurance expired during the year ($950.00) Depreciation of Equipment for the year ($9,860.00) Salaries accrued at December 31 ($5100.00) ...

Part a -exercise 1 - california graphics is a us

Part A - Exercise 1 - California Graphics is a U.S. corporation with $200 million of U.S.-source income and $10 million of foreign-source income. In addition, California Graphics has three-quarters ownership of a Canadia ...

The balance sheet provides a snapshot of the financial

The Balance Sheet provides a snapshot of the financial condition of a company at the end of an accounting period. It shows the assets, liabilities, and owner's equity in the business. 1. Identify each of the following as ...

Business assignmentthe comany i have choosen is upsresearch

Business Assignment The comany i have choosen is UPS. Research a company that interests you from the Fortune 500. (A list will be provided). Analyze what they do. What business are they in? What industry? How have they b ...

Consider the following scenarioandre has asked you to

Consider the following scenario: Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-h ...

1 mrs beach wants to invest a lump sum of money today to

1. Mrs. Beach wants to invest a lump sum of money today to have $100,000 when she retires at 65 (she is 40 today). a. How much of a deposit would she have to make if the interest rate on the C.D. was 5%? b. What would Mr ...

1 the prices of financial assets are based on the expected

1. The prices of financial assets are based on the expected value of future cash flows, discount rate, and past dividends. A. True B. False 2. By using different discount rates, the market allocates capital to companies ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro