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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

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