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

1 what are support events2 what are economic agents3 define

1. What are support events? 2. What are economic agents? 3. Define duality. 4. What is view modeling? 5. What is represented by the labeled lines connecting entities in an REA diagram? 6.Why are journals and ledgers not ...

A are the amounts at which fixed assets are reported in the

A. Are the amounts at which fixed assets are reported in the balance sheet their approximate market values as of the balance sheet date? Discuss. B. (a) Under what conditions is the use of an accelerated depreciation met ...

Accrual accounting systemthe accrual accounting system is a

Accrual Accounting System The accrual accounting system is a standard system used by most businesses and is also the system used in the simulation. In relation to the rules of accrual accounting, consider the following q ...

1 the ultimate responsibility for the formulation of

1) The ultimate responsibility for the formulation of financial reporting rules in the US rests with: a. Congress b. Financial accounting standards board c. IRS d. Securities & exchange commission 2) In countries where t ...

Fasb codification systemaccess the fasb online website and

FASB Codification System Access the FASB Online website and familiarize yourself with the contents. Write a 350- to 700-word paper in which you answer the following questions: • What is the FASB Codification System? • Wh ...

Dexter company charges to expense all equipment that costs

Dexter Company charges to expense all equipment that costs $25 or less. What concept supports this policy?

Bull what three transaction cycles exist in all

• What three transaction cycles exist in all businesses? • Name the major subsystems of the expenditure cycle. • Identify and distinguish between the physical and financial components of the expenditure cycle. • Name the ...

Q1 the following is a record of tiller corporations

Q1. The following is a record of Tiller Corporation's inventory transactions for the current month: January 1 Balance, 500 units @ $10 each January 5 Sale, 290 units @ $25 January 11 Purchase 300 units @ $12 each January ...

Use the following transactions and additional information

Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal Entries, Ledger, Worksheet and Financial Statements for the first of the month of operations for The Golf Club. PERPETUAL INVENTOR ...

1 a share of common stock is not a derivative but an option

1. A share of common stock is not a derivative, but an option to buy the stock is a derivative because the value of the option is derived from the value of the stock. True False 2. Hedge funds are somewhat similar to mut ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate