Instruction
The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year.
Cash | $250,000 | Retained Earnings | $2,850,000 |
Accounts Receivable | 1,197,000 | Dividends | 50,000 |
Inventory | 1,790,000 | Sales | 9,350,000 |
Estimated Returns Inventory | 23,500 | Cost of Goods Sold | 5,840,000 |
Office Supplies | 14,000 | Sales Salaries Expense | 820,000 |
Prepaid Insurance | 8,500 | Advertising Expense | 350,000 |
Office Equipment | 870,000 | Depreciation Expense-Store Equipment | 120,000 |
Accumulated Depreciation-Office Equipment | 580,000 | Miscellaneous Selling Expense | 58,000 |
Store Equipment | 2,600,000 | Office Salaries Expense | 550,000 |
Accumulated Depreciation-Store Equipment | 820,000 | Rent Expense | 104,000 |
Accounts Payable | 336,000 | Depreciation Expense-Office Equipment | 60,000 |
Customer Refunds Payable | 39,000 | Insurance Expense | 50,000 |
Salaries Payable | 43,000 | Office Supplies Expense | 26,000 |
Notes Payable (long-term) | 200,000 | Miscellaneous Administrative Expense | 12,000 |
Common Stock | 600,000 | Interest Expense | 25,000 |
Required: | ||||||||||||||||||||||||||||||||||
Prepare a statement of stockholders' equity for Fernandez Co. Additional common stock of $100,000 was issued during the year. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. Entries of 0 (zero) are not required and will be cleared if entered. Prepare a statement of stockholders' equity for Fernandez Co. Additional common stock of $100,000 was issued during the year. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. Entries of 0 (zero) are not required and will be cleared if entered.
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Labels | ||||||||||||||||||||||||||||||||||
For the Year Ended December 31 | ||||||||||||||||||||||||||||||||||
December 31 | ||||||||||||||||||||||||||||||||||
Amount Descriptions | ||||||||||||||||||||||||||||||||||
Balances, January 1 | ||||||||||||||||||||||||||||||||||
Balances, December 31 | ||||||||||||||||||||||||||||||||||
Dividends | ||||||||||||||||||||||||||||||||||
Issued common stock | ||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||
Net loss |
Solution:
Computation of net income:
Sales | 9350000 | ||
Less: Cost of goods sold | 5840000 | ||
Gross Profit | 3510000 | ||
Less: Operating Expenses | |||
Administrative expesnes: | |||
Office Salaries Expense | 550000 | ||
Rent Expense | 104000 | ||
Insurance Expenses | 50000 | ||
Office Supplies expenses | 26000 | ||
Depreciation Expense-Office Equipment | 60000 | ||
Miscellaneous Administrative expenses | 12000 | ||
Total Administrative expenses | 802000 | ||
Selling Expenses: | |||
Sales Salaries Expenses | 820000 | ||
Advertising Expenses | 350000 | ||
Depreciation Expense-Store Equipment | 120000 | ||
Miscellaneous Selling expenses | 58000 | ||
Total Selling Expense | 1348000 | ||
Total Operating Expesnes | 2150000 | ||
Operating Income | 1360000 | ||
Other Revenue and expense: | |||
Interest Expense | -25000 | ||
Net Income | 1335000 |
Fernandez Co. | ||||
Statement of Stockholders’ Equity | ||||
For the Year Ended December 31 | ||||
1 | Common Stock | Retained Earnings | Total | |
2 | Balances, January 1 | 600000 | 2850000 | 3450000 |
3 | Issued common stock | 100000 | 100000 | |
4 | Net income | 1335000 | 1335000 | |
5 | Dividends | -50000 | -50000 | |
6 | Balances, December 31 | 700000 | 4135000 | 4835000 |
Instruction The following selected accounts and their current balances appear in the ledger of Fernandez Co....
The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings $2,850,000 Accounts Receivable 1,197,000 Dividends 50,000 Inventory 1,790,000 Sales 9,350,000 Estimated Returns Inventory 23,500 Cost of Goods Sold 5,840,000 Office Supplies 14,000 Sales Salaries Expense 820,000 Prepaid Insurance 8,500 Advertising Expense 350,000 Office Equipment 870,000 Depreciation Expense-Store Equipment 120,000 Accumulated Depreciation-Office Equipment 580,000 Miscellaneous Selling Expense 58,000 Store Equipment 2,600,000 Office Salaries Expense 550,000...
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Cash $232,700 Accounts receivable 957,000 Inventory 1,668,600 Estimated returns inventory 21,300 Office supplies 15,600 Prepaid insurance 18,000 Office equipment 827,000 Accumulated depreciation-office equipment 556,000 Store equipment 3,594,800 Accumulated depreciation-store equipment 1,827,100 Accounts payable 361,900 Customer refunds payable 43,400 Salaries payable 41,900 Note payable (final payment due in 6 years) 296,000 Common stock 501,600 Retained earnings 2,786,300 Dividends...
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Cash $232,700 Accounts receivable 957,000 Inventory 1,668,600 Estimated returns inventory 21,300 Office supplies 15,600 Prepaid insurance 18,000 Office equipment 827,000 Accumulated depreciation-office equipment 556,000 Store equipment 3,594,800 Accumulated depreciation-store equipment 1,827,100 Accounts payable 361,900 Customer refunds payable 43,400 Salaries payable 41,900 Note payable (final payment due in 6 years) 296,000 Common stock 501,600 Retained earnings 2,786,300 Dividends...
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The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $109,500 Retained Earnings Dividends Accounts Receivable Inventory Estimated Returns Inventory Sales 297,200 332,900 22,500 10,300 8,000 482,700 65,600 $4,011,400 2,320,300 652,500 179,400 Office Supplies Prepaid Insurance Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment Office Equipment 241,000 35,000 Miscellaneous Selling Expense 15,300 Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store...
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