Question

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2:

Cash	$238,400
Accounts receivable	960,300
Inventory	1,644,400
Estimated returns inventory	20,900
Office supplies	22,200
Prepaid insurance	15,100
Office equipment	825,800
Accumulated depreciation-office equipment	551,100
Store equipment	3,603,000
Accumulated depreciation-store equipment	1,819,400
Accounts payable	356,700
Customer refunds payable	48,800
Salaries payable	44,900
Note payable (final payment due in 6 years)	285,000
Common stock	507,300
Retained earnings	2,822,800
Dividends	108,200
Sales	11,405,100
Cost of goods sold	7,856,600
Sales salaries expense	908,400
Advertising expense	545,800
Depreciation expense-store equipment	142,200
Miscellaneous selling expense	41,000
Office salaries expense	651,300
Rent expense	90,800
Depreciation expense-office equipment	40,700
Insurance expense	47,600
Office supplies expense	35,000
Miscellaneous administrative expense	15,200
Interest expense	28,200

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4.

Prepare a balance sheet, assuming that the current portion of the note payable is $56,000. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Score: 181/243

Clairemont Co.

Balance Sheet

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1	Assets
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3	✔		✔
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5	✔		✔
6	✔		✔
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12
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17	✔
18	✔
19	Liabilities
20	✔
21	✔		✔
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23	✔		✔
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29	Stockholders’ Equity
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33	✔

Can someone help me with the balance sheet?

Answer 1

Answer- Clairemont Co.

Income Statement

For the Year Ended May 31,20Y2

Sales			11,405,100
Less: Cost of goods sold			7,856,600
Gross Profit			3,548,500
Expenses:
Selling Expenses
Sales salaries expense	908,400
Advertising expense	545,800
Depreciation expense-store equipment	142,200
Miscellaneous selling expense	41,000
Total Selling Expenses		1,637,400
Administrative Expenses:-
Office salaries expense	651,300
Rent expense	90,800
Depreciation expense-office equipment	40,700
Insurance expense	47,600
Office supplies expense	35,000
Miscellaneous administrative expense	15,200
Total Administrative Expenses		880,600
Total Operating Expenses			2,518,000
Income From Operations			1,030,500
Other Expenses
Interest expense			28,200
Net Income			1,002,300

Clairemont Co.

Retained Earnings Statement

For the Year Ended May 31,20Y2

Retained Earnings June 1		2,822,800
Net Income for the year	1,002,300
Less: Dividend	108,200
Increased in Retained Earnings		894,100
Retained Earnings May,31		3,716,900

Clairemont Co

Balance Sheet

May 31,20Y2

Assets:
Current Assets
Cash		$238,400
Accounts Receivable		960,300
Inventory		1,644,400
Estimated return inventory		20,900
Office Supplies		22,200
Prepaid Insurance		15,100
Total Current Assets			2,901,300
Property,Plant and Equipment:-
Office equipment	825,800
Less:Accumulated depreciation-office equipment	(551,100)	274,700
Store equipment	3,603,000
Accumulated depreciation-store equipment	(1,819,400)	1,783,600
Total Property,Plant and Equipment			2,058,300
Total Assets			4,959,600
Liabilities:
Current Liabilities:
Accounts payable		356,700
Customer refunds payable		48,800
Salaries payable		44,900
Note payable		56,000
Total Current Liabilities			506,400
Long-Term Liabilties
Notes Payable (285,000-56,000)			229,000
Total Liabilities			735.400
Stockholders' Equity
Common Stock		507,300
Retained Earnings		3,716,900
Total Stockholders' Equity			4,224,200
Total Liabilities and Stockholders' Equity			4,959,600

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