Question

need help preparing income, retained earnings and doing a balance sheet. thank you

The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018 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 Store equipment Accumulated depreciation-store equipment Accounts payable NIN Customer refunds payable 551,100 3,603,000 1,819,400 356,700 48,800 44,900 285,000 507,300 2,822,800 108,200 Salaries payable Note payable (final payment due 2024) Common stock Retained earnings Dividends

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. 1. Income Statement Sales $11,405,100 Cost of goods sold Gross profit 7,856,600 S 3,548,500 Expenses: Selling expenses: S 908,400 545,800 142,200 Sales salaries expense Advertising expense Depreciation expense store equipment Miscellaneous selling expense Total selling expenses 41,000 $1,637,400 Administrative expenses Office salaries expense Rent expense Insurance expense Depreciation expense -office equipment Office supplies expense Miscellaneous administrative expense Total administrative expenses S 651,300 90,800 47,600 40,700 35,000 15,200 880,600 Total expenses 2,518,000 S 1,030,500 Income from operations Other revenue and expense Interest expense 28,200 S 1,002,300 Net income 2 Retained Earnings Statement S 2,822,800 Retained earnings, July 1, 2017 Net income S1,002,300 (108,200) Dividends Change in retained earnings Retained earnings, June 30, 2018 894,100 S 3,716,900

3. Balance Sheet Assets Current assets: S 238.400 960,300 1,644,400 Cash Accounts receivable Inventory Estimated returns inventory 20,900 Office supplies Prepaid insurance Total current assets: 22,200 15,100 S 2,901,300 Property, plant, and equipment Office equipment S 825,800 (551,100) S 274,700 Accumulated depreciation Store equipment $3,603,000 Accumulated depreciation (1,819,400) 1,783,600 Total property, plant, and equipment 2,058,300 S 4,959,600 Total assets Liabilities Current liabilities Accounts payable S 356,700 48,800 Customer refunds payable Note payable (current portion) Salaries payable Total current liabilities: 56,000 44,900 $ 506,400 Long-term liabilities: Note payable (final payment due 2034) Total liabilities 229,000 S 735,400 Stockholders' Equity S 507,300 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 3,716,900 4,224,200 S 4,959,600