Superior Hardwood Company distributes hardwood products to small
furniture manufacturers. The adjusted trial balance data given
below is from the firm’s worksheet for the year ended December 31,
2019.
ACCOUNTS | Debit | Credit | ||||
Cash | $ | 23,700 | ||||
Petty Cash Fund | 400 | |||||
Notes Receivable, due 2020 | 11,400 | |||||
Accounts Receivable | 92,000 | |||||
Allowance for Doubtful Accounts | $ | 5,600 | ||||
Merchandise Inventory | 230,000 | |||||
Warehouse Supplies | 2,820 | |||||
Office Supplies | 1,380 | |||||
Prepaid Insurance | 9,000 | |||||
Land | 42,000 | |||||
Building | 174,000 | |||||
Accumulated Depreciation—Building | 51,600 | |||||
Warehouse Equipment | 35,000 | |||||
Accumulated Depreciation—Warehouse Equipment | 16,200 | |||||
Delivery Equipment | 49,000 | |||||
Accumulated Depreciation—Delivery Equipment | 18,800 | |||||
Office Equipment | 23,000 | |||||
Accumulated Depreciation—Office Equipment | 10,800 | |||||
Notes Payable, due 2020 | 19,800 | |||||
Accounts Payable | 38,600 | |||||
Interest Payable | 540 | |||||
Mortgage Payable | 59,000 | |||||
Loans Payable, Long-term | 15,000 | |||||
Charles Ronie, Capital (Jan. 1) | 436,760 | |||||
Charles Ronie, Drawing | 126,600 | |||||
Income Summary | 240,000 | 230,000 | ||||
Sales | 1,677,000 | |||||
Sales Returns and Allowances | 17,800 | |||||
Interest Income | 1,540 | |||||
Purchases | 763,000 | |||||
Freight In | 13,400 | |||||
Purchases Returns and Allowances | 8,040 | |||||
Purchases Discounts | 10,760 | |||||
Warehouse Wages Expense | 195,600 | |||||
Warehouse Supplies Expense | 6,700 | |||||
Depreciation Expense—Warehouse Equipment | 5,400 | |||||
Salaries Expense—Sales | 265,200 | |||||
Travel and Entertainment Expense | 21,100 | |||||
Delivery Wages Expense | 59,930 | |||||
Depreciation Expense—Delivery Equipment | 9,400 | |||||
Salaries Expense—Office | 70,200 | |||||
Office Supplies Expense | 3,600 | |||||
Insurance Expense | 5,800 | |||||
Utilities Expense | 8,890 | |||||
Telephone Expense | 6,120 | |||||
Payroll Taxes Expense | 57,000 | |||||
Property Taxes Expense | 5,200 | |||||
Uncollectible Accounts Expense | 5,400 | |||||
Depreciation Expense—Building | 8,600 | |||||
Depreciation Expense—Office Equipment | 3,600 | |||||
Interest Expense | 7,800 | |||||
Totals | $ | 2,600,040 | $ | 2,600,040 | ||
Required:
Analyze:
What is the current ratio for this business?
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given...
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019. ACCOUNTS Debit Credit Cash $ 24,100 Petty Cash Fund 500 Notes Receivable, due 2020 11,800 Accounts Receivable 96,000 Allowance for Doubtful Accounts $ 6,000 Merchandise Inventory 234,000 Warehouse Supplies 2,860 Office Supplies 1,420 Prepaid Insurance 10,200 Land 46,000 Building 178,000 Accumulated Depreciation—Building 54,000 Warehouse Equipment 37,000 Accumulated Depreciation—Warehouse Equipment 17,400 Delivery...
Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019. Required: Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses. Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the period. Prepare a classified balance...
Need help with this question, thanks in advance! Superior Hardwood Company distributes hardwood products to small furniture manufacturers. T below is from the firm's worksheet for the year ended December 31, 2019 $ 22,9e8 480 18,680 85,800 Cash Petty Cash Fund Notes Receivable, due 2828 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Warehouse Equipment Accumulated Depreciation Warehouse Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Office Equipment Accumulated Depreciation-office Equipment Notes...
Credit $ Debit 34,100 500 11,800 86,000 $ 6,000 234,000 2,860 1,420 10,200 46,000 178,000 54,000 37,000 17,400 51,000 19,600 25,000 ACCOUNTS Cash Petty Cash Fund Notes Receivable, due 2020 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Warehouse Supplies Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Warehouse Equipment Accumulated Depreciation-Warehouse Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Office Equipment Accumulated Depreciation Office Equipment Notes Payable, due 2020 Accounts Payable Interest Payable Mortgage Payable Loans Payable, Long-term Charles Ronie, Capital...
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firm’s worksheet for the year ended December 31, 2019. Accounts Debit Credit Cash $ 98,300 Petty Cash Fund 500 Notes Receivable, due 2020 11,500 Accounts Receivable 139,500 Allowance for Doubtful Accounts $ 3,100 Interest Receivable 115 Merchandise Inventory 127,800 Warehouse Supplies 2,600 Office Supplies 630 Prepaid Insurance 3,940 Land 15,300 Building 103,500 Accumulated Depreciation—Building 16,350 Warehouse...
#6 The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Credit $ Debit 18,300 59,500 250 185, 900 7, 110 3,030 50,700 17,500 8,400 1,360 440 275,970 73,700 179.700 Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Steven Van Zant, Capital Steven Van Zant, Drawing Income Summary Sales...
The following tables shows the adjusted trial balance of Scott Company: Scott Company Adjusted Trial Balance, December 31, 2016 Cash $100,000 Accounts receivable 7,000 Prepaid Insurance 9,000 Office supplies 3,300 Office equipment 8,000 Accumulated depreciation - Equipment $3,200 Building 430,000 Accumulated depreciation - Building 42,000 Accounts payable 5,800 Salaries payable 14,500 Interest payable 2,500 Long-term note payable 52,000 Common stock 50,000 Retained earnings 160,000 Dividends 20,000 Service fees earned 280,300 Salaries expense 20,000 Insurance expense 5,200 Depreciation expense - Equipment...
3 The adjusted trial balance data given below is from the Morgan Company's worksheet for the year ended December 31, 2019. The expense accounts numbered 611-615 represent selling expenses, and those numbered 621-631 represent general and administrative expenses. ACCT. NO. 399 401 451 491 501 502 503 504 611 613 615 621 623 ACCOUNT NAME Income Summary Sales Sales Returns and allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Sales Salaries Expense Advertising Expense Travel Expense...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 $24,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings 2,800 4,450 3,875 8,000 2,255 Dividends 10,500 99,600 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare a single-step...
Exercise 13.8 Preparing a postclosing trial balance. LO 13-6 The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Exercise 13.8 Preparing a postclosing trial balance. LO 13-6 The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment...