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Mays ACC_331_20120 - File 5. Home X Cut Review Insert Page Layout Calibri . Formulas Data AN == View Tell me what you want to do Wrap Test General Merge & Center S. - Normal Copy Paste A E Format Painter BIV Clipboard Conditional Format as Formatting Table Alignment Number 031 - X WE F May's Retail Stores Work Sheet For Year Ended December 31, 2019 Unadjusted Account Title Trial Balance No. Adjustments Adjusted Trial Balance CE CRDR CR 34,300 (b) (d) 4,300 (C) 20.000 (d 5,000 13.000 20,000 4,300 50,000 DR 201 Accounts payable 65,000 9 131 Accounts Receivables 29,000 10 168 Accumulated depreciation - Building 95,000 11 633 Advertising expenses 21.000 1 167 Building 670,000 13 101 Cash 140,000 301 Common Stock 200.000 15 501 Cost of Goods Sold 350,000 (a) 16 612 Depreciation expertise (c 17 637 Insurance expense 18 684 Interest expense 10 203 Tateret ovable 37,000 127 Investory 46.000 176 Led 70 000 72 151 Long-term botes payable 136.000 22 126 Marketable Securities 43,000 2 6 10 Rest expense 21,000 ( 25 686 Repairs expen.se 32,000 25 305 Retained Earnings 436.000 27 401 Sales 760,000 23 652 Supplies expense (8 29 186 Trademarks 15,000 30 690 Utilities expense 12.000 31 683 Wages expense 230,000 ( 210 Wages peable 33 Totals 729.000.000 1.229,000,000 34 Dets 35 l) Complete adjusted trial balance of worksheet 36 2) Use your completed worksheet to prepare a single-step or multi-step net income L ) 13,000 NINN 1.000 (b) 4.300 3.000 (d) 21,000 31.000 LO31.000 102.600 102.600 Statement of Owner's Equity and (c) balance sheet as of December 31, 2019 May's Retail Stores O Type here to search 0 Bt e e Belance for tabl... Week 3. Expenditur. Pes, Retail Stores DELL

Answer 1

(1)

Mary's Retail Stores
Worksheet
For Year ended Dec 31, 2019
Adjusted Trial Balance
No.	Account Title	Debit	Credit
201	Accounts Payable		99,300.00
131	Accounts Receivable	33,300.00
168	Accumulated depreciation- Building		115,000.00
633	Advertising Expenses	26,000.00
167	Building	670,000.00
101	Cash	140,000.00
301	Common Stock		200,000.00
501	Cost of Goods sold	363,000.00
612	Depreciation Expenses	20,000.00
637	Insurance Expenses	4,300.00
684	interest Expenses	50,000.00
203	Interest Payable		37,000.00
127	inventory	33,000.00
176	Land	70,000.00
251	Long Term Notes Payable		136,000.00
126	Marketable Securities	43,000.00
640	Rent Expense	22,000.00
686	Repairs Expense	32,000.00
305	Retained earnings		436,000.00
401	Sales		764,300.00
652	Supplies expense	3,000.00
186	Trademarks	15,000.00
690	Utilities Expense	33,000.00
683	Wages Expense	261,000.00
210	Wages payable		31,000.00
		1,818,600.00	1,818,600.00

Note: In the given trial balance, 'sales' account was categorized as debit account. Since it is wrong, sales account is categorized under credit in the adjusting trial balance.

(2)(a)

Mary's Retail Stores
Income Statement
For Year ended Dec 31, 2019
Particulars				Amount
Revenues:
	Sales			764,300.00
Expenses And Losses:
	Cost of Goods sold		363,000.00
	Advertising Expenses		26,000.00
	Depreciation Expenses		20,000.00
	Insurance Expenses		4,300.00
	interest Expenses		50,000.00
	Rent Expense		22,000.00
	Repairs Expense		32,000.00
	Supplies expense		3,000.00
	Utilities Expense		33,000.00
	Wages Expense		261,000.00	814,300.00
	Net Income/(Losses)			(50,000.00)

(b)Statement Of owners Equity

Mary's Retail Stores
Statement Of owners Equity
For Year ended Dec 31, 2019
Particulars	Amount
Common Stock as on Jan 1,2019	200,000.00
Retained earnings	436,000.00
Total:	636,000.00
Net loss for the period	(50,000.00)
Owners Equity for the year ended Dec 31,2019	586,000.00

(c)

Mary's Retail Stores
Balance Sheet
For Year ended Dec 31, 2019
Particulars			Amount	Amount
ASSETS
Current Assets:
Cash			140,000.00
Accounts Receivable			33,300.00
Inventory			33,000.00
Marketable Securities			43,000.00
Total Current Assets				249,300.00
Non- Current Assets:
Building			670,000.00
Less: Accumulated depreciation			(115,000.00)
			555,000.00
Land			70,000.00
Trademarks			15,000.00
Total Non-current Assets				640,000.00
TOTAL				889,300.00
LIABILITIES & STOCKHOLDER'S EQUITY
Liabilities:
Accounts Payable			99,300.00
Interest Payable			37,000.00
Wages payable			31,000.00
Long Term Notes Payable			136,000.00
Total Liabilities				303,300.00
Stockholder's Equity
Common Stock			200,000.00
Retained Earnings			386,000.00	586,000.00
				889,300.00

Note: Financial statement format might change a little from one country to another. So please check the format.