Requirement a: Prepare the following adjusting entries
Requirement b: Complete the worksheet as follows
Requirement c: Prepare the following multi-step income statement
BCC | ||
Income Statement | ||
For the Year Ended December 31, 2020 | ||
Particulars | Amount | Amount |
Sales Revenue | $282,400 | |
Deduct: Sales Returns and Allowances | $2,100 | |
Deduct: Sales Discounts | $1,900 | |
Net Sales | $278,400 | |
Cost of Goods Sold | $57,000 | |
Gross Profit | $221,400 | |
Expenses: | ||
Rent Expense | $26,900 | |
Salaries and Wages Expense | $20,800 | |
Utilities Expense | $2,800 | |
Advertising Expense | $1,900 | |
Depreciation Expense | $9,000 | |
Supplies Expense | $1,100 | |
Insurance Expense | $2,000 | |
Total Operating Expenses | $64,500 | |
Operating income | $156,900 | |
Other income / (Expenses) | ||
Rent Revenue | $7,200 | |
Interest Revenue | $15,400 | |
Interest Expense | ($2,200) | $20,400 |
Net Income | $177,300 |
Notes: Cost of goods sold
Particulars | Amount |
Inventory Beginning balance | $47,000 |
Add: Purchases | $51,000 |
Add: Freight In | $3,000 |
Deduct: Purchase Returns and Allowances | ($800) |
Deduct: Purchase Discounts | ($1,200) |
Goods Available for sale | $99,000 |
Deduct: Ending balance of inventory | ($42,000) |
Cost of Goods Sold | $57,000 |
Requirement d: Prepare the owner's equity statement as follows
BCC | ||
Statement of Owners' Equity | ||
For the Year Ended December 31, 2020 | ||
Particulars | Amount | |
Beginning balance | $124,000 | |
Add: Net income | $177,300 | |
Deduct: Withdrawals | ($4,700) | |
Ending balance | $296,600 |
Requirement e: Prepare the balance sheet as follows
Requirement f: Prepare the following closing entries
Date | Account Title and Explanation | Debit | Credit |
Dec 31 | Sales Revenue | $282,400 | |
Interest Revenue | $15,400 | ||
Rent Revenue | $7,200 | ||
Inventory - Ending Balance | $42,000 | ||
Purchase returns and Allowances | $800 | ||
Purchase Discounts | $1,200 | ||
Income Summary | $349,000 | ||
To close revenue accounts to income summary | |||
Dec 31 | Income Summary | $171,700 | |
Sales Returns and Allowances | $2,100 | ||
Sales Discounts | $1,900 | ||
Inventory - Beginning Balance | $47,000 | ||
Purchases | $51,000 | ||
Freight - In | $3,000 | ||
Rent Expense | $26,900 | ||
Salaries and Wages Expense | $20,800 | ||
Utilities Expense | $2,800 | ||
Advertising Expense | $1,900 | ||
Interest Expense | $2,200 | ||
Depreciation Expense | $9,000 | ||
Supplies Expense | $1,100 | ||
Insurance Expense | $2,000 | ||
To close expense accounts to income summary | |||
Dec 31 | Income Summary | $177,300 | |
Capital | $177,300 | ||
To close income summary to capital | |||
Dec 31 | Capital | $4,700 | |
Withdrawals | $4,700 | ||
To close withdrawals to capital |
The unadjusted trial balance of Big Construction company on December 31, 2020, contained the attached accounts...
The unadjusted trial balance of Big Construction company on December 31, 2020, contained the attached accounts at the end of the company's calendar year. Inventory taken on 12/31/2020 was $42,000 Depreciation on equipment was $9,000 Unpaid accrued salaries were $2,800 Unexpired rent amounted to $2,500 Supplies on hand were $1,800 Accrued Sales revenue on 12/31/2020 was $3,400 Expired Insurance amounted to $2,000 Interest on the company's notes receivable at year-end amounted to $400 Unearned rent revenue earned at year-end amounted...
djusted trial balance of Big Construction company on December 31, 2020, hed the attached accounts at the end of the company's calendar year. Inventory taken on12/31/2020 was $42,000 Depreciation on equipment was $9,000 Unpaid accrued salaries were $2,800 Unexpired rent amounted to $2,500 4 Supplies on hand were $1,800 Accrued Sales revenue on 12/31/2020 was $3,400 6 7 Expired Insurance amounted to $2,000 Interest on the company's notes receivable at year-end amounted to $400 Unearned rent revenue earned at year-end...
BIG CONSTRUCTION COMPANY Unadjusted Trial Balance December 31, 2020 ADIUSTED T.B. INCOME STATEMENT ADJUSTMENTS CREDIT UNADJUSTED T.B CREDIT CREDIT DEBIT DEBIT DEBIT DEBIT CREDIT ACCOUNT TITLE Cash Notes Receivable Accounts Receivable 220,000 24,000 23,000 Inventory 12/31/2020 Prepaid Insurance 47,000 4,300 Prepaid Rent 8,400 Supplies Land 2,900 28.000 Equipment Accum Deprec-Equipment Accounts Payable 90,000 18,000 28.000 12,500 75.000 Unearned Rent Revenue Mortgage Payable (Due 2022) Owner's Capital Owner's Drawings 124,000 4,700 279,000 Sales Revenue 2,100 Sales Returns and Allowances 1,900 Sales...
can you help andwering e & f G CONSTRUCTION COMPANY Unadjusted Trial Balance December 31, 2030 ADJUSTMENTS DEBIT CREDIT CERIT DEBIT CREDIT 210.000 III 18.000 12,500 75.000 124.000 ACCOUNT TITLE Cash Notes Receivable Accounts Recente Inventory 12/31/2020 Prepaid insurance Prepaid Rent Supplies Land Equipment Accum Deprec-Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable (Due 2022) Owner's Capital Owner's Drawings Sales Revenue Sales Returns and Allowances Sales Discount Purchases Purchases and Allowances Purchases Discount Freight-in Rent Expense alaries and Wages Expense...
ACCOUNT TITLE UNADJUSTEDTB DEBT CREDIT BIG CONSTRUCTION COMPANY Uradjusted Trial Balance December 200 ADJUSTMENTS ROSTEDTST DEBIT CREDIT DER GET Notes Receivable Accounts Receivable Inventory 12/31/2020 Prepaid Insurance Prepaid Rent Supplies 220.000 24 000 23.000 47000 OVE E ST 18,000 1 HELPLBL 12,500 TI 279.000 Land Equipment Accu Deprec Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable (Due 2022) Owner's Capital Owner's Drawings Sales Revenue Sales Returns and Allowances Sales Discount Purchases Purchases and Allowances Purchases Discount Freight in Rent Expense...
The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $50,500, and the stockholders invested $45,000 cash in the company during 20x7. Account Title Debit Credit 101 Cash $15,000 126 Supplies $8,500 128 Pre-paid insurance $11,200 167 Equipment $175,000 168 Accumulated depreciation – equipment $19,000 201 Accounts payable $9,250 251 Long-term notes...
The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $50,500, and the stockholders invested $45,000 cash in the company during 20x7. Account Title Debit Credit 101 Cash $15,000 126 Supplies $8,500 128 Pre-paid insurance $11,200 167 Equipment $175,000 168 Accumulated depreciation – equipment $19,000 201 Accounts payable $9,250 251 Long-term notes payable $45,000 301 Shareholders’ equity $106,900 302 Dividends $15,750 401 Construction Revenue $153,000 623 Wage expense $61,800 633 Interest expense $6,250 640 Rent expense $15,750 683 Property tax...
The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $50,500, and the stockholders invested $45,000 cash in the company during 20x7. Account Title Debit Credit 101 Cash $15,000 126 Supplies $8,500 128 Pre-paid insurance $11,200 167 Equipment $175,000 168 Accumulated depreciation – equipment $19,000 201 Accounts payable $9,250 251 Long-term notes payable $45,000 301 Shareholders’ equity $106,900 302 Dividends $15,750 401 Construction Revenue $153,000 623 Wage expense $61,800 633 Interest expense $6,250 640 Rent expense $15,750 683 Property tax...
ABC Company reported the following accounts in its unadjusted trial balance at December 31, 2020: Dividends ................... $ 14,000 Income Tax Expense .......... $ 25,000 Salaries Expense ............ $ 31,000 Rental Revenue .............. $ 33,000 Cash ........................ $ 36,000 Supplies .................... $ 37,000 Cost of Goods Sold .......... $ 52,000 Unearned Revenue ............ $ 54,000 Accounts Receivable ......... $ 57,000 Land ........................ $ 69,000 Accounts Payable ............ $ 76,000 Trademark ................... $ 88,000 Inventory ................... $ 91,000 Retained Earnings ..............
simpleton company trial balance as at december 31, 2013 Account Debits Credits cash 450,000 accounts receivable 740,000 inventory 250,000 supplies 120,000 prepaid rent 75,000 office furniture 1,500,000 accumulated depreciation 450,000 account payable 380,000 salary payable 25,000 interest payable 17,000 unearned sales revenue 39,000 note payable long term 209,000 simpleton capital 1,652,500 simpleton withdrawal 105,000 sales revenue 1,200,000 interest revenue 16,000 sales discount 32,000 sales returns and allowances 21,000 cost of goods sold 213,500 salary expense 105,000 rent expense 135,000 depreciation...