Question

ACC 111 Project 1C

Nicholas Company had the following Adjusted Trial Balance for the month ended May 31, 2016.

Credit Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Debit Cash $349,907 Petty Cash Fund 5,200 Accounts Receivable 22,100 Merchandise Inventory, 5/1/16 54,500 Store Supplies 10,600 Office Supplies 4,200 Prepaid Insurance 3,483 Land 36,000 Forklift 31,900 Accumulated Depreciation, Forklift Delivery Truck 155,000 Accumulated Depreciation, Delivery Truck Accounts Payable Salaries Payable Unearned Sales Revenue Notes Payable (Long-Term) Nicholas Ram, Capital Nicholas Ram, Drawings 4,500 Sales Revenue Sales Discounts 615 $900 1,350 93,600 2,300 27,800 117,500 397,500 260,100

Ending Merchandise Inventory = $65,000.

help please.

Please create a Multi-step Income statement, Owner's Equity statement, and balance sheet.

Answer 1

Nicholas Company Statement of Owners Equity For the period ending May 31,2016 Nicholas Ram, Capital Net Income 260100 -615 -5200 254285 397500 46940 444440 -4500 439940 Nicholas Ram, Drawings Statement of Income - Multi Step For the period ending May 31, 2016 Sales Revenue Sales Discount Sales Returns and Allowances Net sales Cost of goods sold: Opening Inventory Purchases Purchase Discounts Purchase Returns & Allowances Freight in Closing Inventory Gross Margin 54500 168000 -3672 -8000 1950 -65000 147778 106507 Operating Expenses: Salaries Expense Utilities Expense Repair Supplies Expense Postage Expense Rent Expense Depreciation Expense, Delivery Truck Depreciation Expense, Fork Lift Office Supplies Expense Insuarnce Expense Operating Income Non Operating items: Interest Revenue Interest Expense Cash short and over Net Income 33100 8400 910 430 14500 650 900 1200 317 60407 46100 4500 -3300 -360 840 46940

Balance sheet As at 31.5.2016 Assets Current Assets Cash Petty Cash Fund Accounts Receivable Merchandise Inventory Store Supplies Office Supplies Prepaid Insurance 349907 5200 22100 65000 10600 4200 3483 Closing Enteries Date Particulars 31.5.2016 Income Summary a/c Dr. To Sales Discount To Sales Returns and Allowances To Cost of goods sold To Salaries Expense To Utilities Expense To Repair Supplies Expense To Postage Expense To Rent Expense To Depreciation Expense, Delivery Truck To Depreciation Expense, Fork Lift To Office Supplies Expense To Insurance Expense To Interest Expense To Cash short and over (Expenses closed out) Debit in $Credit in $ 217660 615 5200 147778 33100 8400 910 430 14500 650 900 1200 317 3300 360 460490 Non Current Assets Land Forklift Accumulated Depre- Forklift Delivery Truck Accumulated Depre-Delivery Truck Total Assets 36000 31900 -900 155000 -1350 220650 681140 Dr. 260100 4500 31.5.2016 Sales Revenue a/c Interest Revenue a/c To Income Summary (Revenue accounts closed out) Liabilities & Stockholders Equity Current Liabilities: Accounts Payable Salaries Payable Unearned Sales Revenue 264600 93600 2300 27800 123700 46940 31.5.2016 Income Summary a/c Dr. To Nicholas Ram, Capital 46940 Non Current Liabilities Notes Payable (Long Term) 117500 4500 31.5.2016 Nicholas Ram, Capital To Nicholas Ram, Drawings (Drawings charged to Capital 4500 Owner's Equity Nicholas Ram, Capital Total Liabilities & Stockholders Equity 439940 681140