ZuoTi.Pro
Question

6. Post adjusting entries and prepare an adjusted trial balance 7. Prepare a multi-step income statement and statement of owners equity for the year ended December 31, 2018 Prepare a classified balance sheet as of Dscember 31, 2018 Assume Interest Receivable is a current asset and Interest Payable is a current liability 8. Evaluate the companys success for the first year of operations by calculating the following ratios Round to two decimal places Comment on the results a. Liquidity i. Current ratio ii. Acid-test ratio ili Cash ratio b. Efficiency i. Accounts receivable turnover i. Days sales in receivables ili. Asset turnover iv. Rate of return on total assets Print Done

Colin Cameron Appliance-Nantucket Adjusted Trial Balance December 31, 2018 Balar Account Title Cash Petty Cash Accounts Receivable Allowance for Bad Debts Merchandise Inventory Office Supplies Prepaid Insurance Interest Receivable Notes Receivable Land Building Accumulated Depreciation-Building Debit Credit $872,068 280 310,000 12,400 214,000 140 1,700 5,250 210,000 120,000 410.000 12,000 Print Done Clear All

Reference Store Fixtures Accumulated Depreciation Store Fixtures Office Equipment Accumulated Depreciation- Office Equipment Franchise Accounts Payable Interest Payable Notes Payable Baen, Capital Baen, Withdrawals Sales Revenue Interest Revenue Cost of Goods Sold Franchise Fee Expense Salaries Expense Utilities Expense Insurance Expense 120,000 8,000 40,000 16,000 47,700 415,000 54,000 450,000 570,000 10,000 2,085,000 20,800 901,000 104,250 150,000 14,000 1,700 Print Done

i Reference Interest Revenue Cost of Goods Sold Franchise Fee Expense Salaries Expense Utilities Expense Insurance Expense Supplies Expense Bad Debt Expense Bank Expense Credit Card Expense Depreciation Expense-Building Depreciation Expense-Store Fixtures Depreciation Expense-Office Equipment Amortization Expense-Franchise Interest Expense Cash Short and Over Total 20,800 901,000 104.250 150,000 14,000 1 700 405 12.400 1.500 1,500 12,000 8,000 16,000 5,300 54,000 7 S 3,643,200 S 3,643,200 Print Done

Requirement 7. classified balance sheet as of December 31, 2018. Assume Interest Receivable is a current asset and erest Payable is a current liab Begin by preparing a multi-step income statement for the year ended December 31, 2018. (Use a minus sign or parentheses to show Expenses. Assume that Bank Expense and Credit Card Expense are considered to be operating expenses) Prepare a multi-step income statement and statement of retained earnings for the year ended December 31, 2018 Prepare a erest Payable is a current liability (Click the icon to view the adjusted trial balance.) Colin Cameron Appliance-Nantucket Income Statement Year Ended December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. Clear All Check Answer remaining O Type here to search

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Colin Cameron Appliance-Nantucket Income Statement For Year Ended Dec.31, 2018 Amount S Amount S S2,085,000.00 -$901,000.00 S1,184,000.00 Particulars Sales Revenue Less: Cost of Goods Sold Gross Profit Margin Less: Operating Expenses Franchise Fee Expenses Salaries Expense Utilities Expense nsurance Expense Supplies Expense Baddebt Expense Bank Expense Credit Card Expense Depreciation - Building Depreciation - Store Fixtures Depreciation - Office Equipment Amortization Expense - Franchise $104,250.00 $150,000.00 S14,000.00 $1,700.00 S405.00 S12,400.00 S1,500.00 $1,500.00 S12,000.00 $8,000.00 $16,000.00 $5,300.00-$327,055.00 Operating Income Non Operating or Other Interest Revenue Less: Interest Expense $856,945.00 S20,800.00 -S54,000.00-S33,200.00 Net Income (Loss) S823,745.00

0 0
Add a comment
Know the answer?
Add Answer to:
6. Post adjusting entries and prepare an adjusted trial balance 7. Prepare a multi-step income statement...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • & Comp10-1 (similar to) E Question Help Colin Cameron Appliance-Nantucket has just purchased a franchise from...

    & Comp10-1 (similar to) E Question Help Colin Cameron Appliance-Nantucket has just purchased a franchise from Colin Cameron Appliance (CCA). Click the icon to view the additional information) Following is the chart of accounts for Colin Cameron Appliance-Nantucket. As a new business, all beginning balances are SO. Colin Cameron Appliance-Nantucket completed the following transactions during 2018, its first year of operations: i (Click the icon to view the transactions ) Read the requirements. (Click the icon to view the chart...

  • :: M Multi-step Income Statements The adjusted trial balance of Marshall Corporation on December 31, 2013...

    :: M Multi-step Income Statements The adjusted trial balance of Marshall Corporation on December 31, 2013 is shown below. MARSHALL CORPORATION Adjusted Trial Balance December 31, 2013 Debit Credit Cash $83.520 Accounts Receivable 171,360 Inventory 156,600 Prepaid Insurance 540 Furniture & Fixtures 57,600 Accumulated Depreciation - furniture & fixtures $12,240 Delivery equipment 117,000 Accumulated depreciation - delivery equip. $57,600 Accounts Payable 31,320 Common Stock 360,000 Retained Earnings 107,280 Sales Revenue 657,360 Cost of Goods Sold 386,640 Salaries Expense 165,600 Rent...

  • 1. Use the information in the adjusted trial balance below to prepare (a) the income statement...

    1. Use the information in the adjusted trial balance below to prepare (a) the income statement (IS tab) for the year ended December 31; (b) the statement of owner's eqity (SOE tab) for the year ended December 31 [Note: Crowder capital at December 31 of the prior year was $255,000]; and (c) the balance sheet (BS tab) as of December 31. 2. Compute the profit margin for the year (profit margin tab) (use total revenues as the denominator). The adjusted...

  • The adjusted trial balance of Bennett Irrigation System at December 31, 2018​, follows: Requirement 1. Prepare...

    The adjusted trial balance of Bennett Irrigation System at December 31, 2018​, follows: Requirement 1. Prepare the​ company's income statement for the year ended December 31, 2018. ​(If a box is not used in the​ statement, leave the box​ empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net​ loss.) Requirement 2. Prepare the​ company's statement of retained earnings for the year ended December 31, 2018. Enter any increases in...

  • 219 H D Auto Zoom : P4-10A. Multi-step Income Statement and Adjusting Entries The New England...

    219 H D Auto Zoom : P4-10A. Multi-step Income Statement and Adjusting Entries The New England Trading Company, whose LO2 accounting year ends on December 31, had the following normal balances in its general ledger at De cember 31: $17,000 56,600 74.000 3,000 4,200 21,000 Cash. Accounts receivable Inventory.......... Prepaid insurance... Office supplies Furniture and fixtures... Accumulated depreciation furniture and fixtures....... Delivery equipment............ Accumulated depreciation delivery equipment ... Accounts payable.... Long-term notes payable ......... Common stock..... Retained earnings ................. Sales...

  • Dawson Hair Stylists' adjusted trial balance follows Prepare Dawson's income statement for the year ended December...

    Dawson Hair Stylists' adjusted trial balance follows Prepare Dawson's income statement for the year ended December 31, 2018 (Click on the icon to view the adjusted trial balance.) Year Ended December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. Cash $ 1,200 Accounts Receivable 2,000 Office Supplies 1,100 20,000 Equipment Accumulated Depreciation-Equipment $ 1,800 Accounts Payable 900 Interest Payable 400 Notes Payable 3.500 Common Stock 14.000 Common Stock 14,000...

  • Homework: Chapter 4 Homework Score: 0 of 12 pts P4-30A (similar to) The adjusted trial balance...

    Homework: Chapter 4 Homework Score: 0 of 12 pts P4-30A (similar to) The adjusted trial balance of Blume Irrigation System at December 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended December 31, 2018. (If a box is not us Blume Irrigation System Income Statement Year Ended December 31, 2018 Net Income (Loss) Choose from any list or enter any number in the...

  • Prepare a Trial Balance, Multi Step Income Statement, Retained Earnings Statement, and Classified Balance Sheet the...

    Prepare a Trial Balance, Multi Step Income Statement, Retained Earnings Statement, and Classified Balance Sheet the values needed are all the way on the left in the photo. i started the trial balance (the green chart) but could not get both sides to equal. ACCT 251 EXCEL ASSIGNMENT - PREPARING FINANCIAL STATEMENTS IN EXCEL (see instructions tab for detailed instructions) Prepare a multi-step income statement: Prepare a retained earnings statement: Prepare a classified balance sheet: 1,001,360 101,360 591,680 Service Revenue...

  • 6 Prepare the closing eneries, and post to the accounts 7. Prepare a post-closing trial balance....

    6 Prepare the closing eneries, and post to the accounts 7. Prepare a post-closing trial balance. 8 Caloulate the current ratio for the company 234 chapter 4 post-closing trial balance with an optional worksheet On December 1, Bob Waldo began an auto repair shop, Waldo's Quality Automoiv Learning Objectives 1, 2, 3, P4-33A Completing the accounting cycle from journal entries to 4, 5 6. Ending Retained Eamings $5,095 The following transactions occurred during December Waldo contributed $70,000 cash to the...

  • Given the adjusted trial balance shown below: 1) Prepare a multi-step income statement 2) a statement...

    Given the adjusted trial balance shown below: 1) Prepare a multi-step income statement 2) a statement of retained earnings 3) Prepare a classified balance sheet in horizontal format Dr 155,000 35,000 3,750 6,000 2,000 7,000 10,000 100,000 54,000 25,000 10,000 75,000 Big, Inc. Adjusted Trial Balance For the year ended 12/31/16 Account Cash Accounts Receivable 5 Allowance for Doubtful Accounts Prepaid Insurance Prepaid Property Taxes Inventory Loan Receivable Building A/D - Building Equipment A/D - Equipment Investments - Accounts Payable...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT