Homework Answers
Solution:
| Morgan Company | ||||
| Income Statement | ||||
| Year ended December 31, 2017 | ||||
| Operating revenue: | ||||
| Sales | $250,000.00 | |||
| Less: Sales Returns and Allowances | $4,500.00 | |||
| Net Sales | $245,500.00 | |||
| Cost of Goods sold: | ||||
| Merchandise Inventory, Jan 1,2017 | $62,000.00 | |||
| Purcahses | $125,000.00 | |||
| Add: Freight in | $3,000.00 | |||
| Gross Purchases | $128,000.00 | |||
| Less: Purchase Returns and Allowances | $1,600.00 | |||
| Less: Purchase discounts | $1,900.00 | $3,500.00 | ||
| Net Purchases | $124,500.00 | |||
| Total Merchandise available for sale | $186,500.00 | |||
| Less: Merchandise Inventory, Dec 31, 2017 | $57,000.00 | |||
| Cost of Goods sold | $129,500.00 | |||
| Gross Profit | $116,000.00 | |||
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The adjusted trial for the year ended December 31, 2017 balance data given below is from...
3 The adjusted trial balance data given below is from the Morgan Company's worksheet for the...
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...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 34,500 Other (noninventory) assets 138,000 Total liabilities $ 39,848 Common stock 10,000 Retained earnings 105,114 Dividends 8,000 Sales 235,980 Sales discounts 3,610 Sales returns and allowances 15,575 Cost of goods sold 91,673 Sales salaries expense 32,329 Rent expense—Selling space 11,091 Store supplies expense 2,832 Advertising expense 20,058 Office salaries expense 29,498 Rent expense—Office space 2,832 Office supplies expense 944 Totals $ 390,942...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 44,500 Other (noninventory) assets 178,000 Total liabilities $ 51,398 Common stock 10,000 Retained earnings 135,033 Dividends 8,000 Sales 304,380 Sales discounts 4,657 Sales returns and allowances 20,089 Cost of goods sold 117,115 Sales salaries expense 41,700 Rent expense—Selling space 14,306 Store supplies expense 3,653 Advertising expense 25,872 Office salaries expense 38,048 Rent expense—Office space 3,653 Office supplies expense 1,218 Totals $ 500,811...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 45,000 Other (noninventory) assets 180,000 Total liabilities $ 51,975 Common stock 10,000 Retained earnings 136,529 Dividends 8,000 Sales 307,800 Sales discounts 4,709 Sales returns and allowances 20,315 Cost of goods sold 118,387 Sales salaries expense 42,169 Rent expense—Selling space 14,467 Store supplies expense 3,694 Advertising expense 26,163 Office salaries expense 38,475 Rent expense—Office space 3,694 Office supplies expense 1,231 Totals $ 506,304...
30 Paid Arod C fiscal year-end, follows. Valley Company's adjusted trial balance on August 31, 2017,...
30 Paid Arod C fiscal year-end, follows. Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-e Debit Credit $ 41,000 130,400 Merchandise Inventory ... Other noninventory) assets.. Total abilities... Common stock.... Retained earnings .... $ 25,000 10,000 94.550 8,000 225,600 Dividends ..... Sales. Sales discounts...... Sales returns and allowances..... Cost of goods sold Sales salaries expense....... Rent expense-Selling space........ Store supplies expense Advertising expense......... Office salaries expense Rent expense-Office space Office supplies expense....... Totals.............. 2,250 12,000 74,500...
Valley Company’s adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 36,500 Other (noninventory) assets 146,000 Total liabilities $ 42,158 Common stock 10,000 Retained earnings 111,098 Dividends 8,000 Sales 249,660 Sales discounts 3,820 Sales returns and allowances 16,478 Cost of goods sold 96,761 Sales salaries expense 34,203 Rent expense—Selling space 11,734 Store supplies expense 2,996 Advertising expense 21,221 Office salaries expense 31,208 Rent expense—Office space 2,996 Office supplies expense 999 Totals $ 412,916...
Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $...
Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 42.500 170,000 $ 49,088 10,000 129,048 8,000 290, 700 Merchandise inventory Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-office space office supplies expense Totals 4,448 19,186 112,026 39,826 13,663 3,488 24, 710 36, 338 3,488...
balance of the erchandising company. The Balances from the trial company as of December 31, 2017...
balance of the erchandising company. The Balances from the trial company as of December 31, 2017 is given below. Hudson Co. Balances from the Trial Balance December 31.2011 Accounts Payable Customer Deposits Received Accumulated Depreciation, Office Equipment Prepaid Rent Long-term Notes Payable Merchandise Inventory Advertising Expense Sales Returns&Allowances Office Supplies Expense Interest Payable $13,000 1.400 12,000 1,800 9,500 2.800 6,000 3,400 1,800 Insurance Expense Sales Office Equipment 300,000 62,000 Rent Expense Withdrawals Cost of Goods Sold Capital 6,000 3,500 149,000...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit $ 45,045 128,576 266,760 Debit Merchandise inventory (ending) $ 39,000 Other (noninventory) assets 156,000 Total liabilities K. Valley, Capital K. Valley, Withdrawals 8,000 Sales Sales discounts 4,081 Sales returns and allowances 17,606 Cost of goods sold 103, 121 Sales...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit Cash Notes receivable $76,000 100,000 Merchandise inventory 69,000 435,400 Equipment Accumulated depreciation-equipment $130,620 Unearned revenue 7,500 Notes payable 143,620 L. Crystal, capital 240,000 L. Crystal, drawings 142,000 Interest revenue 12,000 Rent revenue 25,000 1.970,000 Sales Advertising expense 53,000 Cost of goods sold 860,000 Depreciation expense 43,540 Freight out 27,000 Insurance expense 16,000 10,500 Interest expense Salaries expense 630,000 9,300 Sales discounts Sales returns and...
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...
30 Paid Arod C fiscal year-end, follows. Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-e Debit Credit $ 41,000 130,400 Merchandise Inventory ... Other noninventory) assets.. Total abilities... Common stock.... Retained earnings .... $ 25,000 10,000 94.550 8,000 225,600 Dividends ..... Sales. Sales discounts...... Sales returns and allowances..... Cost of goods sold Sales salaries expense....... Rent expense-Selling space........ Store supplies expense Advertising expense......... Office salaries expense Rent expense-Office space Office supplies expense....... Totals.............. 2,250 12,000 74,500...
Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 42.500 170,000 $ 49,088 10,000 129,048 8,000 290, 700 Merchandise inventory Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-office space office supplies expense Totals 4,448 19,186 112,026 39,826 13,663 3,488 24, 710 36, 338 3,488...
balance of the erchandising company. The Balances from the trial company as of December 31, 2017 is given below. Hudson Co. Balances from the Trial Balance December 31.2011 Accounts Payable Customer Deposits Received Accumulated Depreciation, Office Equipment Prepaid Rent Long-term Notes Payable Merchandise Inventory Advertising Expense Sales Returns&Allowances Office Supplies Expense Interest Payable $13,000 1.400 12,000 1,800 9,500 2.800 6,000 3,400 1,800 Insurance Expense Sales Office Equipment 300,000 62,000 Rent Expense Withdrawals Cost of Goods Sold Capital 6,000 3,500 149,000...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit $ 45,045 128,576 266,760 Debit Merchandise inventory (ending) $ 39,000 Other (noninventory) assets 156,000 Total liabilities K. Valley, Capital K. Valley, Withdrawals 8,000 Sales Sales discounts 4,081 Sales returns and allowances 17,606 Cost of goods sold 103, 121 Sales...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit Cash Notes receivable $76,000 100,000 Merchandise inventory 69,000 435,400 Equipment Accumulated depreciation-equipment $130,620 Unearned revenue 7,500 Notes payable 143,620 L. Crystal, capital 240,000 L. Crystal, drawings 142,000 Interest revenue 12,000 Rent revenue 25,000 1.970,000 Sales Advertising expense 53,000 Cost of goods sold 860,000 Depreciation expense 43,540 Freight out 27,000 Insurance expense 16,000 10,500 Interest expense Salaries expense 630,000 9,300 Sales discounts Sales returns and...
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