Use the completed adjusted trial balance to prepare the income statement. Comprehensive Problem Part 2 Palisade Creek Co Income Statement
Here are the approved labels if needed
Labels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended May 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
May 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount Descriptions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Goods Sold | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in retained earnings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings, June 1, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings, May 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total administrative expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total property, plant, and equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total selling expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Palisade Creek Co. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Palisade Creek Co. | ||
Income Statement | ||
For the Year Ended May 31, 2018 | ||
Sales | $ 5,316,205 | |
Less: Cost of goods sold | $ 2,991,950 | |
Gross profit | $ 2,324,255 | |
Selling expenses | ||
Sales salaries expense | $ 727,800 | |
Advertising expense | $ 292,000 | |
Misc. selling expense | $ 12,600 | |
Total selling expense | $ 1,032,400 | |
Administrative expense | ||
Depreciation expense | $ 14,000 | |
Store supplies expense | $ 9,800 | |
Office salaries expense | $ 417,700 | |
Rent expense | $ 88,700 | |
Insurance expense | $ 12,000 | |
Misc. administrative expense | $ 7,800 | |
Total administrative expenses | $ 550,000 | |
Net income | $ 741,855 |
You can reach me over comment box if you have any doubts. Please
rate this answer
Use the completed adjusted trial balance to prepare the income statement. Comprehensive Problem Part 2 Palisade...
Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank Palisade Creek Co. Unadjusted Trial Balance May 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation—Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries...
Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $114,700 Retained Earnings 505,500 Accounts Receivable 305,800 Dividends 68,700 Inventory 348,600 Sales $4,200,600 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,429,700 Office Supplies 10,800 Sales Salaries Expense 683,300 Prepaid Insurance 8,400 Advertising Expense 187,900 Office Equipment 252,400 Depreciation Expense— Store Equipment 36,600 Accumulated Depreciation— Office Equipment...
Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment 58,000 Miscellaneous Selling Expense Store Equipment Accumulated Depreciation-Store Equipment 87,500 Rent Expense Accounts Payable Customers Refunds Payable $92,000 Retained Earnings 450,000 Dividends 370,000 Sales $381,000 300,000 8,925,000 5,000 Cost of Goods Sold...
Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $ 243,100 Accounts receivable 964,900 Inventory 1,788,600 21,200 Estimated returns inventory Office supplies Prepaid insurance 17,800 8,400 Office equipment 825,900 543,800 Accumulated depreciation office equipment Store equipment Accumulated depreciation-store equipment 3,609,700 1,814,900 Jenny expenses Print Item Calculator eBook Multiple-step income statement and...
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7: Cash $125,300 Retained Earnings $552,500 Accounts Receivable 334,200 Dividends 75,100 Inventory 381,000 Sales 4,591,100 Estimated Returns Inventory 5,000 Cost of Goods Sold 2,655,600 Office Supplies 11,800 Sales Salaries Expense 746,800 Prepaid Insurance 9,100 Advertising Expense 205,400 Office Equipment 275,800 Depreciation Expense— Store Equipment 40,000 Accumulated Depreciation— Office Equipment 187,500 Miscellaneous Selling...
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2017: Cash $118,000 Retained Earnings $520,000 70,600 Accounts Receivable Dividends 320,200 358,600 4,321,100 Inventory Estimated Returns Inventory Office Supplies 2,499,400 5,000 11,100 Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment 702,900 193,300 Prepaid Insurance 8,600 Office Equipment 259,600 37,700 Miscellaneous Selling Expense 16,500 176,400 Accumulated Depreciation-...
Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Final Question Instructions Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due 2024) Common stock Retained earnings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent...
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7: Cash $112,800 Retained Earnings $497,100 Accounts Receivable 300,700 Dividends 67,500 Inventory 342,800 Sales 4,130,700 Estimated Returns Inventory 5,000 Cost of Goods Sold 2,389,300 Office Supplies 10,600 Sales Salaries Expense 671,900 Prepaid Insurance 8,200 Advertising Expense 184,800 Office Equipment 248,200 Depreciation Expense— Store Equipment 36,000 Accumulated Depreciation— Office Equipment 168,700 Miscellaneous Selling...
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $123,500 Retained Earnings 544,200 Accounts Receivable 335,100 Dividends 73,900 Inventory 375,300 Sales $4,522,400 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,615,800 Office Supplies 11,600 Sales Salaries Expense 735,600 Prepaid Insurance 9,000 Advertising Expense 202,300 Office Equipment 271,700 Depreciation Expense— Store Equipment 39,400 Accumulated Depreciation— Office Equipment 184,600 Miscellaneous Selling Expense 17,300 Store Equipment 848,200 Office...
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash $109,500 Retained Earnings Dividends Accounts Receivable Inventory Estimated Returns Inventory Sales 297,200 332,900 22,500 10,300 8,000 482,700 65,600 $4,011,400 2,320,300 652,500 179,400 Office Supplies Prepaid Insurance Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment Office Equipment 241,000 35,000 Miscellaneous Selling Expense 15,300 Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store...