The following is an alphabetical list of bud’s bakery's adjusted account balances at the end of the company’s fiscal year on November 30, 2021:
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Homework Answers
| Bud's bakery |
| Multi-Step Income Statement For the year ended 30-Nov-2021 |
| Particulars | AMT $ | AMT $ |
| Sales | 872000 | |
| Less : | ||
| Sales discount | 8250 | |
| sales Returns & Allowances | 9845 | 18095 |
| Net Sales | 853905 | |
| Cost of goods sold: | ||
| Opening Inventory | 34360 | |
| Add Purchases | 634700 | |
| Less purchase Return | 13315 | |
| Fewer Purchase Discounts | 6300 | |
| Less Closing Inventory | 37350 | |
| Add Freight in | 5060 | |
| Cost of goods sold: | 617155 | |
| Gross Margin | 236750 | |
| Operating Expenses | ||
| Selling Expenses | ||
| Freight out | 8200 | |
| Salaries Expenses | 122000 | |
| Utility expenses | 19800 | |
| Total selling expenses | 150000 | |
| General & Administrative Expenses | ||
| Depreciation Ex | 14000 | |
| Insurance-Exp | 9000 | |
| Total General & Administrative Expenses | 23000 | |
| Total Operating Expenses | 173000 | |
| Income From Operations | 63750 | |
| Other Revenue & Expenses | ||
| Rent Revenue | 2800 | |
| unearned revenue | 3000 | |
| Interest-Exp | -5300 | |
| Property Tax Exp | -3500 | |
| Total Other Revenue & Expenses | -3000 | |
| Net Income | 60750 |
| Bud's bakery | ||
| Owners Equity Statement For the year ended 30-Nov-2021 | ||
| Particulars | AMT $ | AMT $ |
| Owners Equity at 01-Dec -2020 | ||
| B Hacheys- Capital | 104480 | |
| Less: B Hacheys- Capital | 12000 | |
| Owners Equity at 01-Nov -2019 | 92480 | |
| Add Net Income during the year. | 60750 | |
| Less: B Hacheys- Drawings during the year | 0 | |
| Owners Equity at 30-Nov -2021 | 153230 |
| Bud's bakery | ||
| Classified Balance sheet For the year ended 30-Nov-2021. | ||
| Particulars | AMT $ | AMT $ |
| Current Assets | ||
| Cash | 8500 | |
| Accounts Receivables | 13770 | |
| Merchandise Inventory | 34360 | |
| Prepaid Insurance | 4500 | |
| Unearned Revenue | 3000 | |
| Total Current Assets | 64130 | |
| Property,Plant & Equipments | ||
| land | 85000 | |
| Building | 175000 | |
| Less: accumulated depreciation Exp-Building | 61200 | |
| The net value of Building | 113800 | |
| Equipment | 57000 | |
| Less: Accumulated Depreciation Exp-Equipments | 19880 | |
| The net value of Equipment | 37120 | |
| Total Property,Plant & Equipments | 235920 | |
| Total Assets | 300050 | |
| Liabilities & owners Equity | ||
| Current Liabilities | ||
| Accounts Payables | 32310 | |
| Salaries Payable | 8500 | |
| Total Current Liabilities | 40810 | |
| Long Term Liabilities | ||
| Mortgage Payable | 106000 | |
| Long Term Liabilities | 106000 | |
| Total Liabilities | 146810 | |
| Owners Equity | ||
| Owners Capital | 153230 | 153230 |
| Total Liabilities & owners Equity | 300040 | |
| Suspense | 10 |
| Closing Journal Entries | |||
| B | Particulars | Dr | Cr |
| Inventory Account | 2990 | ||
| Cost Of Good Sold | 2990 | ||
| (Being Excess Amount found In Physical Valuation of Inventory than Book value and transferred to COGS Account) |
| Inventory Account | |||
| Particulars | Dr | Cr | |
| 30.June 2021 | Balance | 34360 | |
| By cost of goods sold | 2990 | ||
| Closing balance | 37350 |
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The following is an alphabetical list of bud’s bakery's adjusted account balances at the end of the company’s fiscal year on November 30, 2021:
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Closing Entries After the accounts have been adjusted at November 30, the end of the fiscal...
Closing Entries
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of Diamond Landscaping Co.:
Retained Earnings
$2,550,000
Dividends
25,000
Fees Earned
1,150,000
Wages Expense
613,750
Rent Expense
120,000
Supplies Expense
9,150
Miscellaneous Expense
11,000
Journalize the two entries required to close the accounts. If an
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Laker Incorporated’s fiscal year-end is December 31, 2021. The
following is an adjusted trial balance as of December
31.
Accounts
Debit
Credit
Cash
$
11,700
Supplies
37,500
Prepaid
Rent
28,500
Accounts
Payable
$
2,700
Notes
Payable
27,000
Common
Stock
38,500
Retained
Earnings
8,700
Dividends
3,700
Service
Revenue
54,300
Salaries
Expense
19,700
Advertising
Expense
12,700
Rent
Expense
9,700
Utilities
Expense
7,700
Totals
$
131,200
$
131,200
note: "income" is not an option for journal entries
Journal entry worksheet < 1...
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Closing Entries
After the accounts have been adjusted at November 30, the end of
the fiscal year, the following balances were taken from the ledger
of Diamond Landscaping Co.:
Retained Earnings
$2,550,000
Dividends
25,000
Fees Earned
1,150,000
Wages Expense
613,750
Rent Expense
120,000
Supplies Expense
9,150
Miscellaneous Expense
11,000
Journalize the two entries required to close the accounts. If an
amount box does not require an entry, leave it blank.
Closing Entries After the accounts have been adjusted at November...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8,000 $136,000 $ 136,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event,...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,400 31,000 22,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 1,400 14,000 32,000 7,400 2,400 55,600 18,400 11,400 8,400 6,400 $110,400 $110,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Laker Incorporated’s fiscal year-end is December 31, 2021. The
following is an adjusted trial balance as of December
31.
Accounts
Debit
Credit
Cash
$
11,700
Supplies
37,500
Prepaid
Rent
28,500
Accounts
Payable
$
2,700
Notes
Payable
27,000
Common
Stock
38,500
Retained
Earnings
8,700
Dividends
3,700
Service
Revenue
54,300
Salaries
Expense
19,700
Advertising
Expense
12,700
Rent
Expense
9,700
Utilities
Expense
7,700
Totals
$
131,200
$
131,200
note: "income" is not an option for journal entries
Journal entry worksheet < 1...
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