The worksheet of Alec’s Office Supplies contains the following owner’s equity accounts. Use this data and the net income determined in Exercise 13.3 to prepare a statement of owner’s equity for the year ended December 31, 2013. No additional investments were made during the period.
ACCOUNTS
301 | Alec Patel, Capital | $62,760 Cr. |
302 | Alec Patel, Drawing | 40,200 Dr. |
Exercise 13.3
The worksheet of Alec’s Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this firm for the year ended December 31, 2013. The merchandise inventory amounted to $58,775 on January 1, 2013, and $51,725 on December 31, 2013. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.
ACCOUNTS
401 | Sales | $245,600 Cr. | |
451 | Sales Returns and Allowances | 4,250 Dr. | |
491 | Miscellaneous Income | 300 Cr. | |
501 | Purchases | 102,600 Dr. | |
502 | Freight In | 1,875 Dr. | |
503 | Purchases Returns and Allowances | 3,500 Cr. | |
504 | Purchases Discounts | 1,700 Cr. | |
611 | Salaries Expense—Sales | 44,300 Dr. | |
614 | Store Supplies Expense | 2,210 Dr. | |
617 | Depreciation Expense—Store Equipment | 1,410 Dr. | |
631 | Rent Expense | 12,500 Dr. | |
634 | Utilities Expense | 2,900 Dr. | |
637 | Salaries Expense—Office | 20,100 Dr. | |
640 | Payroll Taxes Expense | 5,000 Dr. | |
643 | Depreciation Expense—Office Equipment | 470 Dr. | |
646 | Uncollectible Accounts Expense | 620 Dr. | |
691 | Interest Expense | 540 Dr. | |
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.