P5-33A preparing a multistep income statement, journalizing closing entries and
ID: 2448256 • Letter: P
Question
P5-33A preparing a multistep income statement, journalizing closing entries and preparing post closing trial balance. The adjusted trial balance of big papi Music company at June 30, 2015 Follows: 1. Operating income $61,300Big papi music company Adjusted trial balance June 30, 2015 Account title Debit Credit Cash $3600 Accounts Receivable $38,800 Merchandise inventory $17,200 Office supplies $200 Furniture $40,000 Accumulated deprearion-furniture $8400 Accounts payable $13,300 Salaries payable $1200 Unearned revenue $6700 Notes payable, long-term $15,000 Papi, capital $36,000 Papi, withdrawals. $40,500 Sales revenue $180,000 Sales returns and allowances $3000 Sales discount. $2000 Cost of goods sold $82,500 Selling expense $19,200 Administrative expense $12,000 Interest expense $1600 Total $260600 $260600
Requirements 1. Prepare big papi multistep income statement for the year ended June 30, 2015 2. Journalize big papi closing entries 3. Prepare a post closing trial balance as of June 30, 2015 P5-33A preparing a multistep income statement, journalizing closing entries and preparing post closing trial balance. The adjusted trial balance of big papi Music company at June 30, 2015 Follows: 1. Operating income $61,300
Big papi music company Adjusted trial balance June 30, 2015 Account title Debit Credit Cash $3600 Accounts Receivable $38,800 Merchandise inventory $17,200 Office supplies $200 Furniture $40,000 Accumulated deprearion-furniture $8400 Accounts payable $13,300 Salaries payable $1200 Unearned revenue $6700 Notes payable, long-term $15,000 Papi, capital $36,000 Papi, withdrawals. $40,500 Sales revenue $180,000 Sales returns and allowances $3000 Sales discount. $2000 Cost of goods sold $82,500 Selling expense $19,200 Administrative expense $12,000 Interest expense $1600 Total $260600 $260600
Requirements 1. Prepare big papi multistep income statement for the year ended June 30, 2015 2. Journalize big papi closing entries 3. Prepare a post closing trial balance as of June 30, 2015 The adjusted trial balance of big papi Music company at June 30, 2015 Follows: 1. Operating income $61,300
Big papi music company Adjusted trial balance June 30, 2015 Account title Debit Credit Cash $3600 Accounts Receivable $38,800 Merchandise inventory $17,200 Office supplies $200 Furniture $40,000 Accumulated deprearion-furniture $8400 Accounts payable $13,300 Salaries payable $1200 Unearned revenue $6700 Notes payable, long-term $15,000 Papi, capital $36,000 Papi, withdrawals. $40,500 Sales revenue $180,000 Sales returns and allowances $3000 Sales discount. $2000 Cost of goods sold $82,500 Selling expense $19,200 Administrative expense $12,000 Interest expense $1600 Total $260600 $260600
Requirements 1. Prepare big papi multistep income statement for the year ended June 30, 2015 2. Journalize big papi closing entries 3. Prepare a post closing trial balance as of June 30, 2015
Explanation / Answer
1. Multistep Income statement:
Amount Amount Sales Revenue 180,000 Less: Sales return and allowance 3,000 Less: Sales discount 2,000 Net Sales 175,000 Less: Cost of goods sold 82,500 Gross Income 92,500 Less: Selling expenses 19,200 Less: Administrative Expenses 12,000 Operating Income 61,300 Less: Interest 1,600 Earnings before tax 59,700Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.