Computer Project Compability Mode Excel Insert Draw Page Layout Formulas Data Re

Question

Computer Project Compability Mode Excel Insert Draw Page Layout Formulas Data Revie View Help Tell me what you want to do Copy ormat panter x-/?| sales Salaries Expense Unadjusted 8 Accounts Recevab 277,000 Plowance for Doubiful Accounts 22,760 242 500 Prepad Insurance 6 875 3200 20.050 13 Prepaad Rent 4 Sore Supplies Store Equipment Store E 21 Accounts Payable 3,300 10,000 24 Utiios Payabke 3.300 Uneamed Consuhing Reverue 26 Uneamed Rent Revenue 27 Note Payable 28 Common Slock 29 Retained 30 Divdends 12,000 188, 820 33 Rent Rover 6.000 4 Inberest Revenue ales Heturns 2.000 Worksheet(1) ing Entries Statement of E4)Baliance Sheens) Closing Entries)O O Type here to search acer

Explanation / Answer

Income Statament Sales 9,70,000 Less Sales return 12,000 Less Sales discount 6,300 Net Sales 9,51,700 Less COGS 4,00,000 Gross Profit 5,51,700 Less Sales Salaries Expenses 2,78,030 Office Salaries Expenses 1,52,020 Miscellaneous Adminstrative Expenses 4,500 Miscellaneous Selling Expenses 8,970 Depreciation Expense- Store Equipment 20,400 Depreciation Expense- Office Equipment 16,000 Store Supplies Expenses 44,350 Office Supplies Expenses 3,700 Rent Expense 7,200 Insurance Expense 8,125 Interest Expense 917 Bad Debt Expense 13,960 Utilities Expenses- store 1,980 Utilities Expenses- Office 1,320 Operating Income -9,772 Add: Non Operating Revenue Consulting revenue 40,000 Rent revenue 6,000 Interest revenue 20 Net Profit 36,248 Balance Sheet Current Assets Amount Current Liabilities Amount    Cash 36,000    Accounts Payable 48,000 Accounts receivable 2,87,000 Salaries Payable 5,050    Less: Allowance for doubtful accounts 22,760 2,64,240 Prepaid Rent 3,200    Interest Payable 917 Interest receivable 20 Liabilities payable 3,300 Merchandize inventory 2,42,500 Unearned Consulting Revenue 10,000 Prepaid Insurance 6,875 Unearned Rent Revenue 6,000 Notes Payable 25,000 Office supllies 2,850 Store Supplies 20,050 Notes receivable 2,500 Dividend 12,000 Long-term Liabilities    Long-term Notes Payable Property, Plant, and Equipment    Long-term Borrowings    Land 0    Bonds Payable    Buildings 0    Less: Accumulated Depreciation Stockholders' Equity Store Equipment 1,20,000    Preferred Stock    Less: Accumulated Depreciation 56,400 63,600    Common Stock 3,00,000 Office Equipment 32,000    Additional Paid-in Capital, Preferred Stock    Less: Accumulated Depreciation 16,000 16,000    Additional Paid-in Capital, Common Stock    Retained Earnings 1,88,820 Add: Net Profit 36,248 2,25,068 6,46,585 6,46,585

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