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

Balane sheet Assets Amount Liabilities and Equity Amount Current assets: Current liabilities: Cash 36000 Accounts payable 48000 Accounts receivable 287000 `Salaries payable 5050 Less: Allowance 22760 264240 Interest payable 917 Interest receivable 20 Utilities payable 3300 Merchandise inventory 242500 Unearned consulting revenue 10000 Prepaid insurance 6875 Unearned rent revenue 6000 Prepaid rent -3200 Note payable 25000 Store supplies -20050 Total 98267 Office supplies 2850 Notes receivable 2500 Equity: Total current assets 531735 Common stock 300000 Retained earnings 213068 Fixed assets: Total equity 513068 Store equipment 120000 Less: Acc.dep 56400 63600 Office equipment 32000 Less: Acc.dep 16000 16000 Total fixed assets 79600 Total 611335 Total 611335 Statement of retained earnings: Beginning balance 188820 Add:Net income (Note:1) 36248 225068 Less: Dividend 12000 Ending balance 213068 Note: 1. Net income Sales revenue 970000 Consulting revenue 40000 Rent revenue 6000 Interest revenue 20 Total revenue 1016020 Less: Sales return and allowances 12000 Sales discounts 6300 18300 Net revenue 997720 Less: Cost of goods sold 400000 Sales salaries expense 278030 Office salaries expense 152020 Misc. admin exp 4500 Misc. selling exp 8970 Dep exp-Stores 20400 Dep exp-Office 16000 Store supplies exp 44350 office supplies exp 3700 Rent exp 7200 Insurance exp 8125 Interest exp 917 Baddebt exp 13960 Utilities exp-store 1980 Utilities exp-office 1320 961472 Net income 36248

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