all the requirements chapter 5 Learning Objectives 4, 5 1 Operating income 567.9
ID: 2568954 • Letter: A
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all the requirements
chapter 5 Learning Objectives 4, 5 1 Operating income 567.900 statement, journalizing closing income P5-36A g a multi-step i Preprin and preparing a post-closing trial balance The adjustel trial balance of Rachael Rey Music Company at June o RACHAEL REY MUSIC COMPANY Adjusted Trial Balance June 30, 2018 Balance Debit Account Title 5 4,000 38,400 18,100 Accounts Receivable Merchandise Inventory Office Supplies 39,900 8,200 13,800 lated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Rey, Capital Rey, Withdrawals Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Interest Expense 17,000 40,000 184,000 18,600 1,900 s 258,700 258,700 Requirements 1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018. 2. Journalize Rachacl Rey's closing entries 3. Prepare a post-closing trial balance as of June 30, 2018.Explanation / Answer
Answer 1 Rachael Rey's Multi-step income statement for the year ended June 30,2018 Sales Revenue $184,000 Cost of goods sold $85,500 Gross Profit $98,500 Operating Expenses Selling Expenses $18,600 Administrative Expenses $12,000 Total Operating Expenses $30,600 Operating Income $67,900 Non Operating or other Interest Expense $1,900 Total Non Operating $1,900 Net Income $66,000 Answer 2 Rachael Rey's Closing Entries Account Title Debit Credit Sales Revenue $184,000 Income Summary $184,000 (transfer of revenue) Income Summary $118,000 Cost of goods sold $85,500 Selling Expense $18,600 Administrative Expenses $12,000 Interest Expense $1,900 (transfer of expenses) Income Summary $66,000 Rey Capital $66,000 (transfer of net income) Answer 3 Post closing Trial balance as of June 30,2018 Account Title Debit Credit Cash $4,000 Accounts Receivable $38,400 Merchandise Inventory $18,100 Office Supplies $300 Furniture $39,900 Accumulated depreciation - Furniture $8,200 Accounts Payable $13,800 Salaries Payable $850 Unearned Revenue $7,500 Note Payable ,Long term $17,000 Rey Capital $93,350 Rey Withdrawals $40,000 Total $140,700 $140,700
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