DEBITCREDIT Cash Accounts Receivab Allowance for Doubtful Accounts Short term No
ID: 2576959 • Letter: D
Question
DEBITCREDIT Cash Accounts Receivab Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable 5,000 8,4601 250 Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights 100 50 3,000 150 10,720 1,800 600 300 65 150 1,200 Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/17) Dividends 400 3,160 2,500 48,895 30 75 Sales Returns& Allowances Cost of Goods Sold Depreciation Expense Amortization Expense Wages Expense Rent Expense 300 8F00 300 6,500 100 250 850 Supplies Expense Selling Expense Interest Expense Interest Revenue Income Tax Expense Totals 165 760 985 62,985Explanation / Answer
Income statement
balance sheet
sales
48895
Assets
less sales discount
75
current assets
less sales return
30
cash
5000
net sales
48790
Account receivables net
8210
less cost of goods sold
20750
short term notes receivables
500
gross profit
28040
interest receivables
100
less operating expenses
10090
supplies
50
bad debt
30
inventory
3000
depreciation
770
prepaid expenses
150
amortization expense
90
total of current assets
17010
wages expense
6500
equipment net off accumulated depreciation
10720-1800
8920
office expense
1500
copyrights
600
rent expense
100
supplies
250
total of assets
26530
selling expense
850
operating profit
17950
liabilities and shareholders equity
interest income
165
current liabilities
interest expense
200
accounts payable
300
profit before tax
17915
interest payable
65
less tax
760
unearned revenue
150
net income
17155
total of current liabilities
515
long term notes payable
1200
statement of retained earnings
opening balance
3160
total of liabilities
1715
add net income
17155
shareholders equity
less dividend
2500
common stock
6600
closing balance in retained earning
17815
paid in capital in excess of cs
400
retained earnings
17815
total of shareholders equity
24815
total of liabilities and shareholders equity
26530
Income statement
balance sheet
sales
48895
Assets
less sales discount
75
current assets
less sales return
30
cash
5000
net sales
48790
Account receivables net
8210
less cost of goods sold
20750
short term notes receivables
500
gross profit
28040
interest receivables
100
less operating expenses
10090
supplies
50
bad debt
30
inventory
3000
depreciation
770
prepaid expenses
150
amortization expense
90
total of current assets
17010
wages expense
6500
equipment net off accumulated depreciation
10720-1800
8920
office expense
1500
copyrights
600
rent expense
100
supplies
250
total of assets
26530
selling expense
850
operating profit
17950
liabilities and shareholders equity
interest income
165
current liabilities
interest expense
200
accounts payable
300
profit before tax
17915
interest payable
65
less tax
760
unearned revenue
150
net income
17155
total of current liabilities
515
long term notes payable
1200
statement of retained earnings
opening balance
3160
total of liabilities
1715
add net income
17155
shareholders equity
less dividend
2500
common stock
6600
closing balance in retained earning
17815
paid in capital in excess of cs
400
retained earnings
17815
total of shareholders equity
24815
total of liabilities and shareholders equity
26530
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