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Homework answers / question archive / FALL TERM Questions My Sit) 1410 A Deporter Ad De 100 1 13 Cost of Good God Delytapene Deep 1710 1

FALL TERM Questions My Sit) 1410 A Deporter Ad De 100 1 13 Cost of Good God Delytapene Deep 1710 1

Accounting

FALL TERM Questions My Sit) 1410 A Deporter Ad De 100 1 13 Cost of Good God Delytapene Deep 1710 1.5 L. Inst Interest Loss on Sale og Los on Decline of eventos Mechando Miscellaneous Geonpense Miscellange Office Budins Ole Rent per On Sales 11.500 USD Retailed Earning Sales Sales Reven Sales Discount Sales Returns and Allowance 3.500 1.500 0.900 Share Capital Store Equipment Supplies Supplies Lapene Tax Expense Taxes Puyabile
FALL TERM Question & Below are the accountances from HO Company for the year 2031 heading but before cls. Ing entries in alphabetical ordet. All counts have normal balances. You required to prepare a proper statement financial position and income statement for the company. (Multiple Siep) 21.100 1.610 4800 15.000 13300 195.SOO 5.300 950 1.710 1.540 1.200 1.000 200 53_500 Account Water Acro Royable Accounts Receivable Accumulated Deper Office Building Accumulated Depe-Store Equipment Allowance for Decline in Value of Inventories Bank Loan Cash Cost of Goods Sold Delivery Expense (freight out) Depreciation Expense-Office Building Depreciation Expense Store Equipament Insurance Expense Interest Expense Loss on Sale of Equipment Loss on Decline of Inventores Merchandise Inventory Miscellaneaus General Expense Miscellaneaus Selling Expense Office Building Office Rent Expense Ofbce Salaries Prepald Insurance Prepaid Rent Retained Earnings Salaries Payable Sales (Sales Revenue) Sales Discounts Sales Returns and Allowances Sales Salaries Share Capital Store Equipment Supplies Supplies Expense Tax Expense Taxes Payable 860 24.600 6.000 11.600 5.380 9.500 75.620 360 350.000 3.500 1.500 26.200 50.000 40.900 5.420 720 27.180 27.180

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  •   Income statement        
              $ $ $  
      Sales         350000    
      Less:              
      Sales discounts       3500      
      Sales returns and allowances       1500 5000    
      Net sales           345000  
      Less: Cost of goods sold           195800  
      Gross profit           149200  
      Less:Operating expenses              
      Selling expenses              
      Delivery expense       5300      
      Depreciation expense-Store equipment       1710      
      Sales salaries       26200      
      Miscellaneous selling expense       860 34070    
      Administrative expenses              
      Depreciation expense-Office building       950      
      Insurance expense       1540      
      Office rent expense       6000      
      Office salaries       11600      
      Supplies expense       720      
      Miscellaneous general expense       1320 22130 56200  
      Operating income           93000  
      Other revenues/(expenses):              
      Interest expense         -1200    
      Loss on sale of equipment         -1000    
      Loss on decline of inventories         -200 -2400  
      Income before taxes           90600  
      Less:Tax expense           27180  
      Net income           63420  
                     
          Statement of financial position    
                $ $ $
        Assets            
      Current assets:              
      Cash           13200  
      Accounts receivable           43390  
      Supplies           5420  
      Merchandise inventory         53500    
      Less:Allowance for decline in value of inventories         200 53300  
      Prepaid insurance           5360  
      Prepaid rent           9500  
      Total current assets             130170
      Long-term assets:              
      Office building         24600    
      Less:Accumulated depr-Office building         1610 22990  
      Store equipment         40900    
      Less:Accumulated depr-Store equipment         4800 36100  
      Total long-term assets             59090
      Total assets             189260

     

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