Fill This Form To Receive Instant Help
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 1.5 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
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 |