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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
Expert Solution
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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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