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Task 2

Accounting

Task 2.1- Single-stage or multi-stage income and expense statements.

Part 1. The company Muebles de la Montaña has the following transactions in its ledger. Make a multiple-step income statement. Tax 20%.

ACCOUNT

BALANCE

ACCOUNT

      BALANCE

Cash

$75,000

Sales

$1,650,000

Accumulated Depreciation-Truck

15,000

Account Receivable

 

50,000

Building

550,000

Note Payable

45,000

Truck

35,000

Joe Doe, Capital

500,000

Cost of Merchandise Sold

650,000

Joe Doe, Drawings

20,000

Advertising Expense

12,000

Administrative Expense

3,300

Utilities Expense

1,200

Telephone Expense

2,000

Supplies

4,500

Salaries Expense

29,000

Salaries Payable

3,000

Equipment

26,000

 

Part 2. Prepare a single-stage income and expense statement (one-step income statement) for a computer sales and equipment rental company. Tax 30%.

ACCOUNT

BALANCE

Sales

$ 6,110,760

Interest Expense

1,550

Administrative Expense

10,500

Cost of Merchandise Sold

3,550,000

Advertising Expense

3,500

Rent Revenue

24,000

Merchandise Inventory

7,000,000

Utilities Expense

4,500

 

 

 Part 3. Prepare a single-stage income and expense statement for an auto parts sales company. Tax 25%.

Accumulated Depreciation-Building

$18,000

Account Receivable

$52,000

Building

500,000

Note Payable

54,000

Sales

8,020,000

Joe Doe, Capital

800,000

Cost of Merchandise Sold

620,000

Joe Doe, Drawings

18,000

Merchandise Inventory

230,000

Administrative Expense

7,500

Utilities Expense

1,700

Telephone Expense

2,000

Supplies

4,800

Salaries Expense

15,000

Salaries Payable

9,000

Equipment

30,000

 

 

Task 2.2- Balance sheet and capital status.

 

Read the following situation and do the exercises below.

The company Computadoras Caribe, after making the adjustments in March, has the following balances on the books, which are found in the following adjusted trial balance:

1. Prepare a single-step income statement.

2. Prepare the capital statement (statement of owner’s equity).

3. Prepare the balance sheet.

 

Computadoras Caribe
Adjusted Trial Balance
Period ending March 31, 2020

Account title

Ref.

Debit

                 Credit

Cash

  

$27,560

  

Account Receivable

  

18,065

  

Supplies

  

60,500

 

Building

  

184,500

  

Acc. Depreciation-Building

    

                 $22,000

Equipment

  

45,600

  

Acc. Depreciation-Equipment

    

                 5,800

Account Payable

    

                 29,200

Salary Payable

    

                3,500

Interest Payable

    

                1,000

Unearned Sales Revenue

    

                7,000

Note Payable, Long Term

    

                   85,000

J. Ayala, Capital

    

                  180,000

J. Ayala, Withdrawals

  

500

  

Sales Revenue

    

                  160,000

Sales Discounts

  

6,200

  

Sales Return and Allowances

  

7,600

  

Cost of Goods Sold

  

102,000

  

Selling Expense

  

18,400

  

General Expense

  

20,075

  

Interest Expense

  

2,500

  

Total

  

493,500

                  493,500

 

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