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Homework answers / question archive / Task 2
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 |
