Calculate the cost of goods sold for buckler inc

Assignment Help Financial Accounting

Reference no: EM13988248

Question #1:

Your assistant has prepared the following Adjusted Trial Balance data for Lepper Company on December 31, 2015. The accounts are arranged in alphabetical order.

Accounts payable $31,000 Land $69,600

Accounts receivable 62,200 Long-term Investment 12,600

Accumulated Depreciation-Bldg. 19,800 Mortgage payable (due 2025) 48,000

Depreciation expense 4,300 Note payable (short-term) 15,000

Building 72,000 Other expenses 13,000

Cash 24,000 Prepaid insurance 500

Common shares 86,500 Retained earnings 30,000

Cost of goods sold 120,000 Salaries & Wages Expense 60,000

Dividends 12,400 Salaries & wages payable 3,000

Dividends payable 4,000 Sales Revenue 240,000

Insurance expense 1,400 Selling expenses 29,400

Income tax expense 8,000 Misc. Service Fees Earned 33,100

Income tax payable 2,000 Supplies 800

Interest expense 1,700 Supplies expense 2,000

Interest payable 300 Unearned revenue 1,200

Inventory 20,000

Required:

a. Prepare a Multi-Step Income Statement for the year ended Dec 31, 2015.

b. Prepare a Classified Statement of Financial Position/Balance Sheet as at Dec 31, 2015.

Question# 2: The following alphabetical listing of accounts was taken from the general ledger of Buckler Inc. on September 30, 2015. Each account contains the balance normally attributable to that type of account (for example, Cash normally has a debit balance).

Accounts Payable $34,385

Accounts Receivable 36,480

Accumulated Depreciation - Equipment 12,000

Advertising Expense 4,100

Capital Stock (Common Shares) 50,000

Cash 26,345

Depreciation Expense - Equipment 2,500

Dividends 8,000

Equipment 49,500

Income Tax Expense 1,250

Income Tax Payable 1,550

Inventory, October 1, 2014 7,325

Inventory, September 30, 2015 9,840

Inventory Purchases 93,600

Prepaid Rent 4,000

Rent Expense 4,600

Retained Earnings 32,370

Sales 133.600

Sales Returns 1,895

Salaries Expense 22,900

Utilities Expense 2,100

Wages & Salaries Payable 690

Required:

(1) Calculate the Cost of Goods Sold for Buckler Inc. for the year ended September 30, 2015.

(2) Prepare a Multi-Step Income Statement for Buckler Inc. for the year ended Sept 30, 2015.

(3) Prepare a Classified Statement of Financial Position/Balance Sheet as at September 30, 2015.

Question# 3

The following accounts and balances are taken from the records of Beta Inc. relating to the year ending August 31, 2015:

Accounts payable		24,800
Accounts receivable		31,200
Accumulated depreciation - equipment		24,000
Cash		5,000
Common shares		27,800
Cost of goods sold		116,800
Depreciation expense - equipment		4,000
Dividends		6,000
Equipment		30,000
Income tax expense		4,250
Income tax payable		480
Insurance expense		5,000
Interest expense		8,720
Interest revenue		640
Inventory		63,960
Land		80,000
Loan payable, (due February 2016)		74,000
Marketing expense		18,800
Office supplies		920
Office supplies expense		3,040
Other expenses		1,000
Prepaid insurance		4,800
Sales Revenue		256,000
Rent expense		18,000
Retained earnings, (Sept 1, 2014)		18,370
Salaries expense		52,800
Salaries payable		2,800
Utilities expense		4,600
Unearned revenues		30,000

Required:

a) Prepare the Income Statement using the Multi-Step format.

b) Prepare a Statement of Changes in Equity for the year ended August 31, 2015.

c) Prepare a Classified Statement of Financial Position / Balance Sheet at Aug 31, 2015.

Reference no: EM13988248

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