Calculate the number of shares of common stock outstanding

Assignment Help Financial Accounting

Reference no: EM131810239

The following transactions were recorded by Becky's Fashion Center during the current year: Sales on account totaled $757, 200.

Cash collected from customers totaled $760.000.

Sales allowances totaled $4.200.

To determine the nature of sales allowances, ask yourself what account do sales allowances affect and what account is related to customers?

Merchandise purchased on account totaled $500,000.

Paid $530.000 to suppliers for merchandise originally purchased on account.

Cost of merchandise sold totaled $497, 400.

Each of the following items were paid.

With the exception of the Store Supplies account, each of these items represent expense accounts: Borrowed $51,000 by issuing a note payable.

Paid $35,000 for the purchase of store equipment.

The following adjustments were made by Becky's Fashion Center during the current year: Store supplies on hand on December 31 (year-end) of the current year totaled $3, 500.

Depreciation is $9,000 on store equipment and $7,000 on delivery equipment.

Interest accrued on the note payable at December 31 totaled $3,000.

Record the amount of income tax expense assuming the income tax rate is 30%.

Use the information shown on this page and found on the opening trial balance to complete the following steps in the accounting cycle.

Prepare journal entries (handwritten, Word or Excel) for the first 9 transactions above.

Post the transaction entries to the 11-column worksheet provided.

Prepare adjusting journal entries (handwritten. Word or Excel) for the 4 adjustments above.

Post the adjusting entries to the worksheet provided and create a 14-column worksheet.

Prepare the financial statements (income statement, statement of retained earnings, and balance sheet) derived from your worksheet (handwritten, Word, or Excel).

Calculate the number of shares of common stock outstanding to calculate Earnings Per Share (EPS).

Prepare closing entries (handwritten, Word or Excel).

Prepare the post-closing trial balance (handwritten, Word, or Excel).

Suggestion: Insert each of the 13 transaction numbers into the post reference columns (PR) found to the left of each debit and credit column to organize your work. C

heek Figures: Cash at December 31= $26, 700; Net Income for the current year = $980.

Reference no: EM131810239

Questions Cloud

Find formula for the cases of the tosses : A coin which lands heads with probability p is tossed repeatedly. Assuming independence of the tosses.

Compute their federal income tax : They have computed that their allowable itemized deductions are $4000. Compute their federal income tax.

Explain what all is involved in calculating the income tax : I am working on Intermediate Accounting homework and my book doesn't explain what all is involved in calculating the income tax.

Management consulting business : Jane Shay operates a management consulting business. The business has been successful and now produces a taxable income of $100,000 per year

Calculate the number of shares of common stock outstanding : To determine the nature of sales allowances, ask yourself what account do sales allowances affect and what account is related to customers?

Materials are entered at the beginning of the process : Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process

Proposed organisational changes in business processes : develop a case study report for CPLS - Common reasons and considerations for organisational change in other organisations

Summarize total assembly department costs for april : Summarize total assembly department costs for April 2014 and assign total costs to units completed (and transferred out) and to units in ending work in process.

What is the expected duration of play : In the game of "odd one out" three people each toss a fair coin to see if one of their coins shows a different face from the other two.

User Account

All Pages