User Account

All Pages

Discuss the balances of the accounts appearing in the ledger

Assignment Help Accounting Basics
Reference no: EM131757768

Instructions On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:

Accumulated Depreciation-Building $742,600
Administrative Expenses 515,600
Building 2,552,350
Cash 170,400
Common Stock 295,050
Cost of Merchandise Sold 3,903,350
Dividends 167,900
Interest Expense 10,200
Merchandise Inventory 1,000,900
Notes Payable 254,900
Office Supplies 20,350
Retained Earnings 1,315,950
Salaries Payable 8,050
Sales 6,618,600
Selling Expenses 706,050
Store Supplies

86,700

I need to create an income summary and this is what I have so far. I just need help with the last 2 lines.

Reference no: EM131757768

Questions Cloud

What does the graph tell us about fuel economy : What does the graph tell us about fuel economy in the city versus on the highway for these car models? Be specific.
Three-fourths of a percentage point : Finally, new issues of A2 public utility bonds pay three-fourths of a percentage point more than previously issued A2 public utility bonds.
Pay for a share of stock : The stock has a beta of 1.4, the risk free rate is 3% and the return on an average stock is 12%. What should you pay for a share of this stock?
Display the last digit of phone numbers : Phone numbers The dotplot below displays the last digit of 100 phone numbers chosen at random from a phone book. Describe the shape of the distribution.
Discuss the balances of the accounts appearing in the ledger : the balances of the accounts appearing in the ledger of Prestige Furnishings Company
How can investors guide against an inflationary economy : How can investors guide against an inflationary economy that may erode the value of their investments?
Average cost of capital will always : A firm's weighted average cost of capital will always remain constant unless a firm retires some of its debt. Is this true or false? Explain why.
What is the bond yield to maturity : You own a 20 year semi annual 8% coupon bond with a face value of $1,000. The current yield of the bond is 8.2%. What is the bond's yield to maturity?
Discuss the ways a realistic budget will benefit the owner : Briefly discuss the ways a realistic budget will benefit the owner of Babycakes versus having no budget at all. Be sure to use Babycakes as the company.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd