Prepare a multiple-step income statement

Assignment Help Financial Accounting
Reference no: EM13522086

The trial balance of Mr. Eko Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.

MR. EKO FASHION CENTER

Trial Balance

November 30, 2012


Debit

Credit

Cash

$ 8,700


Accounts Receivable

30,700


Inventory

44,700


Supplies

6,200


Equipment

133,000


Accumulated Depreciation-Equipment


$ 28,000

Notes Payable


51,000

Accounts Payable


48,500

Owner's Capital


90,000

Owner's Drawings

12,000


Sales Revenue


755,200

Sales Returns and Allowances

8,800


Cost of Goods Sold

497,400


Salaries and Wages Expense

140,000


Advertising Expense

24,400


Utilities Expense

14,000


Maintenance and Repairs Expense

12,100


Freight-out

16,700


Rent Expense

24,000


Totals

$972,700

$972,700

Adjustment data:

1. Supplies on hand totaled $2,000.

2. Depreciation is $11,500 on the equipment.

3. Interest of $4,000 is accrued on notes payable at November 30.

4. Inventory actually on hand is $44,400.

Instructions

a) Enter the trial balance on a worksheet, and complete the worksheet.

b) Prepare a multiple-step income statement and an owner's equity statement for the year, and a classified balance sheet as of November 30, 2012. Notes payable of $20,000 are due in January 2013.

c) Journalize the adjusting entries.

d) Journalize the closing entries.

e) Prepare a post-closing trial balance.

Reference no: EM13522086

Questions Cloud

Explain the maximum mass in grams of aluminum chloride : What is the maximum mass in grams of aluminum chloride that could be obtained from 2.50 mol of barium chloride and excess aluminum sulfate
Find how low long was the ball in the air : A golf ball leaves the tee at an angle of 42° from the horizontal and strikes the ground 240 yd, down range on a level golf course. How low long was the ball in the air
Why do you think engaging with a spiritual realm : Why do you think engaging with a spiritual realm remains important for Taoists and Confucians? How is this similar to or different from Buddhism, which also claims it is not necessary to believe in god or gods in order to achieve enlightenment?
What is the velocity of recoil of the nucleus : The nucleus of an atom of radium (mass 3.77 X 10-25 kg) suddenly ejects an alpha particle (mass 6.68 X 10-27 kg) of an energy of 7.26 X 10-16 J. What is the velocity of recoil of the nucleus
Prepare a multiple-step income statement : Prepare a multiple-step income statement and an owner's equity statement for the year, and a classified balance sheet as of November 30, 2012. Notes payable of $20,000 are due in January 2013.
Central emotional experience of kierkegaards philosophy : The central emotional experience of Kierkegaard's philosophy and life was: "Existential dread" is the: For Kierkegaard and his Pietist associates, to believe in God is to: The price of salvation, according to Kierkegaard's variety of Protestantism, i..
What fraction of a volume of helium gas at stp : The helium atom has a volume of about 3x10^(-30) m^3. What fraction of a volume of helium gas at STP is actually occupied by molecules
Explain An unknown metal m was completely burned in o2 : A 4.000 g sample of an unknown metal, M, was completely burned in excess O2 to yield 0.02225 mol of the metal oxide, M2O3. What is the metal?
Enter trial balance on a worksheet and complete worksheet : Operating expenses incurred on account, but not yet recorded, total $1,500 - Enter the trial balance on a worksheet and complete the worksheet.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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