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Preparing income statement and retained earnings statement and balance sheet and calculate certain ratios required by the image file details.
From the attached information prepare: a multi-step income statement, a basic retained earnings statement and a classified balance sheet for:
The Crows Nest For the year ended December 31st
Additional Data
Accounts Receivable Balance--Jan 1 was $32,400 Merchandise Inventory Balance --Jan 1 was $64,800 Accounts Payable Balance--Jan 1 was $24,777 Monthly Mortgage Payments are $550 Retained Earnings Balance--Jan 1 was $43,933 The stock had a par value of $10; 10,000 shares are authorized Current Market Price of Stock is $34.50
In addition to the three statements, compute two ratios from each of the ratio categories covered in Class/shown on the handout.
Adjusted Trial Balance
Title: Credit
Debit
(Acc. #)133 Acc. Depr-Building
$8,640
135 Acc. Depr- Delivery Equipt
$9,450
137 Acc. Depr. Office Equipt
$5,000
212 Accounts Payable
$25,683
114 Accounts Receivable
$35,300
614 Advertising Expense
$10,000
132 Building
$20,650
111 Cash
$10,360
311 Common Stock
$50,000
134 Delivery Equipt.
$18,400
613 Delivery Expense
$5,700
617 Depr. Expense Building
$2,600
618 Depr. Expense- Delivery Equipt
$5,200
624 Depr. Expense- Office Equipt
$2,200
313 Dividends
$ 20,000
512 Freight-In
$8,236
315 Income Summary
$4,400
214 Income Tax Payable
$3,381
619 Income Taxes
622 Insurance Expense- General
$4,200
615-Insurance Expense- Selling
$1,600
811-Interest Expense
$2,631
711- Interest Income
$1,400
121-Land for future Use
131- Land (currently in use)
$4,500
115-Merchandise Inventory
$60,400
221-Mortgage Payable
$17,800
211 Notes Payable
$15,000
113 Notes Receivable
$8,000
136 Office Equipt
$8,600
623 Office Salaries Expense
$26,900
118 Office Supplies
$636
625 Office Supplies Expense
$1,204
312 Paid In -Excess of Par
$6,619
116 Prepaid Insurance
$ 6,600
511 Purchases
$168,624
512 Purchases Discounts
513 Purchases Returns
$600
612 Rent Expense
$5,600
314 Retained Earnings
$43,933
213 Salaries Payable
$2,000
411 Sales
$297,156
412 Sales Discounts
$3,200
413 Sales Returns
$6,300
611 Sales Salary Expense
$22,500
112 Short Term Investment
117 Store Supplies
$1,060
616 Store Supplies Expense
$1,540
141 Trademarks
$500
$488,062
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