Preparing income statementnbsp and retained earnings

Assignment Help Financial Accounting
Reference no: EM13356102

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

$3,381

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

$5,000

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

$1,400

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

$2,000

117 Store Supplies

$1,060

616 Store Supplies Expense

$1,540

141 Trademarks

$500

 

 

$488,062

$488,062

 

Reference no: EM13356102

Questions Cloud

Liquidation lifo inventory at the year end and effect on : liquidation lifo inventory at the year end and effect on pretax income.nbspthe company is engaged in the manufacture
Compute project initialnpv and cash flowinterco machinery : compute project initialnpv and cash flowinterco machinery inc. is evaluating the acquistion of a new production
Shareholders equity section from the image file detailsavon : shareholders equity section from the image file details.avon products inc. the cosmetics company had the following
Shareholders equity section from the image file : shareholders equity section from the image file details.assume dollar general stores inc. is authorized to issue 500000
Preparing income statementnbsp and retained earnings : preparing income statementnbsp and retained earnings statement and balance sheetnbsp and calculate certain ratios
Multiple choice questions related to price raise by : multiple choice questions related to price raise by supplier and the debit and credit.1 lunds balloon company has 2500
Multiple choice questions related to book value and : multiple choice questions related to book value and reinsurance1. on july 1 year 1 pampg company purchased 24000 of
Prepare a cash budget for the first two quartersterrys : prepare a cash budget for the first two quartersterrys equipment center has been organized to sell a line of lawn and
Effect of financing on earnings per share advantages and : effect of financing on earnings per share advantages and disadvantages of each plan.three different plans for financing

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