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You are an accountant for the flower shoppe your supervisor

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Reference no: EM13379590

You are an accountant for The Flower Shoppe. Your supervisor has asked you to help her prepare the year-end financial statements. Before you do, she wants to ensure that you understand some main points.

  1. Explain the following:
    • The elements of the balance sheet, their purposes, and how to measure them
    • The elements and purpose of the statement of changes in stockholder's equity
  2. Based on the adjusted trial balance and additional information, prepare the following in an Excel file to give to the controller for review:
    • Balance sheet
    • Income statement
    • Statement of retained earnings
    • Statement of cash flows

The following is additional information about the Flower Shoppe that is needed for financial-statement preparation:

  • Net income for the year ended December 31, 2008 was $10,845.
  • Changes from the prior year's balances included the following:
    • a decrease in accounts receivable of $300.
    • a decrease in inventory of $450.
    • an increase in accounts payable of $250.
    • an decrease in accrued expenses of $100.
  • Land was purchased in April for $3,500.
  • Cash as of January 1, 2008 was $10,105.

The Flower Shoppe

Adjusted Trial Balance

December 31, 2008

Debit

Credit
Cash

$22,750
Accounts Receivable

3,200
Inventory

8,000
Land

27,000
Building

56,000
Accumulated Depreciation

16,800
Accounts Payable

4,600
Accrued Expenses

2,500
Common Stock

20,000
Additional Paid-in Capital

10,000
Dividends

1,200
Retained Earnings

53,405
Sales

112,020
Returns

1,300
Purchases

47,000
Salaries

38,000
Supplies

870
Utilities

5,225
Telephone

2,850
Bank Charges

330
Depreciation Expense

5,600

$219,325

$219,325

Reference no: EM13379590

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