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The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31, 20X2: Cash $ 3,995 Accounts Receivable 13,240 Allowance for Doubtful Accounts 120 Inventory-April 1, 20X1 22,800 Prepaid Insurance 360 Supplies on Hand 520 Equipment 15,000 Accumulated Depreciation-Equipment 4,500 Accounts Payable 11,870 Taxes Payable 390 Capital Stock 25,000 Retained Earnings 11,920 Dividends 9,000 Sales 89,490 Sales Returns and Allowances 920 Sales Discounts 1,330 Purchases 56,320 Purchase Returns and Allowances 490 Purchase Discounts 1,125 Transportation-In 880 Sales Salaries 11,800 Rent Expense 3,600 Advertising Expense 2,700 Utilities Expense 1,880 Maintenance Expense 560 Additional data: a. Merchandise inventory at March 31, 20X2, was $23,300. b. The Allowance for Doubtful Accounts should be increased by $600. c. Prepaid insurance represents a three-year policy purchased April 1, 20X1. d. Supplies on hand were estimated to be $170 on March 31, 20X2. e. The cost of the equipment is being depreciated over a 15-year estimated life using the straight-line method. Salvage value should be ignored. f. Unpaid sales salaries on March 31, 20X2, amounted to $200. REQUIRED: 1. Prepare a work sheet. (Adjusted trial balance columns may be omitted.) 2. Prepare an income statement. 3. Prepare a statement of retained earnings. 4. Prepare a balance sheet. 5. Prepare the closing entries.
Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios.
In Excel, I need help with formulas
Received and paid the telephone bill for $231 including GST
office supplies on hand at year end amounted to 3000
How to prepare the worksheet Look carefully at worksheet in the text. Remember that it is an informal working paper used to prepare financial statements. Place transparenci
Assume in Balance sheet Furniture is given @ rs.1200000. and an adjustment tells that half of the building is used for residential purpose... then what is treatment in accounts?
Accounting Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary sys
Ask queMary Lapointe, the Chief Financial Officer of your Northern Travel Experience company, has advised that the company will be opening an office in Nunavut this year. The offic
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
Research the major funds of your state or local government and nonprofit organizations. • What are the major funds of your state or local government, and how do they differ in n
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