Comprehensive Problem 2 Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Par

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Comprehensive Problem 2 Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Par

Post by answerhappygod »

Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 1
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 1 (29.99 KiB) Viewed 9 times
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 2
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 2 (29.99 KiB) Viewed 9 times
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 3
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 3 (50.71 KiB) Viewed 9 times
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 4
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 4 (43.63 KiB) Viewed 9 times
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 5
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 5 (38.66 KiB) Viewed 9 times
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 6
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 6 (29.16 KiB) Viewed 9 times
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 7
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 7 (29.28 KiB) Viewed 9 times
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 8
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 8 (21.34 KiB) Viewed 9 times
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 9
Comprehensive Problem 2 Part 9 You Must Complete Parts 1 2 3 4 6 7 And 8 Before Attempting To Complete Part 9 Par 9 (34.53 KiB) Viewed 9 times
Comprehensive Problem 2 Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional... Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the retained earnings account. If an amount box does not require an entry, leave it blank. Description 2018 May 31 May 31 Date Sales Income Summary Income Summary Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Post. Ref. Debit 5,316,205 0 0✓ 0 ✓ 0 0✔ Credit 5,316,205 0 2,991,950 727,800 292,000 ✓ 14,000 9,800 ✓
Cash Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Adjusted Trial Balance Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Dividends May 31, 2018 Debit 84,500 245,875 570,000 ✓ 50,200 ✓ 4,800 4,000 ✓ 569,500 ✓ 0 0 0 0 0✓ 135,000 ✓ Credit 0 0 0 0 0 0 70,700 ✓ 63,150 13,600 ✔ 89,270 100,000 585,300
Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense 0 0 135,000 0 ✓ 2,991,950 ✓ 727,800 ✓ 292,000 ✓ 14,000 ✓ 9,800 12,600 417,700 88,700 ✓ 12,000 ✓ 7,800 ✓ 6,238,225 ✔ 585,300 5,316,205 0 0 0 0 0 0 6,238,225 ✔
Sales Cost of goods sold Gross profit Operating Expenses: Selling expenses: Sales salaries expense Advertising expense Depreciation expense Store supplies expense Miscellaneous selling expense Total selling expenses Administrative expenses: Office salaries expense Rent expense Insurance expense Income Statement For the Year Ended May 31, 2018 Miscellaneous administrative expense 727,800 292,000 14,000 9,800 12,600 417,700 88,700 12,000 7,800 1,056,200 5,316,205 2,991,950 2,324,255
Miscellaneous administrative expense Total administrative expenses Total operating expenses Net Income 2. Prepare a retained earnings statement. Net income Retained Earnings Statement Retained earnings, June 1, 2017 Palisade Creek Co. For the Year Ended May, 2018 Dividends Change in retained earnings Retained earnings, May 31, 2018 741,855 7,800 -135,000 526,200 585,300 606,855 1,192,155 1,582,400 741,855
Current assets: Cash Accounts receivable Inventory Estimated returns inventory Prepaid insurance Store supplies Total current assets Property, plant and equipment: Store equipment May 31, 2018 Assets Accumulated depreciation-store equipment Total property, plant and equipment Total assets Liabilities 84,500 ✓ 245,875 ✔ 570,000 ✓ 50,200 4,800 4,000 569,500 70,700 959,375 ✔ 498,800 1,458,175
Current liabilities: Accounts payable Salaries payable Customers refunds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and Stockholders' Equity Liabilities: Stockholders' Equity 63,150 13,600 89,270 100,000 1,192,155 166,020 1,292,155 1,458,175
Cash Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment May 31, 2018 Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Debit 84,500 245,875 570,000 50,200 4,800 4,000 569,500 0 0 0 0 0 0 1,528,875 ✔ Credit 0✓ 0 0 0 0 70,700 63,150 ✓ 13,600 89,270 100,000 1,192,155 ✔ 1,528,875
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply