1. Prepare an income statement for the year ended December 31, 2009, and a classified balance sheet as of December 31, 2009. 2. Prepare the necessary closing entries at December 31, 2009. American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2009. Account Title Debits Credits Retained earnings 80,000 Sales revenue 750,000 Interest revenue 3,000 Cost of goods sold 420,000 Salaries expense 100,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 5,000 6,000 Insurance expense Prepare the necessary closing entries at December 31, 2009.

1. Prepare an income statement for the year ended December 31, 2009, and a classified balance sheet as of December 31, 2009. 2. Prepare the necessary closing entries at December 31, 2009. American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2009. Account Title Debits Credits Retained earnings 80,000 Sales revenue 750,000 Interest revenue 3,000 Cost of goods sold 420,000 Salaries expense 100,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 5,000 6,000 Insurance expense Prepare the necessary closing entries at December 31, 2009.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 7PEA: Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting...

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The financial statements of the Sunland Company reports net sales of $438450 and accounts receivable of $80000 and $31000 at the beginning of the year and end of year, respectively. What is the accounts receivable turnover for Sunland Company?
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