Homework Help is Here – Start Your Trial Now!
Business
Accounting
2. Cyber Manufacturers owned by Mr. Ferguson prepares financial statements and closes its accounts at the end of each calendar year. The following adjusted trial balance was prepared at December 31, 2021. Cyber Manufacturers Adjusted Trial Balance December 31, 2021 2$ $ Cash 57,690 12,740 65,090 10,000 196,000 126,000 Notes Receivable Accounts Receivable Inventory (Ending) Land Building Accumulated Depreciation: Building Office Equipment Accumulated Depreciation: Office Equipment Notes Payable Accounts Payable Income Taxes Payable Capital, Ferguson Mortgage Loan Drawings, Ferguson Sales Revenue Advertising Expense Insurance Expense Utilities Expense Purchases Income Taxes Expense Depreciation Expense: Building Depreciation Expense: Office Equipment Administrative Salaries Sales Salaries Purchase Discount Sales Returns and Allowances Sales Discount Purchases Returns and Allowances 33,600 33,600 13,440 112,000 22,680 59,640 49,000 181,300 70,000 487,300 31,500 38,720 15,140 245,280 59,640 4,200 3,360 40,000 20,000 2,000 12,000 5,000 1,045,960 85,000 1,045,96 ТОTAL Note: 20% of Insurance and Utility are for administrative purposes, rest is for selling and distribution. 25% of advertising are for selling and distribution purposes. 20% of Notes Payable is due next year. There was no Beginning Inventory (Beginning Inventory value was $0). Show the Cost of Goods Sold calculation separately. REQUIRED: a. Prepare a multiple-step income statement for the year ended December 31, 2021. b. Prepare an Owner's Equity Statement for the year ended December 31, 2021.

2. Cyber Manufacturers owned by Mr. Ferguson prepares financial statements and closes its accounts at the end of each calendar year. The following adjusted trial balance was prepared at December 31, 2021. Cyber Manufacturers Adjusted Trial Balance December 31, 2021 2$ $ Cash 57,690 12,740 65,090 10,000 196,000 126,000 Notes Receivable Accounts Receivable Inventory (Ending) Land Building Accumulated Depreciation: Building Office Equipment Accumulated Depreciation: Office Equipment Notes Payable Accounts Payable Income Taxes Payable Capital, Ferguson Mortgage Loan Drawings, Ferguson Sales Revenue Advertising Expense Insurance Expense Utilities Expense Purchases Income Taxes Expense Depreciation Expense: Building Depreciation Expense: Office Equipment Administrative Salaries Sales Salaries Purchase Discount Sales Returns and Allowances Sales Discount Purchases Returns and Allowances 33,600 33,600 13,440 112,000 22,680 59,640 49,000 181,300 70,000 487,300 31,500 38,720 15,140 245,280 59,640 4,200 3,360 40,000 20,000 2,000 12,000 5,000 1,045,960 85,000 1,045,96 ТОTAL Note: 20% of Insurance and Utility are for administrative purposes, rest is for selling and distribution. 25% of advertising are for selling and distribution purposes. 20% of Notes Payable is due next year. There was no Beginning Inventory (Beginning Inventory value was $0). Show the Cost of Goods Sold calculation separately. REQUIRED: a. Prepare a multiple-step income statement for the year ended December 31, 2021. b. Prepare an Owner's Equity Statement for the year ended December 31, 2021.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

given below. sir

 

2. Cyber Manufacturers owned by Mr. Ferguson prepares financial statements and closes its accounts at the end of each calendar year. The following adjusted trial balance was prepared at December 31, 2021. Cyber Manufacturers Adjusted Trial Balance December 31, 2021 $ Cash Notes Receivable Accounts Receivable Inventory (Ending) Land Building Accumulated Depreciation: Building Office Equipment Accumulated Depreciation: Office Equipment Notes Payable Accounts Payable Income Taxes Payable Capital, Ferguson Mortgage Loan Drawings, Ferguson Sales Revenue Advertising Expense Insurance Expense Utilities Expense Purchases Income Taxes Expense Depreciation Expense: Building Depreciation Expense: Office Equipment 57,690 12,740 65,090 10,000 196,000 126,000 33,600 33,600 13,440 112,000 22,680 59,640 49,000 181,300 70,000 487,300 31,500 38,720 15,140 245,280 59,640 4,200 3,360 40,000 20,000 Administrative Salaries Sales Salaries Purchase Discount 2,000 Sales Returns and Allowances 12,000 5,000 Sales Discount Purchases Returns and Allowances ΤΟΤAL 85,000 1,045,96 1,045,960 Note: 20% of Insurance and Utility are for administrative purposes, rest is for selling and distribution. 25% of advertising are for selling and distribution purposes. 20% of Notes Payable is due next year. There was no Beginning Inventory (Beginning Inventory value was $0). Show the Cost of Goods Sold calculation separately. REQUIRED: a. Prepare a multiple-step income statement for the year ended December 31, 2021. b. Prepare an Owner's Equity Statement for the year ended December 31, 2021.
Transcribed Image Text:2. Cyber Manufacturers owned by Mr. Ferguson prepares financial statements and closes its accounts at the end of each calendar year. The following adjusted trial balance was prepared at December 31, 2021. Cyber Manufacturers Adjusted Trial Balance December 31, 2021 $ Cash Notes Receivable Accounts Receivable Inventory (Ending) Land Building Accumulated Depreciation: Building Office Equipment Accumulated Depreciation: Office Equipment Notes Payable Accounts Payable Income Taxes Payable Capital, Ferguson Mortgage Loan Drawings, Ferguson Sales Revenue Advertising Expense Insurance Expense Utilities Expense Purchases Income Taxes Expense Depreciation Expense: Building Depreciation Expense: Office Equipment 57,690 12,740 65,090 10,000 196,000 126,000 33,600 33,600 13,440 112,000 22,680 59,640 49,000 181,300 70,000 487,300 31,500 38,720 15,140 245,280 59,640 4,200 3,360 40,000 20,000 Administrative Salaries Sales Salaries Purchase Discount 2,000 Sales Returns and Allowances 12,000 5,000 Sales Discount Purchases Returns and Allowances ΤΟΤAL 85,000 1,045,96 1,045,960 Note: 20% of Insurance and Utility are for administrative purposes, rest is for selling and distribution. 25% of advertising are for selling and distribution purposes. 20% of Notes Payable is due next year. There was no Beginning Inventory (Beginning Inventory value was $0). Show the Cost of Goods Sold calculation separately. REQUIRED: a. Prepare a multiple-step income statement for the year ended December 31, 2021. b. Prepare an Owner's Equity Statement for the year ended December 31, 2021.
с. Prepare a classified balance sheet as of December 31, 2021.
Transcribed Image Text:с. Prepare a classified balance sheet as of December 31, 2021.
Expert Solution
steps

Step by step

Solved in 4 steps with 5 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Reasons for Estate Planning
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS