3. From the partial worksheet shown on the next page, prepare an income statement. You will need to use 4 columns for this Income Statement. Add in some discounts: Discount allowed: $1025.25 Discounts earned: $427.57 Master Security Systems Accounts Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accum. Depreciation - Equipment Automobiles Accum. Depreciation - Automobiles Accounts Payable HST Payable HST Recoverable Bank Loan A. Kiriella, Capital A. Kiriella, Drawings Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-in Advertising Expense Bank Charges Expense Car Expense Delivery Expense General Expense Rent Expense Telephone Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Worksheet 4 Net Income Depreciation Expense - Automobiles Depreciation Expense - Equipment Year Ended December 31, 20- Income Statement Balance Sheet Debit Credit Debit Credit 45957- 43500- 4092 7531620 1592- 1585- 2685- 8356- 569521 163225 12000- 111533 3875 25 47256 32 2563- 24171 7424- 6086 229350 50 762190 229 647 56 28047240 50824 84 280472 40 28047240

3. From the partial worksheet shown on the next page, prepare an income statement. You will need to use 4 columns for this Income Statement. Add in some discounts: Discount allowed: $1025.25 Discounts earned: $427.57 Master Security Systems Accounts Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accum. Depreciation - Equipment Automobiles Accum. Depreciation - Automobiles Accounts Payable HST Payable HST Recoverable Bank Loan A. Kiriella, Capital A. Kiriella, Drawings Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-in Advertising Expense Bank Charges Expense Car Expense Delivery Expense General Expense Rent Expense Telephone Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Worksheet 4 Net Income Depreciation Expense - Automobiles Depreciation Expense - Equipment Year Ended December 31, 20- Income Statement Balance Sheet Debit Credit Debit Credit 45957- 43500- 4092 7531620 1592- 1585- 2685- 8356- 569521 163225 12000- 111533 3875 25 47256 32 2563- 24171 7424- 6086 229350 50 762190 229 647 56 28047240 50824 84 280472 40 28047240

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4
Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: Purchases $100 Purchase discounts $2 Beginning Inventory $10 Purchase returns $3 Sales Discounts $8 Accounts Receivable $25 Purchase Freight (on purchases, buyer responsible) $15 Delivery Expense (on sales to customers, seller responsible) $10 Sales $200 Accounts Payable $35 GAFS is $ Now..Assume ending inventory is $50. Use all the information provided to determine Cost of goods sold (COGS) COGS is $