A portion of Anderson Publishing’s work sheet for the year ended December 31 follows: Anderson Publishing’s Work Sheet For Year Ended December 31, 20-- 1 Income Statement Income Statement Balance Sheet Balance Sheet 2 Account Name Debit Credit Debit Credit 3 Cash 100,000.00 4 Accounts Receivable 114,050.00 5 Publishing Supplies 1,480.00 6 Merchandise Inventory 15,000.00 7 Prepaid Insurance 2,000.00 8 Publishing Equipment 42,250.00 9 Accumulated Depreciation, Publishing Equipment 16,900.00 10 Accounts Payable 5,562.00 11 Unearned Subscription Renewals 9,050.00 12 J. Anderson, Capital 218,450.00 13 J. Anderson, Drawing 48,000.00 14 Magazine Sales 125,000.00 15 Subscription Renewals 92,000.00 16 Sales Returns and Allowances 5,425.00 17 Purchases 65,000.00 18 Purchases Returns and Allowances 4,500.00 19 Purchases Discounts 9,000.00 20 Freight In 7,500.00 21 Salaries Expense 57,825.00 22 Rent Expense 9,600.00 23 24 Income Summary 16,325.00 15,000.00 25 Depreciation Expense, Publishing Equipment 8,950.00 26 Insurance Expense 2,800.00 27 Salaries Payable 1,113.00 28 Publishing Supplies Expense 370.00 29 Total $173,795.00 $245,500.00 $322,780.00 $251,075.00 Required: 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in general journal. 2. Determine the net income for the year. 3. What is the amount of ending capital?
A portion of Anderson Publishing’s work sheet for the year ended December 31 follows: Anderson Publishing’s Work Sheet For Year Ended December 31, 20-- 1 Income Statement Income Statement Balance Sheet Balance Sheet 2 Account Name Debit Credit Debit Credit 3 Cash 100,000.00 4 Accounts Receivable 114,050.00 5 Publishing Supplies 1,480.00 6 Merchandise Inventory 15,000.00 7 Prepaid Insurance 2,000.00 8 Publishing Equipment 42,250.00 9 Accumulated Depreciation, Publishing Equipment 16,900.00 10 Accounts Payable 5,562.00 11 Unearned Subscription Renewals 9,050.00 12 J. Anderson, Capital 218,450.00 13 J. Anderson, Drawing 48,000.00 14 Magazine Sales 125,000.00 15 Subscription Renewals 92,000.00 16 Sales Returns and Allowances 5,425.00 17 Purchases 65,000.00 18 Purchases Returns and Allowances 4,500.00 19 Purchases Discounts 9,000.00 20 Freight In 7,500.00 21 Salaries Expense 57,825.00 22 Rent Expense 9,600.00 23 24 Income Summary 16,325.00 15,000.00 25 Depreciation Expense, Publishing Equipment 8,950.00 26 Insurance Expense 2,800.00 27 Salaries Payable 1,113.00 28 Publishing Supplies Expense 370.00 29 Total $173,795.00 $245,500.00 $322,780.00 $251,075.00 Required: 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in general journal. 2. Determine the net income for the year. 3. What is the amount of ending capital?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A portion of Anderson Publishing’s work sheet for the year ended December 31 follows:
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Anderson Publishing’s
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Work Sheet
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For Year Ended December 31, 20--
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1
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Income Statement
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Income Statement
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Balance Sheet
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2
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Account Name
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Debit
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Credit
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Debit
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Credit
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|
3
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Cash
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100,000.00
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4
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114,050.00
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5
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Publishing Supplies
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1,480.00
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6
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Merchandise Inventory
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15,000.00
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7
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Prepaid Insurance
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|
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2,000.00
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8
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Publishing Equipment
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42,250.00
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9
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16,900.00
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10
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Accounts Payable
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|
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5,562.00
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11
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Unearned Subscription Renewals
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|
|
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9,050.00
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12
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J. Anderson, Capital
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218,450.00
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13
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J. Anderson, Drawing
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48,000.00
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14
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Magazine Sales
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125,000.00
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15
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Subscription Renewals
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92,000.00
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16
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Sales Returns and Allowances
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5,425.00
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17
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Purchases
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65,000.00
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18
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Purchases Returns and Allowances
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4,500.00
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19
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Purchases Discounts
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9,000.00
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20
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Freight In
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7,500.00
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|
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|
|
21
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Salaries Expense
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57,825.00
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22
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Rent Expense
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9,600.00
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23
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|
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|
|
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24
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Income Summary
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16,325.00
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15,000.00
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|
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25
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Depreciation Expense, Publishing Equipment
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8,950.00
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26
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Insurance Expense
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2,800.00
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|
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27
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Salaries Payable
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|
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1,113.00
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28
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Publishing Supplies Expense
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370.00
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|
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29
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Total
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$173,795.00
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$245,500.00
|
$322,780.00
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$251,075.00
|
| Required: | |
| 1. | Determine the entries that appeared in the Adjustments columns and prepare the general |
| 2. | Determine the net income for the year. |
| 3. | What is the amount of ending capital? |
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