A portion of the work sheet of Sadie's Flowers for the year ended December 31 is as follows: (image below) Required: 1. Determine the entries that appeared in the Adjustments columns and present them in general journal form on page 41. 2. Determine the net income for the year. 3. What is the amount ending capital
A portion of the work sheet of Sadie's Flowers for the year ended December 31 is as follows: (image below) Required: 1. Determine the entries that appeared in the Adjustments columns and present them in general journal form on page 41. 2. Determine the net income for the year. 3. What is the amount ending capital
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A portion of the work sheet of Sadie's Flowers for the year ended December 31 is as follows: (image below)
Required:
1. Determine the entries that appeared in the Adjustments columns and present them in general journal form on page 41.
2. Determine the net income for the year.
3. What is the amount ending capital?
Transcribed Image Text:....
PROBLEM 11-3A A portion of the work sheet of Sadie's Flowers for the
December 31 is as follows:
year
ended
G
H.
A
INCOME STATEMENT
CREDIT
BALANCE SHEET
CREDIT
DEBIT
DEBIT
6.
Cash
Merchandise Inventory
Supplies
10
ACCOUNT NAME
9,340.00
76,940.00
256.00
8
9
Prepaid Insurance
11
240.00
39,280.00
Store Equipment
12
Accumulated Depreciation, Store Equipment
Accounts Payable
S. R. Rodriguez, Capital
15
26,220.00
14,600.00
68,940.00
13
14
27,600.00
S. R. Rodriguez, Drawing
Sales
173,420.00
16
1,520.00
82,312.00
17
Sales Returns and Allowances
18
Purchases
940.00
19
Purchases Returns and Allowances
20
Purchases Discounts
1,600.00
1,948.00
37,560.00
14,800.00
21
Freight In
22
Salary Expense
23
Rent Expense
24
76,940.00
Income Summary
Depreciation Expense, Store Equipment
Insurance Expense
Supplies Expense
Salaries Payable
65,680.00
4,040.00
760.00
25
26
27
944.00
28
560.00
29
30
209,564.00
252,900.00
153,656.00
110,320.00
31
Sheet1
Sheet2 Sheet3
Required
1. Determine the entries that appeared in the Adjustments columns and present them
in general journal form on page 41.
2. Determine the net income for the year.
3. What is the amount of the ending capital?
Check F
Increase
45
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