A portion of the work sheet of Sadie’s Flowers for the year ended December 31 is as follows: Sadie’s FlowersWork SheetFor Year Ended December 31, 20--1 Income StatementIncome StatementBalance SheetBalance Sheet2Account NameDebitCreditDebitCredit3Cash 9,340.00 4Merchandise Inventory 76,940.00 5Supplies 256.00 6Prepaid Insurance 240.00 7Store Equipment 39,280.00 8Accumulated Depreciation, Store Equipment 26,220.009Accounts Payable 14,600.0010S. R. Rodriguez, Capital 68,940.0011S. R. Rodriguez, Drawing 27,600.00 12Sales 173,420.00 13Sales Returns and Allowances1,520.00 14Purchases82,312.00 15Purchases Returns and Allowances 940.00 16Purchases Discounts 1,600.00 17Freight In1,948.00 18Salary Expense37,560.00 19Rent Expense14,800.00 20 21Income Summary65,680.0076,940.00 22Depreciation Expense, Store Equipment4,040.00 23Insurance Expense760.00 24Supplies Expense944.00 25Salaries Payable 560.0026Total$209,564.00$252,900.00$153,656.00$110,320.00 Required:1.Determine the entries that appeared in the Adjustments columns and present them in general journal form2.Determine the net income for the year.3.What is the amount of the ending capital?

The rule of financial accounting specifies that every transaction involves at least two accounts…

Answered: A portion of the work sheet of Sadie’s…

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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A portion of the work sheet of Sadie’s Flowers for the year ended December 31 is as follows:

Sadie’s Flowers

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			9,340.00
4	Merchandise Inventory			76,940.00
5	Supplies			256.00
6	Prepaid Insurance			240.00
7	Store Equipment			39,280.00
8	Accumulated Depreciation, Store Equipment				26,220.00
9	Accounts Payable				14,600.00
10	S. R. Rodriguez, Capital				68,940.00
11	S. R. Rodriguez, Drawing			27,600.00
12	Sales		173,420.00
13	Sales Returns and Allowances	1,520.00
14	Purchases	82,312.00
15	Purchases Returns and Allowances		940.00
16	Purchases Discounts		1,600.00
17	Freight In	1,948.00
18	Salary Expense	37,560.00
19	Rent Expense	14,800.00
20
21	Income Summary	65,680.00	76,940.00
22	Depreciation Expense, Store Equipment	4,040.00
23	Insurance Expense	760.00
24	Supplies Expense	944.00
25	Salaries Payable				560.00
26	Total	$209,564.00	$252,900.00	$153,656.00	$110,320.00

	Required:
1.	Determine the entries that appeared in the Adjustments columns and present them in general journal form
2.	Determine the net income for the year.
3.	What is the amount of the ending capital?

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