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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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
|
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
|
|
|
|
|
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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