ABC's selected accounts as of November 30, 2022, follow: Selling expenses Furniture Sales returns and allowances Salary payable Common stock Sales revenue Accounts payable 18 100 Inventory 37 300 Cash 3 000 Note payable 1 400 Accumulated depreciation 29 400 Cost of goods sold 114 200 Sales discounts 13 400 General expenses 44 000 36 100 21 700 23 100 53 000 2 400 9 300 Requirements 1. Prepare the multi-step income statement, statement of retained earnings, and balance sheet for the first year of operations. 2. Prepare closing entries for the first year of operations.

ABC's selected accounts as of November 30, 2022, follow: Selling expenses Furniture Sales returns and allowances Salary payable Common stock Sales revenue Accounts payable 18 100 Inventory 37 300 Cash 3 000 Note payable 1 400 Accumulated depreciation 29 400 Cost of goods sold 114 200 Sales discounts 13 400 General expenses 44 000 36 100 21 700 23 100 53 000 2 400 9 300 Requirements 1. Prepare the multi-step income statement, statement of retained earnings, and balance sheet for the first year of operations. 2. Prepare closing entries for the first year of operations.

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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* Question Completion Status: 1. 4 6 7 8 10 11 12 Presented below are selected account balances for DEF Corporation as of December 31, 2021. (All accounts have their normal balances) Inventory 12/31/21 $65,000 Cost of Goods Sold $230,000 Sales Revenue 450,000 Selling Expenses 26,000 Interest Revenue 10,000 Administrative Expenses 28,000 Dividends 20,000 Income Tax Expense 20,000 Common Stock 70,000 Retained Earnings 48,000 Rent Revenue 13,000 Allowance for Doubtful Accounts 11,000 Accounts Receivables 88,000 Rent Expense 16,000 Instructions: Prepare the necessary closing entries for DEF Corporation on December 31, 2021. Select and copy the table below to answer in the space provided. Account Description Debit Credit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit
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Required Information [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities. Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit 2821 $ 62,700 27,000 56,600 3,500 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 1. Cash paid for inventory 2. Cash paid for operating expenses 149,800 70,500 (10,900) $ 209,400 $ 9,900 5,900 1,000 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 16,800 20,700 37,500…
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1-Calculate the Net Income for the Fenway Company ___________ 2-Calculate the Gross Profit for the Fenway Company ___________
Prepare an income statement and balance sheet
Based on the data given, prepare the journal entries needed.
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Principles Of Accounting