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Account Debit ($) Credit (S) Cash Accouns Receivable Allowance for Bad Debt Merchandise Inventory Store Supplies $ 155,900.00 $ 800,000.00 $ 80,000.00 $ 1,000,000.00 $ 15,485.00 Prepaid Insurance Prepaid Rent Fumiture & Fixtures $ 122,250.00 $ 196,050.00 $ 800,000.00 Accumulated Depreciation (Furniture & Fixtures) Motor Truck Accumulated Depreciation (Motor Truck) Accounts Payable Salary Payable Interest Payable Unearned Sales Revenue Long-Term Loan Capital $ 158,000.00 $ 1,200,000.00 $ 80,000.00 $ 31,330.00 $ 205,105.00 $ 202,105.00 $ 63,900.00 $ 600,000.00 $ 2,750,000.00 Withdrawal $ 55,500.00 Sales Revenue $ 4,857,465.00 Sales Discount $ 205,000.00 Sales Returns & Allowances $ 185,000.00 Cost of Goods Sold $ 1,300,000.00 Salaries Expense $ 1,060,105.00 Insurance Expense $ 293,400.00 Utilities Expense $ 550,000.00 Rent Expense $ 784,200.00 Depreciation Expense - Furniture & Fixtures $ 79,000.00 Depreciaiton Expense - Motor Truck $ 80,000.00 Store Supplies Expense $ 64,515.00 Gain on Disposal of Old Motor Truck $ 42,500.00 Bad Debt Expense $ 20,000.00 Interest Expense $ 104,000.00 $ 9,070,405.00 S 9,070,405.00 Income Statement For period ending June 30th, 2022 $4,857,465.00 Net Sales: Sales Revenue Less: Sale Discount Sales Returns & Allowances Less: Cost of Goods Sold Gross Profit Less: Selling, General & Admin. Expenses Salaries Insurance Expense Utilities Expense Rent Expense Depreciation Expense - Furnitures and Fixtures Depreciation Expense - Motor Truck Store Supplies Expense Bad Debt Expense Operating Income Less: Finance cost (Interest Expense) Other Non-Operating Income (Gains from sale of old truck) Net Income $ 205,000.00 $ 185,000.00 $ 4,837,465.00 $ 1,300,000.00 $ 3,537,465.00 $1,060,105.00 $ 293,400.00 $ 550,000.00 $ 784,200.00 $ 79,000.00 $ 80,000.00 $ 64,515.00 $ 20,000.00 $ SS 2,931,220.00 606,245.00 $ SS 104,000.00 42,500.00 544,745.00

Account Debit ($) Credit (S) Cash Accouns Receivable Allowance for Bad Debt Merchandise Inventory Store Supplies $ 155,900.00 $ 800,000.00 $ 80,000.00 $ 1,000,000.00 $ 15,485.00 Prepaid Insurance Prepaid Rent Fumiture & Fixtures $ 122,250.00 $ 196,050.00 $ 800,000.00 Accumulated Depreciation (Furniture & Fixtures) Motor Truck Accumulated Depreciation (Motor Truck) Accounts Payable Salary Payable Interest Payable Unearned Sales Revenue Long-Term Loan Capital $ 158,000.00 $ 1,200,000.00 $ 80,000.00 $ 31,330.00 $ 205,105.00 $ 202,105.00 $ 63,900.00 $ 600,000.00 $ 2,750,000.00 Withdrawal $ 55,500.00 Sales Revenue $ 4,857,465.00 Sales Discount $ 205,000.00 Sales Returns & Allowances $ 185,000.00 Cost of Goods Sold $ 1,300,000.00 Salaries Expense $ 1,060,105.00 Insurance Expense $ 293,400.00 Utilities Expense $ 550,000.00 Rent Expense $ 784,200.00 Depreciation Expense - Furniture & Fixtures $ 79,000.00 Depreciaiton Expense - Motor Truck $ 80,000.00 Store Supplies Expense $ 64,515.00 Gain on Disposal of Old Motor Truck $ 42,500.00 Bad Debt Expense $ 20,000.00 Interest Expense $ 104,000.00 $ 9,070,405.00 S 9,070,405.00 Income Statement For period ending June 30th, 2022 $4,857,465.00 Net Sales: Sales Revenue Less: Sale Discount Sales Returns & Allowances Less: Cost of Goods Sold Gross Profit Less: Selling, General & Admin. Expenses Salaries Insurance Expense Utilities Expense Rent Expense Depreciation Expense - Furnitures and Fixtures Depreciation Expense - Motor Truck Store Supplies Expense Bad Debt Expense Operating Income Less: Finance cost (Interest Expense) Other Non-Operating Income (Gains from sale of old truck) Net Income $ 205,000.00 $ 185,000.00 $ 4,837,465.00 $ 1,300,000.00 $ 3,537,465.00 $1,060,105.00 $ 293,400.00 $ 550,000.00 $ 784,200.00 $ 79,000.00 $ 80,000.00 $ 64,515.00 $ 20,000.00 $ SS 2,931,220.00 606,245.00 $ SS 104,000.00 42,500.00 544,745.00

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 7RE: McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made...
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Based on the trial balance and Income statement provided:

 

1. Prepare the company’s statement of owner’s equity 

 

2. Prepare the company’s classified balance sheet

 

 

Account Debit ($) Credit (S) Cash Accouns Receivable Allowance for Bad Debt Merchandise Inventory Store Supplies $ 155,900.00 $ 800,000.00 $ 80,000.00 $ 1,000,000.00 $ 15,485.00 Prepaid Insurance Prepaid Rent Fumiture & Fixtures $ 122,250.00 $ 196,050.00 $ 800,000.00 Accumulated Depreciation (Furniture & Fixtures) Motor Truck Accumulated Depreciation (Motor Truck) Accounts Payable Salary Payable Interest Payable Unearned Sales Revenue Long-Term Loan Capital $ 158,000.00 $ 1,200,000.00 $ 80,000.00 $ 31,330.00 $ 205,105.00 $ 202,105.00 $ 63,900.00 $ 600,000.00 $ 2,750,000.00 Withdrawal $ 55,500.00 Sales Revenue $ 4,857,465.00 Sales Discount $ 205,000.00 Sales Returns & Allowances $ 185,000.00 Cost of Goods Sold $ 1,300,000.00 Salaries Expense $ 1,060,105.00 Insurance Expense $ 293,400.00 Utilities Expense $ 550,000.00 Rent Expense $ 784,200.00 Depreciation Expense - Furniture & Fixtures $ 79,000.00 Depreciaiton Expense - Motor Truck $ 80,000.00 Store Supplies Expense $ 64,515.00 Gain on Disposal of Old Motor Truck $ 42,500.00 Bad Debt Expense $ 20,000.00 Interest Expense $ 104,000.00 $ 9,070,405.00 S 9,070,405.00
Transcribed Image Text:Account Debit ($) Credit (S) Cash Accouns Receivable Allowance for Bad Debt Merchandise Inventory Store Supplies $ 155,900.00 $ 800,000.00 $ 80,000.00 $ 1,000,000.00 $ 15,485.00 Prepaid Insurance Prepaid Rent Fumiture & Fixtures $ 122,250.00 $ 196,050.00 $ 800,000.00 Accumulated Depreciation (Furniture & Fixtures) Motor Truck Accumulated Depreciation (Motor Truck) Accounts Payable Salary Payable Interest Payable Unearned Sales Revenue Long-Term Loan Capital $ 158,000.00 $ 1,200,000.00 $ 80,000.00 $ 31,330.00 $ 205,105.00 $ 202,105.00 $ 63,900.00 $ 600,000.00 $ 2,750,000.00 Withdrawal $ 55,500.00 Sales Revenue $ 4,857,465.00 Sales Discount $ 205,000.00 Sales Returns & Allowances $ 185,000.00 Cost of Goods Sold $ 1,300,000.00 Salaries Expense $ 1,060,105.00 Insurance Expense $ 293,400.00 Utilities Expense $ 550,000.00 Rent Expense $ 784,200.00 Depreciation Expense - Furniture & Fixtures $ 79,000.00 Depreciaiton Expense - Motor Truck $ 80,000.00 Store Supplies Expense $ 64,515.00 Gain on Disposal of Old Motor Truck $ 42,500.00 Bad Debt Expense $ 20,000.00 Interest Expense $ 104,000.00 $ 9,070,405.00 S 9,070,405.00
Income Statement For period ending June 30th, 2022 $4,857,465.00 Net Sales: Sales Revenue Less: Sale Discount Sales Returns & Allowances Less: Cost of Goods Sold Gross Profit Less: Selling, General & Admin. Expenses Salaries Insurance Expense Utilities Expense Rent Expense Depreciation Expense - Furnitures and Fixtures Depreciation Expense - Motor Truck Store Supplies Expense Bad Debt Expense Operating Income Less: Finance cost (Interest Expense) Other Non-Operating Income (Gains from sale of old truck) Net Income $ 205,000.00 $ 185,000.00 $ 4,837,465.00 $ 1,300,000.00 $ 3,537,465.00 $1,060,105.00 $ 293,400.00 $ 550,000.00 $ 784,200.00 $ 79,000.00 $ 80,000.00 $ 64,515.00 $ 20,000.00 $ SS 2,931,220.00 606,245.00 $ SS 104,000.00 42,500.00 544,745.00
Transcribed Image Text:Income Statement For period ending June 30th, 2022 $4,857,465.00 Net Sales: Sales Revenue Less: Sale Discount Sales Returns & Allowances Less: Cost of Goods Sold Gross Profit Less: Selling, General & Admin. Expenses Salaries Insurance Expense Utilities Expense Rent Expense Depreciation Expense - Furnitures and Fixtures Depreciation Expense - Motor Truck Store Supplies Expense Bad Debt Expense Operating Income Less: Finance cost (Interest Expense) Other Non-Operating Income (Gains from sale of old truck) Net Income $ 205,000.00 $ 185,000.00 $ 4,837,465.00 $ 1,300,000.00 $ 3,537,465.00 $1,060,105.00 $ 293,400.00 $ 550,000.00 $ 784,200.00 $ 79,000.00 $ 80,000.00 $ 64,515.00 $ 20,000.00 $ SS 2,931,220.00 606,245.00 $ SS 104,000.00 42,500.00 544,745.00
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