Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900 The following additional information was made available at December 31st 2016 Unearned sales revenue, still Not earned at December 31st, 2016 amounted to $120000. The prepaid insurance of $156000 was paid on August 1st 2016 for 6-months to January 2017. The building and equipment have estimated like of ten (10) years and is being depreciated on the straight – line method of depreciated down to a residual value of $10000. Accrued travelling expense amounted to $2300 at December 31, 2016. A physical count of inventory at December 31, 2016, reveals $315000 worth of inventory on hand. Requirements Prepare the necessary adjusting entries on December 31, 2016. Prepare the company’s multiple-step income statement for the year ended December 31, 2016 Prepare the company’s statement of owner’s equity for the year ended December 31, 2016 Prepare the company’s classified balance sheet at December 31, 201
Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900 The following additional information was made available at December 31st 2016 Unearned sales revenue, still Not earned at December 31st, 2016 amounted to $120000. The prepaid insurance of $156000 was paid on August 1st 2016 for 6-months to January 2017. The building and equipment have estimated like of ten (10) years and is being depreciated on the straight – line method of depreciated down to a residual value of $10000. Accrued travelling expense amounted to $2300 at December 31, 2016. A physical count of inventory at December 31, 2016, reveals $315000 worth of inventory on hand. Requirements Prepare the necessary adjusting entries on December 31, 2016. Prepare the company’s multiple-step income statement for the year ended December 31, 2016 Prepare the company’s statement of owner’s equity for the year ended December 31, 2016 Prepare the company’s classified balance sheet at December 31, 201
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Baltic Supplies presented with the following unadjusted
Account Name | Trial Balance | |
Dr | Cr | |
Cash | 620000 | |
410000 | ||
Merchandise Inventory | 330000 | |
Store Supplies | 144800 | |
Prepaid Insurance | 156000 | |
Building and Equipment | 800000 | |
237000 | ||
Accounts Payable | 435000 | |
Travelling payable | ||
Unearned Sales Revenue | 220000 | |
Note payable - Long term | 345000 | |
Baltic, Captial | 1791900 | |
Baltic,Withdrawal | 35000 | |
Sales Revenue Earned | 917000 | |
Sales Discount | 35000 | |
Sales Returns & Allowance | 42100 | |
Cost of Goods Sold | 585000 | |
Salaries Expense | 300000 | |
Telephone Expense | 33000 | |
Depreciation Expense - Building & Equipment | ||
Insurance Expense | 182000 | |
Store Supplies Expense | 45200 | |
Electricity Expense | 85000 | |
49500 | ||
Travelling Expense | 62000 | |
Interest Expense | 31300 | |
Total | 3945900 | 3945900 |
The following additional information was made available at December 31st 2016
- Unearned sales revenue, still Not earned at December 31st, 2016 amounted to $120000.
- The prepaid insurance of $156000 was paid on August 1st 2016 for 6-months to January 2017.
- The building and equipment have estimated like of ten (10) years and is being
depreciated on the straight – line method of depreciated down to a residual value of $10000. - Accrued travelling expense amounted to $2300 at December 31, 2016.
- A physical count of inventory at December 31, 2016, reveals $315000 worth of inventory on hand.
Requirements
- Prepare the necessary
adjusting entries on December 31, 2016. - Prepare the company’s multiple-step income statement for the year ended December 31, 2016
- Prepare the company’s statement of owner’s equity for the year ended December 31, 2016
- Prepare the company’s classified
balance sheet at December 31, 2016
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education