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Cash Accounts Receivables Allowance for Bad Debts Office Supplies Prepaid Insurance Merchandise Inventory, June 1, 2012 Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Rayne Sison, Capital, June 1, 2012 Rayne Şişgn, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 757,500 396,000 Equipment 33,000 Advertising Expense 16,800 10,200 Store Egg't Freight-In Interest Income Gain from Sale of Office 166,800 7,200 Depreciation Expense- Office Egg 525,000 255,000 Freight-Out 138,400 Miscellaneous 759,000 Administrative Expense Miscellaneous Selling 102,600 168,000 1,307,500 Depreciation Expense - Insurance Expense Expense Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense 65,700 Taxes Expense 69,300 Utilities Expense (Office Spaces) 2,400,000 Utilities Expense (Selling Area) 38,000 28,000 Interest Expense Loss from Sale of Store Equipment 3,000 8,000 110,400 33,000 17,000 70,000 21,000 11,700 5,500 15,000 5,000 14,000 10,200 50,000 70,000 2,200 10,000 10,000 8,000 8,000 15,000 The following selected accounts and their current balances appear in the ledger of Rayne Supplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retail customers at the end of the fiscal year May 31, 2013. REQUIREMENTS: 1. Prepare a multiple-step income statement. Its inventory at the END OF THE YEAR was P440,000. 2. Prepare a statement of owner's equity. 3. Prepare a report form balance sheet, assuming that the current portion of the note payable is P18,000.

Cash Accounts Receivables Allowance for Bad Debts Office Supplies Prepaid Insurance Merchandise Inventory, June 1, 2012 Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Rayne Sison, Capital, June 1, 2012 Rayne Şişgn, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 757,500 396,000 Equipment 33,000 Advertising Expense 16,800 10,200 Store Egg't Freight-In Interest Income Gain from Sale of Office 166,800 7,200 Depreciation Expense- Office Egg 525,000 255,000 Freight-Out 138,400 Miscellaneous 759,000 Administrative Expense Miscellaneous Selling 102,600 168,000 1,307,500 Depreciation Expense - Insurance Expense Expense Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense 65,700 Taxes Expense 69,300 Utilities Expense (Office Spaces) 2,400,000 Utilities Expense (Selling Area) 38,000 28,000 Interest Expense Loss from Sale of Store Equipment 3,000 8,000 110,400 33,000 17,000 70,000 21,000 11,700 5,500 15,000 5,000 14,000 10,200 50,000 70,000 2,200 10,000 10,000 8,000 8,000 15,000 The following selected accounts and their current balances appear in the ledger of Rayne Supplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retail customers at the end of the fiscal year May 31, 2013. REQUIREMENTS: 1. Prepare a multiple-step income statement. Its inventory at the END OF THE YEAR was P440,000. 2. Prepare a statement of owner's equity. 3. Prepare a report form balance sheet, assuming that the current portion of the note payable is P18,000.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter7: Receivables And Investments
Section: Chapter Questions
Problem 7.2E: Allowance Method of Accounting for Bad Debts—Comparison of the Two Approaches Kandel Company had...
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Cash Accounts Receivables Allowance for Bad Debts Office Supplies Prepaid Insurance Merchandise Inventory, June 1, 2012 Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Rayne Sison, Capital, June 1, 2012 Rayne Sison, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 757,500 Interest Income Gain from Sale of Office 396,000 Equipment 33,000 Advertising Expense 16,800 Office Egg't Depreciation Expense- 10,200 525,000 255,000 Freight-Out 138,400 Depreciation Expense- Store Egoit Freight-In Miscellaneous 759,000 Administrative Expense Miscellaneous Selling 166,800 7,200 102,600 Expense 168,000 1,307,500 Insurance Expense Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense 65,700 69,300 2,400,000 38,000 28,000 Taxes Expense Utilities Expense (Office Spaces) Utilities Expense (Selling Area) Interest Expense Loss from Sale of Store Equipment 3,000 8,000 110,400 33,000 17,000 70,000 21,000 11,700 5,500 15,000 5,000 14,000 10,200 50,000 70,000 2,200 10,000 10,000 8,000 8,000 15,000 The following selected accounts and their current balances appear in the ledger of Rayne Supplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retail customers at the end of the fiscal year May 31, 2013. REQUIREMENTS: 1. Prepare a multiple-step income statement. Its inventory at the END OF THE YEAR was P440,000. 2. Prepare a statement of owner's equity. 3. Prepare a report form balance sheet, assuming that the current portion of the note payable is P18,000.
Transcribed Image Text:Cash Accounts Receivables Allowance for Bad Debts Office Supplies Prepaid Insurance Merchandise Inventory, June 1, 2012 Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Rayne Sison, Capital, June 1, 2012 Rayne Sison, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 757,500 Interest Income Gain from Sale of Office 396,000 Equipment 33,000 Advertising Expense 16,800 Office Egg't Depreciation Expense- 10,200 525,000 255,000 Freight-Out 138,400 Depreciation Expense- Store Egoit Freight-In Miscellaneous 759,000 Administrative Expense Miscellaneous Selling 166,800 7,200 102,600 Expense 168,000 1,307,500 Insurance Expense Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense 65,700 69,300 2,400,000 38,000 28,000 Taxes Expense Utilities Expense (Office Spaces) Utilities Expense (Selling Area) Interest Expense Loss from Sale of Store Equipment 3,000 8,000 110,400 33,000 17,000 70,000 21,000 11,700 5,500 15,000 5,000 14,000 10,200 50,000 70,000 2,200 10,000 10,000 8,000 8,000 15,000 The following selected accounts and their current balances appear in the ledger of Rayne Supplies Company, which sells irrigation supplies primarily to wholesalers and occasionally to retail customers at the end of the fiscal year May 31, 2013. REQUIREMENTS: 1. Prepare a multiple-step income statement. Its inventory at the END OF THE YEAR was P440,000. 2. Prepare a statement of owner's equity. 3. Prepare a report form balance sheet, assuming that the current portion of the note payable is P18,000.
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