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David Reyes owns and operates Subic Bait and Boat Rental. The year end trial balance and adjustment information is provided as follows: Subic Bait Shop and Boat Rental TRIAL BALANCE December 31,2019 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land Building Accum. Depreciation- Building Store Equipment 100,000.00 75,000.00 190,000.00 9,000.00 12,000.00 50,000.00 450,000.00 80,000.00 250,000.00 Accum. Depreciation- Store Equip Notes Payable Accounts Payable Unearned Boat Rental Revenue Reyes, Capital Reyes, Withdrawals Sales Sales Return and Allowances Purchases Purchase return & allowances Purchased Discounts Transportation in Salaries Expense Utilities Expense Advertising expense Telecommunication expense 75,000.00 25,000.00 50,000.00 110,000.00 779,000.00 100,000.00 1,002,500.00 6,000.00 525,000.00 4,000.00 5,000.00 1,500.00 210,000.00 60,000.00 37,500.00 17,500.00 Miscellaneous Expense 37,000.00 2,130,500.00 2,130,500.00 ADJUSTMENTS: A. Based on physical count, it was determined that merchandise inventory costing 150,000 is on hand as at Dec. 31, 2019. B. Supplies remaining at the end year 2,000 c. Unexpired insurance on dec 31 is 3,000 D. Depreciation expense on the building 20,000 E. Depreciation expense on the Equipment 15,000 F. Salaries incurred but not yet paid is at 2,250 G Unearned boat rental revenue is at dec 31 10.000

David Reyes owns and operates Subic Bait and Boat Rental. The year end trial balance and adjustment information is provided as follows: Subic Bait Shop and Boat Rental TRIAL BALANCE December 31,2019 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land Building Accum. Depreciation- Building Store Equipment 100,000.00 75,000.00 190,000.00 9,000.00 12,000.00 50,000.00 450,000.00 80,000.00 250,000.00 Accum. Depreciation- Store Equip Notes Payable Accounts Payable Unearned Boat Rental Revenue Reyes, Capital Reyes, Withdrawals Sales Sales Return and Allowances Purchases Purchase return & allowances Purchased Discounts Transportation in Salaries Expense Utilities Expense Advertising expense Telecommunication expense 75,000.00 25,000.00 50,000.00 110,000.00 779,000.00 100,000.00 1,002,500.00 6,000.00 525,000.00 4,000.00 5,000.00 1,500.00 210,000.00 60,000.00 37,500.00 17,500.00 Miscellaneous Expense 37,000.00 2,130,500.00 2,130,500.00 ADJUSTMENTS: A. Based on physical count, it was determined that merchandise inventory costing 150,000 is on hand as at Dec. 31, 2019. B. Supplies remaining at the end year 2,000 c. Unexpired insurance on dec 31 is 3,000 D. Depreciation expense on the building 20,000 E. Depreciation expense on the Equipment 15,000 F. Salaries incurred but not yet paid is at 2,250 G Unearned boat rental revenue is at dec 31 10.000

FINANCIAL ACCOUNTING
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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Prepare the following Ratio Analysis: 1. Liquidity ratio 2. Activity ratio 3. Solvency Ratio 4. Profitability Ratio
David Reyes owns and operates Subic Bait and Boat Rental. The year end trial balance and adjustment information is provided as follows: Subic Bait Shop and Boat Rental TRIAL BALANCE December 31,2019 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land Building Accum. Depreciation- Building Store Equipment 100,000.00 75,000.00 190,000.00 9,000.00 12,000.00 50,000.00 450,000.00 80,000.00 250,000.00 Accum. Depreciation- Store Equip Notes Payable Accounts Payable Unearned Boat Rental Revenue Reyes, Capital Reyes, Withdrawals Sales Sales Return and Allowances Purchases Purchase return & allowances Purchased Discounts Transportation in Salaries Expense Utilities Expense Advertising expense Telecommunication expense 75,000.00 25,000.00 50,000.00 110,000.00 779,000.00 100,000.00 1,002,500.00 6,000.00 525,000.00 4,000.00 5,000.00 1,500.00 210,000.00 60,000.00 37,500.00 17,500.00 Miscellaneous Expense 37,000.00 2,130,500.00| 2,130,500.00 ADJUSTMENTS: A. Based on physical count, it was determined that merchandise inventory costing 150,000 is on hand as at Dec. 31, 2019. B. Supplies remaining at the end year 2,000 c. Unexpired insurance on dec 31 is 3,000 D. Depreciation expense on the building 20,000 E. Depreciation expense on the Equipment 15,000 F. Salaries incurred but not yet paid is at 2,250 G. Unearned boat rental revenue is at dec. 31 10,000
Transcribed Image Text:David Reyes owns and operates Subic Bait and Boat Rental. The year end trial balance and adjustment information is provided as follows: Subic Bait Shop and Boat Rental TRIAL BALANCE December 31,2019 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land Building Accum. Depreciation- Building Store Equipment 100,000.00 75,000.00 190,000.00 9,000.00 12,000.00 50,000.00 450,000.00 80,000.00 250,000.00 Accum. Depreciation- Store Equip Notes Payable Accounts Payable Unearned Boat Rental Revenue Reyes, Capital Reyes, Withdrawals Sales Sales Return and Allowances Purchases Purchase return & allowances Purchased Discounts Transportation in Salaries Expense Utilities Expense Advertising expense Telecommunication expense 75,000.00 25,000.00 50,000.00 110,000.00 779,000.00 100,000.00 1,002,500.00 6,000.00 525,000.00 4,000.00 5,000.00 1,500.00 210,000.00 60,000.00 37,500.00 17,500.00 Miscellaneous Expense 37,000.00 2,130,500.00| 2,130,500.00 ADJUSTMENTS: A. Based on physical count, it was determined that merchandise inventory costing 150,000 is on hand as at Dec. 31, 2019. B. Supplies remaining at the end year 2,000 c. Unexpired insurance on dec 31 is 3,000 D. Depreciation expense on the building 20,000 E. Depreciation expense on the Equipment 15,000 F. Salaries incurred but not yet paid is at 2,250 G. Unearned boat rental revenue is at dec. 31 10,000
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