The unadjusted trial balance of Garrison Trading showed the following amounts on December 31, 2020.DEBITCREDITCashAccounts ReceivableMerchandise Inventory, Beg.Office SuppliesStore SuppliesPrepaid Rent500,000558,000677,00025,00036,000120,000LandOffice BuildingAccu. Dep. - Office BuildingStore BuildingAccu. Dep. -Store BuildingOffice EquipmentAccu. Dep. - Office EquipmentAccounts Payable| Salaries PayableNotes Payable (due in 6 months)Mortgage PayableGarrison, CapitalGarrison, DrawingOffice Supplies ExpenseStore Supplies ExpenseSalaries ExpenseRent ExpenseInterest ExpenseDepreciation Expense - Office BuildingDepreciation Expense - Store BuildingDepreciation Expense - Office Equipment3,169,5002,280,000120,0001,340,00070,0001,300,000130,000544,000500,0003,500,0001,250,000155,0001,0001,50021,00010,00035,000PurchasesPurchases Returns and AllowancesPurchases Discounts1,250,00054,00098,000Sales| Sales Returns and AllowancesSales DiscountsFreight inDelivery expenses5,400,00010,000124,00016,00037,000ТОTALP11,666,000 P11,666,000 ADDITIONAL INFORMATION:Adjustments not yet reflected in the trial balance are the following:1. Additional Office Supplies used - 8,0002. Additional Store Supplies used - 12,0003. Additional expired portion of the rent - 10,0004. Depreciation for the period:Office Building - 120,000;Store Building - 35,000;Office Equipment - 130,000.5. Additional accruals on salaries (not yet paid to employees) - 50,000.REQUIREMENT:Prepare the worksheet, Income Statement, Statement of Changes in Equity, andBalance Sheet. /QUESTIONS:1 Gross Sales2 Net Sales3 Net Purchases4 Net Cost of Purchases5 Goods Available for Sale6 Cost of Sales7 Gross Profit8 Total Selling and Distribution Expenses9 Total General and Administrative Expenses10 Total Operating Expenses11 Operating Profit12 Net Profit13 Total Current Assets14 Total Non-Current Assets15 Total Assets19 Total Liabilities and Equity20 Garrison Capital, end21 Office Supplies22 Store Supplies23 Prepaid Rent| 24 Book Value of Office Building25 Book Value of Office Equipment26 Book Value of Store Building27 Office Supplies Expense28 Store Supplies Expense29 Salaries Expense30 Rent Expense31 Interest Expense32 Total Administrative expenses33 Total Selling expenses34 Total amount debited to Income summary toclose temporary accounts INCLUDING adjustmentto inventory35 Total amount credited to Income summary toclose temporary accounts INCLUDING adjustmentto inventory16 Total Current Liabilities17 Total Non-current Liabilities18 Total Liabilities

Following are the requisite Financial statements

DEBIT CREDIT Cash Accounts Receivable Merchandise Inventory, Beg. | Office Supplies Store Supplies Prepaid Rent 500,000 558,000 677,000 25,000 36,000 120,000 Land Office Building Accu. Dep. - Office Building Store Building Accu. Dep. -Store Building |Office Equipment Accu. Dep. - Office Equipment Accounts Payable | Salaries Payable Notes Payable (due in 6 months) Mortgage Payable Garrison, Capital Garrison, Drawing Office Supplies Expense Store Supplies Expense Salaries Expense Rent Expense Interest Expense Depreciation Expense - Office Building Depreciation Expense - Store Building Depreciation Expense - Office Equipment Purchases Purchases Returns and Allowances Purchases Discounts 3,169,500 2,280,000 120,000 1,340,000 70,000 1,300,000 130,000 544,000 500,000 3,500,000 1,250,000 155,000 1,000 1,500 21,000 10,000 35,000 1,250,000 54,000 98,000 Sales |Sales Returns and Allowances Sales Discounts Freight in Delivery expenses 5,400,000 10,000 124,000 16,000 37,000 ТОTAL P11,666,000 P11,666,000

DEBIT CREDIT Cash Accounts Receivable Merchandise Inventory, Beg. | Office Supplies Store Supplies Prepaid Rent 500,000 558,000 677,000 25,000 36,000 120,000 Land Office Building Accu. Dep. - Office Building Store Building Accu. Dep. -Store Building |Office Equipment Accu. Dep. - Office Equipment Accounts Payable | Salaries Payable Notes Payable (due in 6 months) Mortgage Payable Garrison, Capital Garrison, Drawing Office Supplies Expense Store Supplies Expense Salaries Expense Rent Expense Interest Expense Depreciation Expense - Office Building Depreciation Expense - Store Building Depreciation Expense - Office Equipment Purchases Purchases Returns and Allowances Purchases Discounts 3,169,500 2,280,000 120,000 1,340,000 70,000 1,300,000 130,000 544,000 500,000 3,500,000 1,250,000 155,000 1,000 1,500 21,000 10,000 35,000 1,250,000 54,000 98,000 Sales |Sales Returns and Allowances Sales Discounts Freight in Delivery expenses 5,400,000 10,000 124,000 16,000 37,000 ТОTAL P11,666,000 P11,666,000

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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The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
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Can you prepare an unadjusted trial balance based on this info and journal entries: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable — 310 Lynn Tolley, Capital, June 1, 2018 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense…
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