BENE Store Worksheet December 31, 20X1 Balance SheetAccount Titles Trial Balance Income Statement DrCrDr Cr DrCrCash in Bank70,000 Account Receivables1,003,000 Allowance for Bad Debts 40,000 Merchandise Inventory710,000 Equipment2,720,100 Accumulated Depreciation- Equipment 70,000 Furniture300,000 Accumulated Depreciation- Furniture 30,000 Accounts Payable 861,000 Loans Payable 1,000,000 BIR, SSS, PhilHealth Payable 100,000 V. Bene, Capital 1,300,000 V. Bene, Drawing105,000 Sales 6,000,000 Cost of Sales1,500,000 Salaries1,305,900 Supplies Expense48,400 Employees Benefits238,100 Light and Power205,000 Rent240,000 Taxes63,500 Insurance78,000 Repair and Maintenance86,000 Advertising110,000 Sales Salaries198,000 Commissions360,000 Interest Expense60,000 TOTAL9,401,0009,401,000 To do:Extend assets, liabilities, and capital balances to balance sheets columns.Extend income, costs, and expenses to income statement columns.Compute net income. This is the total Sales less all costs and expenses.Posts net income to the credit of balance sheet and to the debit of income statement.Get the totals of each of the four columns. Each pair of the columns should be equal.

Name: BENE Store Worksheet December 31, 20X1
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: BENE Store Worksheet December 31, 20X1 Balance SheetAccount Titles Trial Balance Income Statement DrCrDr Cr DrCrCash in Bank70,000 Account Receivables1,003,000 Allowance for Bad Debts 4

Worksheet form of financial statement is the statement being prepared for taking decisions easily as…

Answered: Extend assets, liabilities, and capital…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

	BENE Store
	Worksheet
	December 31, 20X1				Balance Sheet
Account Titles	Trial Balance		Income Statement
	Dr	Cr	Dr	Cr	Dr	Cr
Cash in Bank	70,000
Account Receivables	1,003,000
Allowance for Bad Debts		40,000
Merchandise Inventory	710,000
Equipment	2,720,100
Accumulated Depreciation- Equipment		70,000
Furniture	300,000
Accumulated Depreciation- Furniture		30,000
Accounts Payable		861,000
Loans Payable		1,000,000
BIR, SSS, PhilHealth Payable		100,000
V. Bene, Capital		1,300,000
V. Bene, Drawing	105,000
Sales		6,000,000
Cost of Sales	1,500,000
Salaries	1,305,900
Supplies Expense	48,400
Employees Benefits	238,100
Light and Power	205,000
Rent	240,000
Taxes	63,500
Insurance	78,000
Repair and Maintenance	86,000
Advertising	110,000
Sales Salaries	198,000
Commissions	360,000
Interest Expense	60,000
TOTAL	9,401,000	9,401,000

To do:

Extend assets, liabilities, and capital balances to balance sheets columns.
Extend income, costs, and expenses to income statement columns.
Compute net income. This is the total Sales less all costs and expenses.
Posts net income to the credit of balance sheet and to the debit of income statement.
Get the totals of each of the four columns. Each pair of the columns should be equal.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions