From the following trial balance and additional data, complete the worksheet for Ron's Wholesale Clothing Company. Ron's Wholesale Clothing Company Trial Balance December 31, 2019 Dr. Cr. Cash 2,600 Petty Cash 30 Accounts Receivable 3,000 Merchandise Inventory 3,600 Supplies 270 Prepaid Insurance 180 Store Equipment 1,000 Accumulated Depriation, Store Equipment 496 Accounts Payable 4,590 Federal Income Tax Payable 590 FICA-Social Security Payable 74 FICA-Medicare Payable 100 Unearned Storage Fees 350 Ron Win, Capital 2,734 Ron Win, Withdrawals 1,800 Sales 19,400 Sales Returns and Allowances 560 Sales Discount 480 Cost of Goods Sold 8,300 Salaries Expense 6,000 Payroll Tax Expense 194 Interest Expense 320 28,334 28,334 Additional Data a. Physical count of inventory on December 31, $3,950 b. Supplies on hand, $50 c. Insurance expired, $55 d. Depreciation expense on store equipment, $100 e. Storage fees earned, $115 Complete the worsheet one section at a time, beginning with the Adjustments columns. For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (Leave unused cells blank. Do not enter a "0" for any zero balances. Abbreviations used: Acc. = Accumulated; Allow. = Allowances; Dep. = Depreciation; Equip. = Equipment; SS = Social Security; Stmt. = Statement; TB = Trial Balance.) Ron's Wholesale Clothing Company Worksheet For Year Ended December 31, 2019 Trial Balance Adjustments Account Dr. Cr. Dr. Cr. Cash 2,600 Petty Cash 30 Accounts Receivable 3,000 Merchandise Inventory 3,600 Supplies 270 Prepaid Insurance 180 Store Equipment 1,000 Acc. Dep., Store Equip. 496 Accounts Payable 4,590 Income Tax Payable 590 FICA-SS Payable 74 FICA-Medicare Payable 100 Unearned Storage Fees 350 Ron Win, Capital 2,734 Ron Win, Withdrawals 1,800 Sales 19,400 Sales Returns and Allow. 560 Sales Discounts 480 Cost of Goods Sold 8,300 Salaries Expense 6,000 Payroll Tax Expense 194 Interest Expense 320 Supplies Expense Insurance Expense Dep. Expense, Store Equip. Totals 28,334 28,334 Net Income/Loss Totals Adjusted TB Dr. Cr. Income Stmt. Dr. Cr. Balance Sheet Dr. Cr.

From the following trial balance and additional data, complete the worksheet for Ron's Wholesale Clothing Company. Ron's Wholesale Clothing Company Trial Balance December 31, 2019 Dr. Cr. Cash 2,600 Petty Cash 30 Accounts Receivable 3,000 Merchandise Inventory 3,600 Supplies 270 Prepaid Insurance 180 Store Equipment 1,000 Accumulated Depriation, Store Equipment 496 Accounts Payable 4,590 Federal Income Tax Payable 590 FICA-Social Security Payable 74 FICA-Medicare Payable 100 Unearned Storage Fees 350 Ron Win, Capital 2,734 Ron Win, Withdrawals 1,800 Sales 19,400 Sales Returns and Allowances 560 Sales Discount 480 Cost of Goods Sold 8,300 Salaries Expense 6,000 Payroll Tax Expense 194 Interest Expense 320 28,334 28,334 Additional Data a. Physical count of inventory on December 31, $3,950 b. Supplies on hand, $50 c. Insurance expired, $55 d. Depreciation expense on store equipment, $100 e. Storage fees earned, $115 Complete the worsheet one section at a time, beginning with the Adjustments columns. For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (Leave unused cells blank. Do not enter a "0" for any zero balances. Abbreviations used: Acc. = Accumulated; Allow. = Allowances; Dep. = Depreciation; Equip. = Equipment; SS = Social Security; Stmt. = Statement; TB = Trial Balance.) Ron's Wholesale Clothing Company Worksheet For Year Ended December 31, 2019 Trial Balance Adjustments Account Dr. Cr. Dr. Cr. Cash 2,600 Petty Cash 30 Accounts Receivable 3,000 Merchandise Inventory 3,600 Supplies 270 Prepaid Insurance 180 Store Equipment 1,000 Acc. Dep., Store Equip. 496 Accounts Payable 4,590 Income Tax Payable 590 FICA-SS Payable 74 FICA-Medicare Payable 100 Unearned Storage Fees 350 Ron Win, Capital 2,734 Ron Win, Withdrawals 1,800 Sales 19,400 Sales Returns and Allow. 560 Sales Discounts 480 Cost of Goods Sold 8,300 Salaries Expense 6,000 Payroll Tax Expense 194 Interest Expense 320 Supplies Expense Insurance Expense Dep. Expense, Store Equip. Totals 28,334 28,334 Net Income/Loss Totals Adjusted TB Dr. Cr. Income Stmt. Dr. Cr. Balance Sheet Dr. Cr.

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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Question

From the following trial balance and additional data, complete the worksheet for Ron's Wholesale Clothing Company.

Ron's Wholesale Clothing Company
Trial Balance
December 31, 2019
	Dr.	Cr.
Cash	2,600
Petty Cash	30
Accounts Receivable	3,000
Merchandise Inventory	3,600
Supplies	270
Prepaid Insurance	180
Store Equipment	1,000
Accumulated Depriation, Store Equipment		496
Accounts Payable		4,590
Federal Income Tax Payable		590
FICA-Social Security Payable		74
FICA-Medicare Payable		100
Unearned Storage Fees		350
Ron Win, Capital		2,734
Ron Win, Withdrawals	1,800
Sales		19,400
Sales Returns and Allowances	560
Sales Discount	480
Cost of Goods Sold	8,300
Salaries Expense	6,000
Payroll Tax Expense	194
Interest Expense	320
	28,334	28,334

Additional Data

a.		Physical count of inventory on December 31, $3,950
b.		Supplies on hand, $50
c.		Insurance expired, $55
d.		Depreciation expense on store equipment, $100
e.		Storage fees earned, $115

Complete the worsheet one section at a time, beginning with the Adjustments columns. For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (Leave unused cells blank. Do not enter a "0" for any zero balances. Abbreviations used: Acc. = Accumulated; Allow. = Allowances; Dep. = Depreciation; Equip. = Equipment; SS = Social Security; Stmt. = Statement; TB = Trial Balance.)

Ron's Wholesale Clothing Company
		Worksheet
		For Year Ended December 31, 2019
		Trial Balance	Adjustments
	Account	Dr.	Cr.	Dr.	Cr.
	Cash	2,600
	Petty Cash	30
	Accounts Receivable	3,000
	Merchandise Inventory	3,600
	Supplies	270
	Prepaid Insurance	180
	Store Equipment	1,000
	Acc. Dep., Store Equip.		496
	Accounts Payable		4,590
	Income Tax Payable		590
	FICA-SS Payable		74
	FICA-Medicare Payable		100
	Unearned Storage Fees		350
	Ron Win, Capital		2,734
	Ron Win, Withdrawals	1,800
	Sales		19,400
	Sales Returns and Allow.	560
	Sales Discounts	480
	Cost of Goods Sold	8,300
	Salaries Expense	6,000
	Payroll Tax Expense	194
	Interest Expense	320
	Supplies Expense
	Insurance Expense
	Dep. Expense, Store Equip.
	Totals	28,334	28,334
	Net Income/Loss
	Totals




Adjusted TB
Dr.	Cr.




Income Stmt.
Dr.	Cr.




Balance Sheet
Dr.	Cr.

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