Geelong Publishers’ selected accounts as of 30 November 2020 follow: Selling expenses $ 18 100 Inventory $44 000 Furniture 37 300 Cash 36 100 Sales returns and allowances 3 000 Loan payable 21 700 Salary payable 1 400 Accumulated depreciation 23 100 Alawa, capital 29 400 Cost of sales 53 000 Sales revenue 114 200 Sales discounts 2 400 Accounts payable 13 400 General expenses 9 300 Requirements: 1. Prepare the functional format income statement, statement of changes in equity and balance sheet for the first year of operations. 2. Prepare closing entries for the first year of operations.
Geelong Publishers’ selected accounts as of 30 November 2020 follow: Selling expenses $ 18 100 Inventory $44 000 Furniture 37 300 Cash 36 100 Sales returns and allowances 3 000 Loan payable 21 700 Salary payable 1 400 Accumulated depreciation 23 100 Alawa, capital 29 400 Cost of sales 53 000 Sales revenue 114 200 Sales discounts 2 400 Accounts payable 13 400 General expenses 9 300 Requirements: 1. Prepare the functional format income statement, statement of changes in equity and balance sheet for the first year of operations. 2. Prepare closing entries for the first year of operations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Geelong Publishers’ selected accounts as of 30 November 2020 follow: Selling expenses $ 18 100 Inventory $44 000 Furniture 37 300 Cash 36 100 Sales returns and allowances 3 000 Loan payable 21 700 Salary payable 1 400
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