he following selected accounts and their current balances appear in the ledger of wymar Company are as follows: Cash P13,500 Sales discounts P 29,000 A/R 72,000 Purchases 2,650,000 Purchase Ret./Allow. Inventory 1-01-21, beginning Office supplies 257,000 93,000 3,000 Purchase Discounts 37,000 Prepaid insurance 4,500 Freight-In 48,000 Land 150,000 Sales salaries expenses 300,000 Store equipment Delivery expense Ads. Expense Acc. Depreciation-store equipment 55,900 Office equipment 270,000 45,000 9,000 Depreciation expense-store eqmt. Misc. selling expense Acc. Depr. -office equipment 6,000 78,500 12,000 16,000 Office salaries expense 175,000 28,000 Rent expense Salaries Payable N/P A/P 27,800 3,000 Unearned Rent 8,300 50,000 Capital 580,500 25,000 Drawing Sales Ret./Allow. Sales 3,355,000 46,000 Depr. Expense-Office eqmt. Insurance Expense Office supplies expense Misc. Adm. Expense 1,500 3,000 2,000 3,500 Rent Revenue/Income 7,000 Interest Expense 2,000 Inventory 12-31-21, end 305,000*** **Ending inventory must not be included in the Trial Balance but included in the computation of Cost c Goods Sold and in the Balance Sheet as Inventory or Merchandise Inventory serve as beginning inventory for the next accounting period. REQUIRED: A. Trial Balance B. Income Statement C Capital Statement D. Balance Sheet
he following selected accounts and their current balances appear in the ledger of wymar Company are as follows: Cash P13,500 Sales discounts P 29,000 A/R 72,000 Purchases 2,650,000 Purchase Ret./Allow. Inventory 1-01-21, beginning Office supplies 257,000 93,000 3,000 Purchase Discounts 37,000 Prepaid insurance 4,500 Freight-In 48,000 Land 150,000 Sales salaries expenses 300,000 Store equipment Delivery expense Ads. Expense Acc. Depreciation-store equipment 55,900 Office equipment 270,000 45,000 9,000 Depreciation expense-store eqmt. Misc. selling expense Acc. Depr. -office equipment 6,000 78,500 12,000 16,000 Office salaries expense 175,000 28,000 Rent expense Salaries Payable N/P A/P 27,800 3,000 Unearned Rent 8,300 50,000 Capital 580,500 25,000 Drawing Sales Ret./Allow. Sales 3,355,000 46,000 Depr. Expense-Office eqmt. Insurance Expense Office supplies expense Misc. Adm. Expense 1,500 3,000 2,000 3,500 Rent Revenue/Income 7,000 Interest Expense 2,000 Inventory 12-31-21, end 305,000*** **Ending inventory must not be included in the Trial Balance but included in the computation of Cost c Goods Sold and in the Balance Sheet as Inventory or Merchandise Inventory serve as beginning inventory for the next accounting period. REQUIRED: A. Trial Balance B. Income Statement C Capital Statement D. Balance Sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:4. The following selected accounts and their current balances appear in the ledger of Wyman
Company are as follows:
P13,500
Sales discounts
P 29,000
Cash
A/R
72,000
Purchases
2,650,000
Purchase Ret./Allow.
Inventory 1-01-21, beginning
Office supplies
Prepaid insurance
257,000
93,000
3,000
Purchase Discounts
37,000
4,500
Freight-In
Sales salaries expenses
48,000
Land
150,000
300,000
Store equipment
Delivery expense
Ads. Expense
Acc. Depreciation-store equipment 55,900
Office equipment
270,000
45,000
9,000
Depreciation expense-store eqmt.
6,000
78,500
12,000
Office salaries expense
175,000
28,000
Misc. selling expense
Acc. Depr. -office equipment
16,000
Rent expense
A/P
Salaries Payable
27,800
8,300
3,000
Unearned Rent
N/P
5000
Capital
580,500
3,355,000
Drawing
Sales Ret./Allow.
Office supplies expense
Misc. Adm. Expense
25,000
Sales
46,000
Depr. Expense-Office eqmt.
1,500
3,000
3,500
Insurance Expense
2,000
Rent Revenue/Income
7,000
Interest Expense
2,000
Inventory 12-31-21, end
305,000***
***Ending inventory must not be included in the Trial Balance but included in the computation of Cost of
Goods Sold and in the Balance Sheet as Inventory or Merchandise Inventory serve as beginning
inventory for the next accounting period.
REQUIRED:
A. Trial Balance
B. Income Statement
C Capital Statement
D. Balance Sheet
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