Income statement Cash $112,500 Gerri Faber, Drawing $67,40 Accounts Receivable 302,600 Sales 4,066,6 Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment 341,900 Cost of Merchandise Sold 2,383,0 13,500 670,10 Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment 35,900 10,600 184,30 8,200 247,500 Miscellaneous Selling Expense 15,700 Accumulated Depreciation-Office Equipment 168,200 Office Salaries Expense 365,80 772,700 Rent Expense 54,000 Store Equipment Accumulated Depreciation-Store Equipment 247,500 Insurance Expense Accounts Payable Customer Refunds Payable 16,800 171,300 Depreciation Expense Office Equipment 27,000 Office Supplies Expense 27,000 9,900

Income statement Cash $112,500 Gerri Faber, Drawing $67,40 Accounts Receivable 302,600 Sales 4,066,6 Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment 341,900 Cost of Merchandise Sold 2,383,0 13,500 670,10 Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment 35,900 10,600 184,30 8,200 247,500 Miscellaneous Selling Expense 15,700 Accumulated Depreciation-Office Equipment 168,200 Office Salaries Expense 365,80 772,700 Rent Expense 54,000 Store Equipment Accumulated Depreciation-Store Equipment 247,500 Insurance Expense Accounts Payable Customer Refunds Payable 16,800 171,300 Depreciation Expense Office Equipment 27,000 Office Supplies Expense 27,000 9,900

Name: Income statementCash$112,500 Gerri Faber, Drawing$67,400Accounts Rece
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Description: Income statementCash$112,500 Gerri Faber, Drawing$67,400Accounts Receivable302,600 Sales4,066,600Merchandise Inventory341,900 Cost of Merchandise Sold2,383,00013,500Sales Salaries ExpenseAdvertising ExpenseDepreciation Expense-Store Equipment 35,900

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Income statement
Cash
$112,500 Gerri Faber, Drawing
$67,400
Accounts Receivable
302,600 Sales
4,066,600
Merchandise Inventory
341,900 Cost of Merchandise Sold
2,383,000
13,500
Sales Salaries Expense
Advertising Expense
Depreciation Expense-Store Equipment 35,900
670,100
Estimated Returns Inventory
Office Supplies
10,600
184,300
Prepaid Insurance
8,200
Office Equipment
247,500 Miscellaneous Selling Expense
15,700
Accumulated Depreciation-Office Equipment 168,200 Office Salaries Expense
Store Equipment
Accumulated Depreciation-Store Equipment 247,500 Insurance Expense
Accounts Payable
Customer Refunds Payable
Salaries Payable
Note Payable (final payment due 2032)
Gerri Faber, Capital
365,800
772,700 Rent Expense
54,000
16,800
171,300 Depreciation Expense Office Equipment 27,000
27,000
Office Supplies Expense
9,900
10,900
Miscellaneous Administrative Exp.
7,200
360,000 Interest Expense
10,900
606,000

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