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Business
Accounting
Karry no Key, Inc. n/a n/a /a n/a n/a 6 Sales Revenue 9 Wages Expense 10 Depreciation Expense 11 Insurance Expense n/a n/a n/a 12 13 Interest Expense 14 15 16 17 Karry no Key, Inc. 18 19 20 Beginning Stock 21 Stock Issued 22 Ending Stock n/a n/a |-SUM[B20.821) 23 n/a /a n/a n/a 24 Beginning Retained Earnings 25 26 Dividends 27 Ending Retained Earnings 28 29 Total Shareholders' Equity 30 31 32 Karry no Key, Inc. 33 Instructions Journal Statements

Karry no Key, Inc. n/a n/a /a n/a n/a 6 Sales Revenue 9 Wages Expense 10 Depreciation Expense 11 Insurance Expense n/a n/a n/a 12 13 Interest Expense 14 15 16 17 Karry no Key, Inc. 18 19 20 Beginning Stock 21 Stock Issued 22 Ending Stock n/a n/a |-SUM[B20.821) 23 n/a /a n/a n/a 24 Beginning Retained Earnings 25 26 Dividends 27 Ending Retained Earnings 28 29 Total Shareholders' Equity 30 31 32 Karry no Key, Inc. 33 Instructions Journal Statements

FINANCIAL ACCOUNTING
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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Help fill out the statement sheet, yellow cells
Nathan Jackson P Search (Alt+Q) AutoSave On M2 P Last Modified 2h ago File Home Insert Draw Page Lavout Formulas Data Review View Help E Autosum General X cut -A A Wrap Text EFill Calibi Sort Conditional Format as CelI Formatting Table Styles Insert Delete Format Paste Copy Format Painter B $- % O Clear Filter IUB -O A EMerge & Center Styles Cells Editing Alignment Number Undo Cipboard Font A33 F G H D 1 M2 Project (continued) 2 DO NOT INSERT/DELETE ANY CELLS, ROWS OR COLUMNS IN THIS WORKBOOK: DOING SO WILL RESULT IN A SCORE OF O. 3 Karry no Key, Inc. 4 n/a n/a 6 Sales Revenue 9 Wages Expense 10 Depreciation Expense 11 Insurance Expense n/a n/a 12 In/a n/a n/a 13 Inerest Exрепse 14 15 16 17 Karry no Key, Inc. 18 19 20 Beginning Stock 21 Stock Issued /a n/a -SUM(820:821) 22 Ending Stock 23 24 Beginning Retained Earnings n/a In/a 25 26 Dividends 27 Ending Retained Earnings n/a n/a 28 29 Total Shareholders' Equity Va 30 31 32 Karry no Key, Inc. 33 Instructions Journal Statements Ready Accessbity Investigate 144 %23 24 delet & 4. 5. 6. 7 8 backs E RI T Y]
Transcribed Image Text:Nathan Jackson P Search (Alt+Q) AutoSave On M2 P Last Modified 2h ago File Home Insert Draw Page Lavout Formulas Data Review View Help E Autosum General X cut -A A Wrap Text EFill Calibi Sort Conditional Format as CelI Formatting Table Styles Insert Delete Format Paste Copy Format Painter B $- % O Clear Filter IUB -O A EMerge & Center Styles Cells Editing Alignment Number Undo Cipboard Font A33 F G H D 1 M2 Project (continued) 2 DO NOT INSERT/DELETE ANY CELLS, ROWS OR COLUMNS IN THIS WORKBOOK: DOING SO WILL RESULT IN A SCORE OF O. 3 Karry no Key, Inc. 4 n/a n/a 6 Sales Revenue 9 Wages Expense 10 Depreciation Expense 11 Insurance Expense n/a n/a 12 In/a n/a n/a 13 Inerest Exрепse 14 15 16 17 Karry no Key, Inc. 18 19 20 Beginning Stock 21 Stock Issued /a n/a -SUM(820:821) 22 Ending Stock 23 24 Beginning Retained Earnings n/a In/a 25 26 Dividends 27 Ending Retained Earnings n/a n/a 28 29 Total Shareholders' Equity Va 30 31 32 Karry no Key, Inc. 33 Instructions Journal Statements Ready Accessbity Investigate 144 %23 24 delet & 4. 5. 6. 7 8 backs E RI T Y]
Nathan Jackson P Search (Alt Q) toSave On ON M2 P. Last Modified: 2h ago PComments Sha Data Review View Help Home Insert Draw Page Layout Formulas E AutoSum - 25 Wrap Text General A X cut 命 B Copy X Cut -11 - A A Jasperactive for Office Calibri Sort & Find & Analyze Data Conditional Format as Cell Insert Delete Format EEEI E Merge a Center $- % > 8 Formatting Table Styles O Clear Fiter Select 4. BIU-H- . A- Paste 3 Format Painter Editing Analysis CCI Leaming Cels Number Styles Font Aignment Cipboard Formula Ban K G D E A. 2 Project wVU MIX Username: E Shareholders' Equity Account Liabilities Assets Yes Do you intend to major in one of the College of Business and Economic's majors? Amount Account Amount Account Amount $ 106,000 Notes Payable 530 Interest Payable 111.000 Stock Balance Sheet at April 30: $ 83,536 Cash 2,406 Retained Earnings 5,500 Inventory 132,000 Equipment Amounts in US$ Total (1,100) Accumulated Depreciation 33,000 Inventory 3,300 Prepaid Insurance (3,300) Cash Per Unit During May, its second month of business, Karry no Key, Inc.: 5/1 5/1 33,000 Accounts Payable 33,000 3,300 110.00 $ Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 Sold 320 karaoke machines on account: Record the sale During 49,280 Sales Revenue 154.00 49,280 Accounts Receivable May (35.200) Cost of Goods Sold 110.00 (35,200) Inventory Record the cost of the sale 44,352 Cash (44,352) Accounts Receivable (19,800) Cash (1,080) Cash (550) Prepaid Insurance (1,100) Accumulated Depreciation 44,352 During Collected cash from customers from sales made on account May 5/31 19.800 1,080 (19,800) Accounts Payable Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adiusted for wages owed that will be paid in the first week of June (1.080) Dividends (550) Insurance Expense (1,100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense 5/31 A1 A2 1,484 530 1,484 Wages Payable 530 Interest Payable A3 A4 Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 Column Totals 244,486 121,744 122,742 24 Chart of Accounts: 26 27 Accounts Payable Accounts Receivable Accumulated Depreciation 28 29 Cash 30 Cost of Goods Sold 31 Depreciation Expense 32 Dividends Instructions Journal Statements |国 四 100% Ready Accebityinvestigate 12:37 AM 令d 2/1/2022 BANG L detete home end Dg up 96 5 & 80 6 69 backspace lock WE T. AU 7. home D F K enter prt sc * shift ctri
Transcribed Image Text:Nathan Jackson P Search (Alt Q) toSave On ON M2 P. Last Modified: 2h ago PComments Sha Data Review View Help Home Insert Draw Page Layout Formulas E AutoSum - 25 Wrap Text General A X cut 命 B Copy X Cut -11 - A A Jasperactive for Office Calibri Sort & Find & Analyze Data Conditional Format as Cell Insert Delete Format EEEI E Merge a Center $- % > 8 Formatting Table Styles O Clear Fiter Select 4. BIU-H- . A- Paste 3 Format Painter Editing Analysis CCI Leaming Cels Number Styles Font Aignment Cipboard Formula Ban K G D E A. 2 Project wVU MIX Username: E Shareholders' Equity Account Liabilities Assets Yes Do you intend to major in one of the College of Business and Economic's majors? Amount Account Amount Account Amount $ 106,000 Notes Payable 530 Interest Payable 111.000 Stock Balance Sheet at April 30: $ 83,536 Cash 2,406 Retained Earnings 5,500 Inventory 132,000 Equipment Amounts in US$ Total (1,100) Accumulated Depreciation 33,000 Inventory 3,300 Prepaid Insurance (3,300) Cash Per Unit During May, its second month of business, Karry no Key, Inc.: 5/1 5/1 33,000 Accounts Payable 33,000 3,300 110.00 $ Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 Sold 320 karaoke machines on account: Record the sale During 49,280 Sales Revenue 154.00 49,280 Accounts Receivable May (35.200) Cost of Goods Sold 110.00 (35,200) Inventory Record the cost of the sale 44,352 Cash (44,352) Accounts Receivable (19,800) Cash (1,080) Cash (550) Prepaid Insurance (1,100) Accumulated Depreciation 44,352 During Collected cash from customers from sales made on account May 5/31 19.800 1,080 (19,800) Accounts Payable Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adiusted for wages owed that will be paid in the first week of June (1.080) Dividends (550) Insurance Expense (1,100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense 5/31 A1 A2 1,484 530 1,484 Wages Payable 530 Interest Payable A3 A4 Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 Column Totals 244,486 121,744 122,742 24 Chart of Accounts: 26 27 Accounts Payable Accounts Receivable Accumulated Depreciation 28 29 Cash 30 Cost of Goods Sold 31 Depreciation Expense 32 Dividends Instructions Journal Statements |国 四 100% Ready Accebityinvestigate 12:37 AM 令d 2/1/2022 BANG L detete home end Dg up 96 5 & 80 6 69 backspace lock WE T. AU 7. home D F K enter prt sc * shift ctri
Expert Solution
Step 1

Cost of goods produced:

 

It is the cost incurred by the company in producing the goods. It includes the cost of raw material, electricity, labor cost, etc. It includes fixed and variable costs.

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