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On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $163,800 Accumulated Depreciation-Building 740,900 Administrative Expenses 526,350 Building 2,507,600 Cash 186,150 Common Stock 304,450 Cost of Goods Sold 3,852,200 Dividends 184,450 Interest Expense 10,200 Inventory 1,022,600 Notes Payable 238,600 Office Supplies 19,050 Retained Earnings 1,267,250 Salaries Payable 7,700

On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $163,800 Accumulated Depreciation-Building 740,900 Administrative Expenses 526,350 Building 2,507,600 Cash 186,150 Common Stock 304,450 Cost of Goods Sold 3,852,200 Dividends 184,450 Interest Expense 10,200 Inventory 1,022,600 Notes Payable 238,600 Office Supplies 19,050 Retained Earnings 1,267,250 Salaries Payable 7,700

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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**Instructional Material for Educational Website** **Accounting Records of Royal Furnishings Company** On March 31, 20Y9, the following balances appeared in the ledger of Royal Furnishings Company, a furniture store. These account balances provide a snapshot of the financial position of the company as of that date. 1. **Assets and Liabilities** - **Accounts Receivable:** $163,800 - **Accumulated Depreciation-Building:** $740,900 - **Building:** $2,507,600 - **Cash:** $186,150 - **Inventory:** $1,022,600 - **Notes Payable:** $238,600 - **Office Supplies:** $19,050 2. **Equity** - **Common Stock:** $304,450 - **Retained Earnings:** $1,267,250 3. **Expenses** - **Administrative Expenses:** $526,350 - **Cost of Goods Sold:** $3,852,200 - **Interest Expense:** $10,200 - **Salaries Payable:** $7,700 4. **Dividends** - **Dividends:** $184,450 This breakdown includes various categories of accounts such as assets, liabilities, equity, expenses, and dividends. They each play a critical role in understanding the financial health and operational efficiency of the company. *Note: This data serves educational purposes for understanding accounting principles and financial analysis.*
Transcribed Image Text:**Instructional Material for Educational Website** **Accounting Records of Royal Furnishings Company** On March 31, 20Y9, the following balances appeared in the ledger of Royal Furnishings Company, a furniture store. These account balances provide a snapshot of the financial position of the company as of that date. 1. **Assets and Liabilities** - **Accounts Receivable:** $163,800 - **Accumulated Depreciation-Building:** $740,900 - **Building:** $2,507,600 - **Cash:** $186,150 - **Inventory:** $1,022,600 - **Notes Payable:** $238,600 - **Office Supplies:** $19,050 2. **Equity** - **Common Stock:** $304,450 - **Retained Earnings:** $1,267,250 3. **Expenses** - **Administrative Expenses:** $526,350 - **Cost of Goods Sold:** $3,852,200 - **Interest Expense:** $10,200 - **Salaries Payable:** $7,700 4. **Dividends** - **Dividends:** $184,450 This breakdown includes various categories of accounts such as assets, liabilities, equity, expenses, and dividends. They each play a critical role in understanding the financial health and operational efficiency of the company. *Note: This data serves educational purposes for understanding accounting principles and financial analysis.*
### Financial Information #### Account Balances - **Common Stock**: $304,450 - **Cost of Goods Sold**: $3,852,200 - **Dividends**: $184,450 - **Interest Expense**: $10,200 - **Inventory**: $1,022,600 - **Notes Payable**: $238,600 - **Office Supplies**: $19,050 - **Retained Earnings**: $1,267,250 - **Salaries Payable**: $7,700 - **Sales**: $6,264,600 - **Selling Expenses**: $735,850 - **Store Supplies**: $86,750 #### Instructions A. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Transcribed Image Text:### Financial Information #### Account Balances - **Common Stock**: $304,450 - **Cost of Goods Sold**: $3,852,200 - **Dividends**: $184,450 - **Interest Expense**: $10,200 - **Inventory**: $1,022,600 - **Notes Payable**: $238,600 - **Office Supplies**: $19,050 - **Retained Earnings**: $1,267,250 - **Salaries Payable**: $7,700 - **Sales**: $6,264,600 - **Selling Expenses**: $735,850 - **Store Supplies**: $86,750 #### Instructions A. Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
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