ng for Merchandising OperationsP5-4A The unadjusted trial balance of World Enterprises for the year ending December 31, 2002,is shown below:yCashAccounts ReceivableMerchandise InventoryPrepaid InsuranceStore EquipmentAccumulated Amortization Store EquipmentAccounts PayableSales Taxes PayableR. Roger, CapitalSalesSales Returns and AllowancesCost of Goods SoldexpensesWORLD ENTERPRISESTrial BalanceDecember 31, 2002Salaries ExpenseRent ExpenseTotalsOther data:1. Insurance expired, $800.2. Amortization expense, $3,000.3. Rent payable, $500. (choInstructionsDebit$ 14,00030,60027,5001,80042,0004,600177,00031,6006,100$335,200Credit$ 9,00034,4003,00050,300238,500$335.200(a) Prepare a multiple-step income statement, statement of owner's equity, and balance sheet.(b) Prepare the closing entries.5035 5

Income statement is the financial statement which is prepared in order to depict the position of…

P5-4A The unadjusted trial balance of World Enterprises for the year ending December 31, 2002 is shown below: Ripe Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Equipment Accumulated Amortization-Store Equipment Accounts Payable Sales Taxes Payable R. Roger, Capital Sales Sales Returns and Allowances Cost of Goods Sold puses ·Pexper WORLD ENTERPRISES Trial Balance December 31, 2002 Salaries Expense Rent Expense Totals Other data: 1. Insurance expired, $800. 2. Amortization expense, $3,000. 3. Rent payable, $500. echa Instructions Debit $ 14,000 30,600 27,500 1,800 42,000 4,600 177,000 31,600 6,100 $335,200 Credit $ 9,000 34,400 3,000 50,300 238,500 $335.200 (a) Prepare a multiple-step income statement, statement of owner's equity, and balance sheet. (b) Prepare the closing entries. 55 2 entoes

P5-4A The unadjusted trial balance of World Enterprises for the year ending December 31, 2002 is shown below: Ripe Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Equipment Accumulated Amortization-Store Equipment Accounts Payable Sales Taxes Payable R. Roger, Capital Sales Sales Returns and Allowances Cost of Goods Sold puses ·Pexper WORLD ENTERPRISES Trial Balance December 31, 2002 Salaries Expense Rent Expense Totals Other data: 1. Insurance expired, $800. 2. Amortization expense, $3,000. 3. Rent payable, $500. echa Instructions Debit $ 14,000 30,600 27,500 1,800 42,000 4,600 177,000 31,600 6,100 $335,200 Credit $ 9,000 34,400 3,000 50,300 238,500 $335.200 (a) Prepare a multiple-step income statement, statement of owner's equity, and balance sheet. (b) Prepare the closing entries. 55 2 entoes

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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Question

ng for Merchandising Operations
P5-4A The unadjusted trial balance of World Enterprises for the year ending December 31, 2002,
is shown below:
y
Cash
Accounts Receivable
Merchandise Inventory
Prepaid Insurance
Store Equipment
Accumulated Amortization Store Equipment
Accounts Payable
Sales Taxes Payable
R. Roger, Capital
Sales
Sales Returns and Allowances
Cost of Goods Sold
expenses
WORLD ENTERPRISES
Trial Balance
December 31, 2002
Salaries Expense
Rent Expense
Totals
Other data:
1. Insurance expired, $800.
2. Amortization expense, $3,000.
3. Rent payable, $500. (cho
Instructions
Debit
$ 14,000
30,600
27,500
1,800
42,000
4,600
177,000
31,600
6,100
$335,200
Credit
$ 9,000
34,400
3,000
50,300
238,500
$335.200
(a) Prepare a multiple-step income statement, statement of owner's equity, and balance sheet.
(b) Prepare the closing entries.
5035 5

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