Palisade Creek Co Adjusted Trail Balance May 31st 2019 Debit Credit Particulars Amount Amount Cash 84500 Accounts Receivable | Merchandise Inventory Estimated Retum Inventory Prepaid Insurance Stores Supplies Store Equipment Accumulated Dep- Store Equipment Accounts Payable Customer Refund Payable Salaries Payable |Lynn Tolley, Capital Lynn Tolley, Drawing 245875 570000 50200 4800 4000 569500 70700 63150 89270 13600 685300 135000 Sales 5316205 Cost of Merchandise sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Misc Selling Expense Office Salaries Expense Rent Expense Insurance Expense Misc Admin Expense 2991950 727800 292000 14000 9800 12600 417700 88700 12000 7800 6238225 6238225 1. Prepare an income statement. Palisade Creek Co. Income Statement For the Year Ended May 31, 2019 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total expenses Net income

Palisade Creek Co Adjusted Trail Balance May 31st 2019 Debit Credit Particulars Amount Amount Cash 84500 Accounts Receivable | Merchandise Inventory Estimated Retum Inventory Prepaid Insurance Stores Supplies Store Equipment Accumulated Dep- Store Equipment Accounts Payable Customer Refund Payable Salaries Payable |Lynn Tolley, Capital Lynn Tolley, Drawing 245875 570000 50200 4800 4000 569500 70700 63150 89270 13600 685300 135000 Sales 5316205 Cost of Merchandise sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Misc Selling Expense Office Salaries Expense Rent Expense Insurance Expense Misc Admin Expense 2991950 727800 292000 14000 9800 12600 417700 88700 12000 7800 6238225 6238225 1. Prepare an income statement. Palisade Creek Co. Income Statement For the Year Ended May 31, 2019 Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total expenses Net income

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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