Presented below are selected account balances for Waterway Co. as of December 31, 2020. Inventory 12/31/20 $59,720 Cost of Goods Sold $221,742 Common Stock 74,480 Selling Expenses 16,099 Retained Earnings 45,730 Administrative Expenses 38,667 Dividends 18,066 Income Tax Expense 29,820 Sales Returns and Allowances 12,144 Sales Discounts 15,250 Sales Revenue 415,540 Prepare closing entries for Waterway Co. on December 31, 2020. (Credit account titles are automatically indented w entered. Do not indent monualy If

Presented below are selected account balances for Waterway Co. as of December 31, 2020. Inventory 12/31/20 $59,720 Cost of Goods Sold $221,742 Common Stock 74,480 Selling Expenses 16,099 Retained Earnings 45,730 Administrative Expenses 38,667 Dividends 18,066 Income Tax Expense 29,820 Sales Returns and Allowances 12,144 Sales Discounts 15,250 Sales Revenue 415,540 Prepare closing entries for Waterway Co. on December 31, 2020. (Credit account titles are automatically indented w entered. Do not indent monualy If

Name: Presented below are selected account balances for Waterway Co. as of
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Presented below are selected account balances for Waterway Co. as of December 31, 2020.Inventory 12/31/20$59,720Cost of Goods Sold$221,742Common Stock74,480Selling Expenses16,099Retained Earnings45,730Administrative Expenses38,667Dividends18,066Inco

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $120,200 Gerri Faber, Drawing $72,000 Accounts Receivable 326,200 Sales 4,344,900 Merchandise Inventory 365,300 Cost of Merchandise Sold 2,546,100 Estimated Returns Inventory 14,450 Sales Salaries Expense 716,000 Office Supplies 11,300 Advertising Expense 196,900 Prepaid Insurance 8,800 Depreciation Expense—Store Equipment 38,400 Office Equipment 264,500 Miscellaneous Selling Expense 16,800 Accumulated Depreciation—Office Equipment 179,700 Office Salaries Expense 390,900 Store Equipment 825,600 Rent Expense 57,700 Accumulated Depreciation—Store Equipment 264,500 Insurance Expense 17,900 Accounts Payable 183,000 Depreciation Expense—Office Equipment 28,900 Customer Refunds Payable 28,900 Office Supplies Expense 10,600 Salaries Payable…
The following selected accounts and the current balances apper in the ledger of Acct 201 Co., for the fiscal year ended May 31, 2020. To answer the questions below, it will be helpful to use a scratch piece of paper and prepare a multiple-step income statement (Note: not all of the listed accounts are used on the income statement. Select those that should appear on the income statement.) Advertising Expense $550Cost of Merchandise Sold 7,850Customer Refunds Payable 40Delivery Expense 16Depreciation Expense-Office Equipment 50Depreciation Expense-Store Equipment…
Denger
During 2021, your company completed the following summarized transactions. Prepare journal entries for the following events. 1. Your company sold $60,000 of merchandise to various customers for $150,000 on account, terms 2/10, n/30. Assume your company uses a PERIODIC inventory system and the GROSS method of discounts. 2. Accounts from transaction “#1." above for which the original amount was $70,000 were collected within the 10 day period. 3. Accounts from transaction "#1." above for which the original amount was $40,000 were collected 27 days after the sale. 4. One customer from transaction “#1" above returned a product which cost $410 and had been sold for $1,000. This customer had NOT paid his account so you credited his account. On December 1, 2021, you loaned $80,000 to another company and received a nine- month, 6% note. 5. 6. Your company wrote off $2,100 of past due accounts receivable. 7. At the end of the year, your company estimated bad debts would be 1% of GROSS sales for…
Jaded Corporation has the following account balances for the year-ended December 31, 2024. K In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively. dr Accounts Receivable Inventory Purchases Freight-In Purchases Discount Purchases Returns Purchase Allowances 32,000 20,000 480,000 5,000 Sales Revenue Interest Revenue Sales Returns & Allowances Sales Discounts Selling Expenses General & Administrative Exp 15,000 30,000 Other Operating Expenses Freight-Out 9,000 Interest Expense 2,000 Loss on Sale of Truck 5,000 What is the operating income for the period? OA. $1,146,000 OB. $1,167,000 OC. $1,156,000 O D. $1,176,000 $8,000 50,000 10,000 cr $ 4,000 3,000 1,000 1,850,000 1,000
Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,244. Ending inventory was $1,596. Note: Input all amounts as positive values. Sales $ 34,500 Sales returns and allowances 1,088 Sales discount 1,148 Purchases 10,312 Purchase discounts 536 Depreciation expense 111 Salary expense 5,000 Insurance expense 2,400 Utilities expense 206 Plumbing expense 246 Rent expense 176
Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 34,000 Other (non-inventory) assets 136,000 Total liabilities $ 39,270 Common stock 67,851 Retained earnings 45, 768 Dividends 8,000 Sales 232, 560 Sales discounts 3,558 Sales returns and allowances 15,349 Cost of goods sold 90, 401 Sales salaries expense 31,861 Rent expense-Selling space 10, 930 Store supplies expense 2, 791 Advertising expense 19,768 Office salaries expense 29,070 Rent expense-Office space 2,791 Office supplies expense 930 Totals $385, 449 $385, 449 Beginning merchandise inventory was $27,438. Supplementary records of merchandising activities for the year ended…
Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory $14,610; Operating Expenses $30,650; Sales Revenue $121,130; Sales Discounts $1,130; and Sales Returns and Allowances $1,850. A physical count of inventory determines that merchandise inventory on hand is $13,080.
Only typed solution