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Provide Functional-form Statement of Profit or Loss (with supporting notes)

Provide Functional-form Statement of Profit or Loss (with supporting notes)

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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Provide Functional-form Statement of Profit or Loss (with supporting notes)

Accounts Payable Accounts Receivable Accumulated Depreciation - Machinery Accumulated Depreciation - Office Equipment Accumulated Depreciation - Store Equipment Allowance for Doubtful Accounts Cash Commissions Income Depreciation - Machinery Depreciation - Office Equipment Depreciation - Store Equipment Doubtful Accounts Expense Factory Payroll (60% direct, 40% indirect) Finished Goods Inventory, Mar 1 Finished Goods Inventory, Mar 31 Interest Income Machinery Notes Receivable Office Equipment Office Salaries Other Costs (30% factory, 40% store, 30% office) Prepaid Insurance Expense R. Biff, Capital, Mar 1 R. Biff, Drawing Raw Materials Inventory, Mar 1 Raw Materials Inventory, Mar 31 Raw materials purchases Rent (60% factory, 20% store, 20% office) Repairs and Maintenance (60% factory, 40% office) Salaries and Wages Payable Sales Sales Discount Sales Returns and Allowances Store Equipment Store Salaries Supplies Inventory (50% factory, 30% store, 20% office) Supplies Used (40% factory, 30% store, 30% office) Unearned Sales Revenue Utilities (70% factory, 20% store, 10% office) Utilities Payable Work-in-Process Inventory, Mar 1 Work-in-Process Inventory, Mar 31 € 76,000 320,000 52,000 26,000 24,000 16,000 488,000 45,000 27,000 13,000 12,000 14,000 400,000 40,000 37,000 3,000 520,000 50,000 240,000 156,000 30,000 60,000 ??? 85,000 39,000 46,000 187,000 100,000 23,000 60,000 1,500,000 21,000 15,000 130,000 234,000 20,000 48,000 50,000 170,000 46,000 61,000 65,000
Transcribed Image Text:Accounts Payable Accounts Receivable Accumulated Depreciation - Machinery Accumulated Depreciation - Office Equipment Accumulated Depreciation - Store Equipment Allowance for Doubtful Accounts Cash Commissions Income Depreciation - Machinery Depreciation - Office Equipment Depreciation - Store Equipment Doubtful Accounts Expense Factory Payroll (60% direct, 40% indirect) Finished Goods Inventory, Mar 1 Finished Goods Inventory, Mar 31 Interest Income Machinery Notes Receivable Office Equipment Office Salaries Other Costs (30% factory, 40% store, 30% office) Prepaid Insurance Expense R. Biff, Capital, Mar 1 R. Biff, Drawing Raw Materials Inventory, Mar 1 Raw Materials Inventory, Mar 31 Raw materials purchases Rent (60% factory, 20% store, 20% office) Repairs and Maintenance (60% factory, 40% office) Salaries and Wages Payable Sales Sales Discount Sales Returns and Allowances Store Equipment Store Salaries Supplies Inventory (50% factory, 30% store, 20% office) Supplies Used (40% factory, 30% store, 30% office) Unearned Sales Revenue Utilities (70% factory, 20% store, 10% office) Utilities Payable Work-in-Process Inventory, Mar 1 Work-in-Process Inventory, Mar 31 € 76,000 320,000 52,000 26,000 24,000 16,000 488,000 45,000 27,000 13,000 12,000 14,000 400,000 40,000 37,000 3,000 520,000 50,000 240,000 156,000 30,000 60,000 ??? 85,000 39,000 46,000 187,000 100,000 23,000 60,000 1,500,000 21,000 15,000 130,000 234,000 20,000 48,000 50,000 170,000 46,000 61,000 65,000
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