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Required: 1. Complete the accounting worksheet for the year ended December 31, 2012. 2. Prepare the multi-step income statement, statement of owner's equity and balance sheet for the year. 3. Prepare the closing entries for the year.

Required: 1. Complete the accounting worksheet for the year ended December 31, 2012. 2. Prepare the multi-step income statement, statement of owner's equity and balance sheet for the year. 3. Prepare the closing entries for the year.

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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Chattahoochee Coolers' trial balance as of December 31, 2012, follows: DR 2,400 10,400 71,200 3,600 24,100 CR Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation- equipment Accounts payable Salary payable Note payable-long term Robert, Capital Robert, withdrawals 7,200 9,000 20,100 56,000 36,400 Sales revenue 192,500 Cost of goods sold Salary expense Rent expense Utilities expense Depreciation expense Interest expense 66,000 46,400 14,500 6,700 3,100 Total 284.800 284.800 The following additional data at December 31, 2012 were provided by the company: A. Prepaid rent expired, $2,300. B. Depreciation, $4,000. C. Accrued salaries, $1,000. D. Inventory on hand, $67,900. Required: 1. Complete the accounting worksheet for the year ended December 31, 2012. 2. Prepare the multi-step income statement, statement of owner's equity and balance sheet for the year. 3. Prepare the closing entries for the year.
Transcribed Image Text:Chattahoochee Coolers' trial balance as of December 31, 2012, follows: DR 2,400 10,400 71,200 3,600 24,100 CR Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation- equipment Accounts payable Salary payable Note payable-long term Robert, Capital Robert, withdrawals 7,200 9,000 20,100 56,000 36,400 Sales revenue 192,500 Cost of goods sold Salary expense Rent expense Utilities expense Depreciation expense Interest expense 66,000 46,400 14,500 6,700 3,100 Total 284.800 284.800 The following additional data at December 31, 2012 were provided by the company: A. Prepaid rent expired, $2,300. B. Depreciation, $4,000. C. Accrued salaries, $1,000. D. Inventory on hand, $67,900. Required: 1. Complete the accounting worksheet for the year ended December 31, 2012. 2. Prepare the multi-step income statement, statement of owner's equity and balance sheet for the year. 3. Prepare the closing entries for the year.
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