sheet as of December 31.P4-3A. Multi-step Income Statements The adjusted trial balance of Molly Distributors on December 31 isLO2shown below.HOmeworkMBCMOLLY DISTRIBUTORSAdjusted Trial BalanceDecember 31DebitCreditCash....Accounts receivable...... $ 30,200110,200Inventory.....94,000Prepaid insurance.Supplies ...Delivery equipment. ...Accumulated depreciation.. .2,4006,40085,000$ 35,000Accounts payable. . . ..Common stock.. . .Retained earnings . ..100,000105,00022,800791,000Sales revenue. .Cost of goods sold. . . .Salaries expense.. . .Rent expense. . .Supplies expense . . ..Utilities expense. . . .513,400123,00040,000...6,4004,00016,000Depreciation expense .Insurance expense. ...Income tax expense. ..6,80016,000$1,053,800 $1,053,800RequiredPrepare a multi-step income statement for the year ended December 31. Combine all the operatingexpenses into one line on the income statement for selling, general and administrative expenses.

Income statement of Molly Distributor for year ended December 31.

Answered: sheet as of December 31. P4-3A.…

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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[A] Instructions: Compute for the required item (refer to the photo below) using a yellow ruled sheet. (Show solution)
Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Current Year 1 Year Ago 2 Years Ago $ 26,725 77,457 $ 31,858 95,459 8,436 240,403 30,967 41,290 43,529 52,503 73,671 8,200 220,389 3,372 193,642 $ 312,800 $ 42,115 69,129 162,500 Machinery, net Total assets $ 448,480 $ 386,621 Liabilities and Equity Accounts payable $ 110,555 Long-term notes payable 83,471 $ 65,992 88,034 Common stock 162,500 Retained earnings 91,954 162,500 70,095 39,056 Total liabilities and equity $ 448,480 $ 386,621 $ 312,800 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute times interest earned for the current year and one year ago. Current Year 1 Year Ago Times Interest Earned Choose Numerator: / Choose Denominator: I II 11 Times interest earned times times
6) Complete the table. (Lesson 4) Last Date Last Date Date Paid Net Price Cash Discount Invoice Terms Cash Price Date to Take |to Pay Discount Invoice 14-Aug. | 4/15, n/30 30-Aug. $924.60
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The Peter Company's Unadjusted Trial Balance shows the following balances: Accounts Receivable ....................................................... $600,000. (dr.) Allowance for Uncollectible Accounts ...............................$13,000. (dr.) Net Sales ...................................................................... $4,000,000. (cr.) 4.Assume that Peter Company’s aging schedule indicates that 4% of the December 31 receivables will become uncollectible. What amount of bad debt expense will Peter Company report in its income statement? a.$ 9,000. b.$13,000. c.$24,000. d.$37,000. 5.Assume that Peter Company estimates its bad debts expense to be 1% of Net Sales. After the adjustment is made to record bad debts expense, what will be the net carrying value of the accounts receivable in Peter Company's Balance Sheet? a.$600,000. b.$573,000. c.$560,000. d.$547,000.
Calculate the amount of bills receivable dishonoured from the following information.Opening balance of bills receivable............... 1,20,000Bills collected (honoured)..........................1,85,000Bills receivable endorsed........................... 22,800Closing balance of bills receivable............ 50,700Bills receivable received................................. 1,50,000
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1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4
A credit records financial informati. A. January 22, purchased, an asset, merchandise inventory on account for $2,800. EA7. Prepare journal entries to record the following transactions. will increase and the other side will- the terms debit and credit representedi- by calculating the difference between ectively. Depending on the acc 1. January 22, purchased, an asset merchandise inventory on account for $2,800. B. February 10, paid creditor for part of January 22 purchase, $1,600 C. July 1, issued common stock for cash, $15,000 D. July 15, purchased supplies, on account, $1,800 E. July 25, billed customer for accounting services provided, $950 BAT. Prepare journal entries to record the following transactions.
Find out the amount of bills matured during the year on the basis ofinformation given below ;Bills payable dishonoured........................ 37,000Closing balance of Bills payable................ 85,000Opening balance of Bills payable................. 70,000Bills payable accepted....... 90,000Cheque dishonoured........ 23,000
Grover Incorporated uses the allowance method to account for uncollectible accounts expense. Grover Incorporated experienced the following four accounting events in Year 1: 1. Recognized $71,000 of revenue on account. 2. Collected $65,000 cash from accounts receivable. 3. Wrote off uncollectible accounts of $650. 4. Recognized uncollectible accounts expense. Grover estimated that uncollectible accounts expense will be 2 percent of sales on account. Required a. Show the effect of each event on the elements of the financial statements, using a horizontal statements model. Use + for increase, - for decrease, and blank for not affected. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA), or not affected (blank). The first transaction is entered as an example. b. Record the previous transactions in general journal form.

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