7.The trial balance of Terry Manning Fashion Center contained the following accounts atNovember 30, the end of the company's fiscal year.TERRY MANNING FASHION CENTERCashAccounts ReceivableMerchandise InventoryStore SuppliesStore EquipmentAccumulated Depreciation-Store EquipmentDelivery EquipmentAccumulated Depreciation-Delivery EquipmentNotes PayableAccounts PayableTerry Manning, CapitalTerry Manning, DrawingSalesSales Returns and AllowancesCost of Goods SoldSalaries ExpenseAdvertising ExpenseUtilities ExpenseRepair ExpenseDelivery ExpenseTrial BalanceNovember 30, 2020Rent ExpenseTotalsDebit$ 28,70030,70044,7006,20085,00048,000Page 3 of 412,0008,800497,400140,00024,40014,00012,10016,70024,000$992,700(iii) Interest of $4,080 is accrued on notes payable at November 30.(iv) Merchandise inventory actually on hand is $44,400.Credit$ 22,0006,00051,00048,500110,000755,200Adjustment data:(i) Store supplies on hand totaled $2,500.(ii) Depreciation is $9,000 on the store equipment and $5,000 on the deliveryequipment.$992.700Scanned with CamRequired:year,Prepare a multiple-step income statement and an owner's equity statement for theand a classified balance sheet as of November 30, 2020. Notes payable of $30,000 aredue in January 2021.

Financial statements are those statements and reports which are prepared at the end of accounting…

Store Equipment Accumulated Depreciation-Store Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Notes Payable Accounts Payable Terry Manning, Capital Terry Manning, Drawing Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense Totals 85,000 48,000 Page 3 of 4 12,000 8,800 497,400 140,000 24,400 14,000 12,100 16,700 24,000 $992,700 (iii) Interest of $4,080 is accrued on notes payable at November 30. (iv) Merchandise inventory actually on hand is $44,400. $ 22,000 6,000 51,000 48,500 110,000 755,200 Adjustment data: (i) Store supplies on hand totaled $2,500. (ii) Depreciation is $9,000 on the store equipment and $5,000 on the delivery equipment. $992,700 Scanned with Car Required: Prepare a multiple-step income statement and an owner's equity statement for the year, and a classified balance sheet as of November 30, 2020. Notes payable of $30,000 are due in January 2021.

Store Equipment Accumulated Depreciation-Store Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Notes Payable Accounts Payable Terry Manning, Capital Terry Manning, Drawing Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense Totals 85,000 48,000 Page 3 of 4 12,000 8,800 497,400 140,000 24,400 14,000 12,100 16,700 24,000 $992,700 (iii) Interest of $4,080 is accrued on notes payable at November 30. (iv) Merchandise inventory actually on hand is $44,400. $ 22,000 6,000 51,000 48,500 110,000 755,200 Adjustment data: (i) Store supplies on hand totaled $2,500. (ii) Depreciation is $9,000 on the store equipment and $5,000 on the delivery equipment. $992,700 Scanned with Car Required: Prepare a multiple-step income statement and an owner's equity statement for the year, and a classified balance sheet as of November 30, 2020. Notes payable of $30,000 are due in January 2021.

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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The two independent cases are listed below: Sales Revenue Cost of Goods Sold Gross Profit Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable Inventory Accounts Payable Salaries and Wages Payable Case A Year 2 $ 10,400 5,460 4,940 1,100 1,900 $ 1,940 $ 270 720 740 970 Year 1 $6,000 3,100 2,900 1,100 1,400 $ 400 $ 340 440 670 1,140 Case B Year 2 $ 20,400 11,460 8,940 1,200 4,400 $ 3,340 $ 690 700 860 340 Year 1 $ 15,000 8,770 6,230 1,200 4,400 $ 630 $ 570 740 910 410 Required: Show the operating activities section of the statement of cash flows for year 2 using the indirect method. (Amounts to should be indicated with a minus sign.)
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Sales Revenue Cost of Goods Sold Gross Profit Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable. Inventory Accounts Payable Salaries and Wages Payable Net Income: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Changes in Assets and Liabilities Case A Year 2 $ 11,000 6,000 5,000 1,000 2,500 $1,500 $ 300 750 800 1,000 Case A Year 1 $ 9,000 5,500 3,500 1,000 2,000 $ 500 Case B $ 400 500 700 1,200 I... Case Year 2 $ 21,000 12,000 9,000 1,500 5,000 $ 2,500 Required: Show the operating activities section of the statement of cash flows for year 2 using the indirect method. (Amoun should be indicated with a minus sign.) $750 730 800 200 B Year 1 $ 18,000 11,000 7,000 1,500 5,000 $ 500 $ 600 800 850 250
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