Sunland Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Cost of Goods Sold Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Unadjusted $25,200 30,500 33,000 26,000 508,500 5,500 145,500 6,100 2,100 29.500 Adjusted $25,200 30.500 44,000 26,000 508,500 5,500 145,500 11,000 7,400 6,100 2.100 29.500 Notes payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense Sales Revenue Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Utilities Expense SUNLAND STORE Income Statement November 30, 2020 For the Month Ended November 30, 2020 For the Year Ended November 30, 2020 Unadjusted $35,500 90,200 9,500 10,900 15,000 96.000 720,000 6.500 8,000 8,500 Adjusted $35,500 90,200 9.500 3,500 2,500 2.500 15,000 96,000 720,000 11,000 4,500 8,000 8,500
Sunland Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Cost of Goods Sold Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Unadjusted $25,200 30,500 33,000 26,000 508,500 5,500 145,500 6,100 2,100 29.500 Adjusted $25,200 30.500 44,000 26,000 508,500 5,500 145,500 11,000 7,400 6,100 2.100 29.500 Notes payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense Sales Revenue Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Utilities Expense SUNLAND STORE Income Statement November 30, 2020 For the Month Ended November 30, 2020 For the Year Ended November 30, 2020 Unadjusted $35,500 90,200 9,500 10,900 15,000 96.000 720,000 6.500 8,000 8,500 Adjusted $35,500 90,200 9.500 3,500 2,500 2.500 15,000 96,000 720,000 11,000 4,500 8,000 8,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:Sunland Store is located in midtown Madison. During the past several years, net income has been declining because of suburban
shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial
balances.
Accounts Payable
Accounts Receivable
Accumulated Depr.-Equipment
Cash
Cost of Goods Sold
Freight-Out
Equipment
Depreciation Expense
Insurance Expense
Interest Expense
Interest Revenue
Inventory
Unadjusted
Adjusted
$25,200
$25,200
30,500
30,500
33,000
44,000
26,000
26,000
508,500 508,500
5,500
5,500
145,500
145,500
11,000
7,400
6,100
2.100
29.500
6,100
2,100
29.500
Notes payable
Owner's Capital
Owner's Drawings
Prepaid Insurance
Property Tax Expense
Property Taxes Payable
Rent Expense
Salaries and Wages Expense
Sales Revenue
Sales Commissions Expense
Sales Commissions Payable
Sales Returns and Allowances
Utilities Expense
SUNLAND STORE
Income Statement
November 30, 2020
For the Month Ended November 30, 2020
For the Year Ended November 30, 2020
Unadjusted Adjusted
$35,500
$35,500
90,200
9,500
10,900
15,000
96.000
720,000
6.500
8,000
8,500
90,200
9.500
3,500
2,500
2,500
15,000
96,000
720,000
11,000
4,500
8,000
8,500
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