The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 1. The accounts are listed in alphabetical order, and all have normal balances. Dollar amounts are given in thousands. Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/Year 1 Sales revenue Salaries expense Rent expense Gain on sale of land $ 614 414 200 424 214 700 56 310 54 649 1,140 270 100 89 Required: Prepare an income statement for the year using the single-step and multistep approach. Note: Enter values in thousands of dollars. Amounts to be deducted and losses should be indicated with a minus sign.

The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 1. The accounts are listed in alphabetical order, and all have normal balances. Dollar amounts are given in thousands. Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/Year 1 Sales revenue Salaries expense Rent expense Gain on sale of land $ 614 414 200 424 214 700 56 310 54 649 1,140 270 100 89 Required: Prepare an income statement for the year using the single-step and multistep approach. Note: Enter values in thousands of dollars. Amounts to be deducted and losses should be indicated with a minus sign.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

CAN SOMEONE SHOW ME HOW TO DO A " CASH JOURNAL"? Selected accounts from the chart of accounts of Crane Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Crane completed the following transactions. Jan. 3 Purchased merchandise on account from Gallagher Co. $10,500. 4 Purchased supplies for cash $80. 4 Sold merchandise on account to Wheeler $5,670, invoice no. 371, terms 1/10, n/30. 5 Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January 3. 6 Made cash sales for the week totaling $3,800. 8 Purchased merchandise on account from Phegley Co. $5,000. 9 Sold…
Presented below is information for Blossom Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,800. 2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. 3. Collections on accounts receivable during the year were $81,000. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. Your answer is correct. 3. (b) No Entry No Entry Accounts Receivable Sales Revenue Cash Accounts Receivable eTextbook and Media List of Accounts Accounts receivable turnover Debit Days to collect accounts receivable times 0 days 109,600 81000 Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers…
Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Office Supplies 16,400 Sales Salaries Expense 1,110,100 Prepaid Insurance 9,700 Advertising Expense 666,500 Office Equipment 1,005,800 Depreciation Expense— Accumulated Depreciation— Store Equipment 169,700 Office Equipment 666,500 Miscellaneous Selling Expense 46,100 Store Equipment 4,362,700 Office Salaries Expense 787,700 Accumulated Depreciation— Rent Expense 113,900 Store Equipment 2,205,600 Depreciation Expense— Accounts Payable 395,100 Office Equipment 60,600 Customer Refunds Payable 48,500 Insurance Expense 58,200 Salaries Payable 50,300 Office Supplies Expense 34,100 Note Payable Miscellaneous Administrative Exp. 17,600 (final payment…
A company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal. July 1 Smith, the owner, contributed $13,300 cash to the company. July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terms n/20. July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30. July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash. July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase. July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30. July 30 Borrowed $9,800 cash in exchange for a note payable to a bank. Date July 01 July 06 July 08 July 23 July 25 July 27 July 30 Account Credited Smith, Capital Garcia Jones Cash Debit 13,300 CASH RECEIPTS JOURNAL Accounts Sales Discount Debit Receivable Credit 2,030 Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 1,800
post to general ledger
Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.
The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. Accounts receivable, Jan. 1 $13,000 Accounts receivable, Dec. 31 9,000 Accounts payable, Jan. 1 4,000 Accounts payable, Dec. 31 7,000 Inventory, Jan. 1 10,000 Inventory, Dec. 31 15,000 Sales 56,000 Cost of goods sold 31,000 The Washington Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers. Cash collections from customers were Oa. $45,000 Ob. $56.000 Oc. $52,000 Od. $60,000
Based on the following data, determine the total liabilities Balance Sheet and Cash Flow Items Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Home entertainment system Lunches/parking at work Computers Clothing purchase $2,713 $2,564 $2,300 $4,174 $2,891 $1,610 1,400 1,270 7,950 264 327 3,180 212 1,780 137 Monthly take-home salary Savings account balance Balance of educational loan Telephone bill paid for month Loan payment Household possessions Payment for electricity Donations Value of stock investment Restaurant spending $4,340 2,700 2,300 83 162 3,750 149 166 1,400 224
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records of Marx: Accounts receivable, January 1 $ 106,000 Accounts receivable, December 31 75,000 The cash received from customers was: Multiple Choice $545,000. $651,000. $589,000. $620,000.
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.