2 Semester Cengage Now, Warren Accounting
26th Edition
ISBN: 9781305662308
Author: WARREN
Publisher: Cengage
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Chapter 1, Problem 1.6APE
Using the following data for Ousel Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a balance sheet as of November 30, 2016:
| Accounts payable | $ 62,500 |
| 186,000 | |
| Cash | 308,000 |
| Land | 480,000 |
| Supplies | 16,500 |
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INCOME STATEMENT,OWNER EQUITY AND BALANCE SHEET
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:
Cash
$112,500
Gerri Faber, Drawing
$67,400
Accounts Receivable
302,600
Sales
4,066,600
Merchandise Inventory
341,900
Cost of Merchandise Sold
2,383,000
Estimated Returns Inventory
13,500
Sales Salaries Expense
670,100
Office Supplies
10,600
Advertising Expense
184,300
Prepaid Insurance
8,200
Depreciation Expense—Store Equipment
35,900
Office Equipment
247,500
Miscellaneous Selling Expense
15,700
Accumulated Depreciation—Office Equipment
168,200
Office Salaries Expense
365,800
Store Equipment
772,700
Rent Expense
54,000
Accumulated Depreciation—Store Equipment
247,500
Insurance Expense
16,800
Accounts Payable
171,300
Depreciation Expense—Office Equipment
27,000
Customer Refunds Payable
27,000
Office Supplies Expense
9,900
Salaries Payable
10,900…
Answer the Income Statement, Equity and Make a worksheet of this.
thank you
Given below is AU Chiefs Company’s financial statements. Compute for the financial rations and showthe solutions in a sheet of paper.1. Expenses to sale ratio2. Return on assets3. Return on Equity4. Asset Turnover ratio
2020
2019
Cash
122,500
104,700
Accounts Receivable
90,650
80,550
Inventory
66,200
53,000
Prepaid Expense
85,450
106,000
Total Current Assets
364,800
344,250
Property, Plant and Equipment
925,000
786,350
TOTAL ASSETS
1,654,600
1,475,350
Total Current Liability
381,500
423,350
Long-term Liabilities
359,900
230,600
Mabini, Capital
913,200
821,400
Total Liability and Equity
1,654,600
1,475,350
Sales
1,047,050
1,151,755
Cost of Sales
322,750
355,025
Gross Profit
724,300
796,730
Selling Expenses
353,250
388,575
Administrative Expenses
128,150
140,965
Operating Income
242,900
267,190
Interest Income…
Chapter 1 Solutions
2 Semester Cengage Now, Warren Accounting
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