FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 14E
Exercise 4-14 Preparing closing entries P2
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). Prepare the company's closing entries for its revenues and its expenses.
Net sales..............3(504,459 Advertising expense $46,636
Costofsales 233,494 Otherexpense.net. 157.811
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
P 15-10A End-of-Period Spreadsheet, Adjusting, Closing, and Reversing Entries
Vicki’s Fabric Store shows the trial balance below as of December 31, 20-1.
At the end of the year, the following adjustments need to be made:
a., b. Merchandise inventory as of December 31, $31,600.
c., d., e. Vicki estimates that customers will be granted $2,500 in refunds of this year’s sales next year and the merchandise expected to be returned will have a cost of $1,800.
f. Unused supplies on hand, $350.
g. Insurance expired, $2,400.
h. Depreciation expense for the year on building, $20,000.
i. Depreciation expense for the year on equipment, $4,000.
j. Wages earned but not paid (Wages Payable), $520.
k. Unearned revenue on December 31, 20-1, $1,200.
Required
Prepare an end-of-period spreadsheet.
Prepare adjusting entries and post adjusting entries to an Income Summary T account.
Prepare closing entries and post to a Capital T account. There were no additional investments this year.
Prepare a…
Question 20
During the current year, the entity paid
suppliers 4.9M and reported the following
balances:
January 1
Inventory
2.9M
Accounts payable
500K
December 31
2.6M
750K
What amount should be reported as cost of
goods sold in the income statement for the
current year?
Required information
Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1
Skip to question
[The following information applies to the questions displayed below.]
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.
Advertising expense
$
34,200
Direct labor
$
671,700
Depreciation expense—Office equipment
9,300
Income taxes expense
278,800
Depreciation expense—Selling equipment
9,900
Indirect labor
57,600
Depreciation expense—Factory equipment
38,200
Miscellaneous production costs
10,700
Factory supervision
121,800
Office salaries expense
73,000
Factory supplies used
7,700
Raw materials purchases
953,000
Factory utilities
36,000
Rent expense—Office space
21,000
Inventories
Rent expense—Selling space
25,200
Raw materials, December 31, 2018
159,200…
Chapter 4 Solutions
FUND.ACCT.PRIN.
Ch. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QS
Ch. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2PSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4PSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Question 15.1 The following information relates to Leisure Zone Ltd for the year ended 31 December. The Company uses a departmental accounting system which reports monthly accounts on its three departments - cinema, restaurants and bowling Inventory as at 1 January Sales Purchases Wages and payroll Repairs and maintenance Inventory as at 31 December Depreciation Canteen costs Cinema $ ('000) Other expenses not directly associated any department Rent Light and heat Insurance Administration and accounting Personnel Head office costs General expenses 100 2,100 1,050 200 50 80 The floor area and number of employees are as follows Floor area (square meters) Number of employees It is company policy to apportion expenses that cannot be attributed to any particular department as follows: Floor area-rent, light and heat and insurance Turnover - general expenses head office costs and depreciation Number of employees - administration and accounting, canteen and personnel Cinema Restaurant $…arrow_forwardQuestion 14 During Year 2, Acme Company reports sales revenue of $143,820 and cost of goods sold of $93,500. All sales are made on account. The inventory balance was $13,300 at the end of Year 1 and $14,200 at the end of Year 2. The accounts receivable balance was $14,400 at the end of Year 1 and $13,800 at the end of Year 2. What is the length of Acme's operating cycle in Year 2? Round to one decimal place. 94.6 days 93.6 days 91.5 days ○ 89.5 daysarrow_forwardAppendix 1 Adjusting entry for gross method The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?arrow_forward
- it View History M faith@.. tems 37.66% ··· Bookmarks Window AOL Ma.... B E C eBook U Sales Mail - F... Cost of goods sold Help Operating income Expenses: Selling expenses Administrative expenses The following multiple-step, income statement was prepared for Carlsbad Company contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 2018 Delivery expense Total expenses Other expense: Interest revenue Gross profit R V Portal h... Check My Work 10 more Check My Work uses remaining. % G Chapter... B v2.cengagenow.com Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 2018. Carlsbad Company Income Statement 6 $ 1,800,000 1,350,000 112,500 H C Cengag.. 9,495,000 (5,962,500) $3,532,500 (3,262,500) 270,000 90,000 $180,000 All work saved. N MacBook Pro ** W Activity... 8 M FA 9 K Save and Exit Submit Assignment for Grading 1arrow_forwardInstructions Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered. 1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was Mar. $56,900. Received payment les the discount. 13 Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandisearrow_forwardchap 8 q4 fill out part b chartarrow_forward
- Question 5 of 8 Current Attempt in Progress The records of Vaughn's Boutique report the following data for the month of April. Sales revenue Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $197,000 Purchases (at cost) 4,000 Purchases (at sales price) 20,900 Purchase returns (at cost) 2,800 Purchase returns (at sales price) 19,900 Beginning inventory (at cost) 5,600 Beginning inventory (at sales price) 1,800 Compute the ending inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method $ $101,000 176,000 4,000 6,100 66.990 93,000 !!!!arrow_forwardQuestion 11-7 The following are the unadjusted balances of Matheson Merchandising for the year ended December 31, 2019. Only half of Matheson's sales are on account as are the sales returns and allowances. Accounts receivable $110,500 Allowance for doubtful accounts, Dec. 31, 2019, prior to adjustment 520 Cr. Sales Revenue for 2019 400,400 Sales Returns and Allowances for 2019 10,400 Assuming that Matheson estimates bad debts at 2 % of outstanding accounts receivable, what is the amount of the bad-debt expense for the year.arrow_forwardQUESTION 28 Use these figues to answer questions 26-29 Wickes Ltd has the following figures at December 2020 Revenue(90% credit sales) Opening Inventory Purchases-(80% on credit) Trade Recelvables Provision for doubtul debts -11,325 Trade payables Closing Inventory 1,936,000 145,550 1,042,255 237,810 160,479 160,370 Calculate the Trade payables turnover for in days for Wickes Ltd for December 2020arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Corporate Financial AccountingAccountingISBN:9781337398169Author:Carl Warren, Jeff JonesPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY