March 31, 2018, the balances of the accounts appearing in the ledger of RoyalFurnishings Company, a furniture wholesaler, are as follows:Accounts Receivable $ 170,000Accumulated Depreciation—Building 750,000Administrative Expenses 435,000Building 3,500,000Cash 80,000Common Stock 300,000Cost of Goods Sold 5,500,000Dividends 175,000Interest Expense 15,000Inventory $ 980,000Notes Payable 250,000Office Supplies 20,000Retained Earnings 1,987,000Salaries Payable 8,000Sales 8,245,000Selling Expenses 575,000ore Supplies 90,000A. Prepare a multiple-step income statement for the year ended March 31, 2018.B. Compare the major advantages and disadvantages of the multiple-step and single

The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. 5. Paid $5,000 in rent on the warehouse building for the month of March. 6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018. 7. Paid $70,000 on account for the merchandise purchased in 3. 8. Collected $55,000 from customers on account. 9. Recorded eciation expense of $1,000 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the accounting equation for a…

Presented below are selected accounts of Novak Company at December 31, 2017. Inventory (finished goods) $ 53,500 Cost of Goods Sold $2,192,400 Unearned Service Revenue 95,200 Notes Receivable 41,000 Equipment 257,100 Accounts Receivable 161,020 Inventory (work in process) 36,000 Inventory (raw materials) 182,280 Cash (not including restricted cash) 43,800 Supplies Expense 65,490 Debt Investments (trading) 39,500 Allowance for Doubtful Accounts 11,290 Customer Advances 53,200 Licenses 16,890 Restricted Cash for Plant Expansion 58,300 Additional Paid-in Capital 88,040 Treasury Stock 22,320 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using LIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $47,568. 3. The short-term investments have a fair value of $29,730. 4. The notes receivable are due April 30, 2019, with interest receivable every April 30. The notes bear interest at 6%.…

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Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 34,000 Other (non-inventory) assets 136,000 Total liabilities $ 39,270 Common stock 67,851 Retained earnings 45, 768 Dividends 8,000 Sales 232, 560 Sales discounts 3,558 Sales returns and allowances 15,349 Cost of goods sold 90, 401 Sales salaries expense 31,861 Rent expense-Selling space 10, 930 Store supplies expense 2, 791 Advertising expense 19,768 Office salaries expense 29,070 Rent expense-Office space 2,791 Office supplies expense 930 Totals $385, 449 $385, 449 Beginning merchandise inventory was $27,438. Supplementary records of merchandising activities for the year ended…

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $87,000 and Cost of Goods Sold of $454,000. a. Included in Inventory (and Accounts Payable) are $13,400 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $6,700 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $9,700 of lenses in the warehouse, ready to send to customers on January 2. SLC reported these lenses as sold on December 31, at a price of $18,400. d. Included in SLC's Inventory balance are $3,850 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Required: For each item, (a)-(d), prepare the journal entry to correct the balances presently reported. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list > To record the elimination of consignment…

Presented below is information for Larkspur, Inc. for the month of January 2022. Cost of goods sold Freight-out Insurance expense Salaries and wages expense (a) $231,044 7,000 12,000 56,000 Rent expense Sales discounts Sales returns and allowances Sales revenue $34,000 8,000 20,000 384.000 Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a negative s eg.-45 or parentheses e.g. (45).)