OurSelected account balances of Connell Company for2015 along with additional information as of December31 are as follows:LEIBad Debt Expense$ 32,000DIvidend Revenue$ 35,000Delivery Expense425,000Dividends150,000Depreciation Expense-Employee Pension Expense190,000Delivery TrucksDepreciation Expense--Office BuildingDepreciation Expense-Office EquipmentDepreciation Expense-Store EquipmentLoss on Write-Down of Obsolete Inventory $ 75,000Miscellaneous General ExpensesMiscellaneous Selling ExpensesOfficers' and Office Salaries29,000 Freight-In145,000Gain on Sale of Office Equipment8,00025,000 Income Taxes, 2015427,425Interest Revenue10,00010,000 Inventory, January 1, 2015Loss on Sale of Investment775,00025,000Securities20,000Purchases$4,633,20045,000Retained Earnings, January 1, 2015550,00050,000Sales8,125,00055,00095,000550,000 Sales DiscountsProperty Taxes ExpensePurchase Discounts100,000 Sales Returns and Allowances47,700 Sales Salaries521,000(a) Inventory was valued at year-end as follows:Cost...$825,000Write-down of obsolete inventory.75,000$750,000 78%145,000Gain on Sale of Office Equipment8,000427,425LenseOffice BuildingDepreciation Expense-Office EquipmentDepreciation Expense-Store EquipmentLoss on Write-Down of Obsolete Inventory $ 75,000 PurchasesMiscellaneous General ExpensesMiscellaneous Selling ExpensesOfficers' and Office Salaries25,000 Income Taxes, 2015Interest Revenue10,00010,000 Inventory, January 1, 2015775,000Loss on Sale of Investment25,000Securities20,000$4,633,20045,000 Retained Earnings, January 1, 2015550,00050,000Sales8,125,000550,000 Sales Discounts55,000Property Taxes ExpensePurchase Discounts100,000 Sales Returns and Allowances95,00047,700 Sales Salaries521,000(a) Inventory was valued at year-end as follows:Cost....$825,000Write-down of obsolete inventory.75,000$750,000(b) Number of Connell shares of stockoutstanding: 60,000Instructions: Prepare a multiple-stepincome statement and statement ofretained earnings for the year ended December31, 2015.

Name: OurSelected account balances of Connell Company for2015 along with ad
Uploaded: 2024-03-05T11:47:04.000Z
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Description: OurSelected account balances of Connell Company for2015 along with additional information as of December31 are as follows:LEIBad Debt Expense$ 32,000DIvidend Revenue$ 35,000Delivery Expense425,000Dividends150,000Depreciation Expense-Employee Pension

The question is based on the concept of Final Accounts.

Business

Accounting

$ 32,000 Dividend Revenue 425,000 Dividends $ 35,000 Bad Debt Expense Delivery Expense Depreciation Expense- Delivery Trucks Depreciation Expense- Office Bulding Depreciation Expense- 150,000 Employee Pension Expense 190,000 29,000 Freight-in 145,000 8,000 Gain on Sale of Office Equipment 25,000 Income Taxes, 2015 427425 Interest Revenue 10,000

$ 32,000 Dividend Revenue 425,000 Dividends $ 35,000 Bad Debt Expense Delivery Expense Depreciation Expense- Delivery Trucks Depreciation Expense- Office Bulding Depreciation Expense- 150,000 Employee Pension Expense 190,000 29,000 Freight-in 145,000 8,000 Gain on Sale of Office Equipment 25,000 Income Taxes, 2015 427425 Interest Revenue 10,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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