FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Our
Selected account balances of Connell Company for
2015 along with additional information as of December
31 are as follows:
LEI
Bad Debt Expense
$ 32,000
DIvidend Revenue
$ 35,000
Delivery Expense
425,000
Dividends
150,000
Depreciation Expense-
Employee Pension Expense
190,000
Delivery Trucks
Depreciation Expense--
Office Building
Depreciation Expense-
Office Equipment
Depreciation Expense-
Store Equipment
Loss on Write-Down of Obsolete Inventory $ 75,000
Miscellaneous General Expenses
Miscellaneous Selling Expenses
Officers' and Office Salaries
29,000 Freight-In
145,000
Gain on Sale of Office Equipment
8,000
25,000 Income Taxes, 2015
427,425
Interest Revenue
10,000
10,000 Inventory, January 1, 2015
Loss on Sale of Investment
775,000
25,000
Securities
20,000
Purchases
$4,633,200
45,000
Retained Earnings, January 1, 2015
550,000
50,000
Sales
8,125,000
55,000
95,000
550,000 Sales Discounts
Property Taxes Expense
Purchase Discounts
100,000 Sales Returns and Allowances
47,700 Sales Salaries
521,000
(a) Inventory was valued at year-end as follows:
Cost...
$825,000
Write-down of obsolete inventory.
75,000
$750,000
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Transcribed Image Text:Our Selected account balances of Connell Company for 2015 along with additional information as of December 31 are as follows: LEI Bad Debt Expense $ 32,000 DIvidend Revenue $ 35,000 Delivery Expense 425,000 Dividends 150,000 Depreciation Expense- Employee Pension Expense 190,000 Delivery Trucks Depreciation Expense-- Office Building Depreciation Expense- Office Equipment Depreciation Expense- Store Equipment Loss on Write-Down of Obsolete Inventory $ 75,000 Miscellaneous General Expenses Miscellaneous Selling Expenses Officers' and Office Salaries 29,000 Freight-In 145,000 Gain on Sale of Office Equipment 8,000 25,000 Income Taxes, 2015 427,425 Interest Revenue 10,000 10,000 Inventory, January 1, 2015 Loss on Sale of Investment 775,000 25,000 Securities 20,000 Purchases $4,633,200 45,000 Retained Earnings, January 1, 2015 550,000 50,000 Sales 8,125,000 55,000 95,000 550,000 Sales Discounts Property Taxes Expense Purchase Discounts 100,000 Sales Returns and Allowances 47,700 Sales Salaries 521,000 (a) Inventory was valued at year-end as follows: Cost... $825,000 Write-down of obsolete inventory. 75,000 $750,000
78%
145,000
Gain on Sale of Office Equipment
8,000
427,425
Lense
Office Building
Depreciation Expense-
Office Equipment
Depreciation Expense-
Store Equipment
Loss on Write-Down of Obsolete Inventory $ 75,000 Purchases
Miscellaneous General Expenses
Miscellaneous Selling Expenses
Officers' and Office Salaries
25,000 Income Taxes, 2015
Interest Revenue
10,000
10,000 Inventory, January 1, 2015
775,000
Loss on Sale of Investment
25,000
Securities
20,000
$4,633,200
45,000 Retained Earnings, January 1, 2015
550,000
50,000
Sales
8,125,000
550,000 Sales Discounts
55,000
Property Taxes Expense
Purchase Discounts
100,000 Sales Returns and Allowances
95,000
47,700 Sales Salaries
521,000
(a) Inventory was valued at year-end as follows:
Cost....
$825,000
Write-down of obsolete inventory.
75,000
$750,000
(b) Number of Connell shares of stock
outstanding: 60,000
Instructions: Prepare a multiple-step
income statement and statement of
retained earnings for the year ended December
31, 2015.
expand button
Transcribed Image Text:78% 145,000 Gain on Sale of Office Equipment 8,000 427,425 Lense Office Building Depreciation Expense- Office Equipment Depreciation Expense- Store Equipment Loss on Write-Down of Obsolete Inventory $ 75,000 Purchases Miscellaneous General Expenses Miscellaneous Selling Expenses Officers' and Office Salaries 25,000 Income Taxes, 2015 Interest Revenue 10,000 10,000 Inventory, January 1, 2015 775,000 Loss on Sale of Investment 25,000 Securities 20,000 $4,633,200 45,000 Retained Earnings, January 1, 2015 550,000 50,000 Sales 8,125,000 550,000 Sales Discounts 55,000 Property Taxes Expense Purchase Discounts 100,000 Sales Returns and Allowances 95,000 47,700 Sales Salaries 521,000 (a) Inventory was valued at year-end as follows: Cost.... $825,000 Write-down of obsolete inventory. 75,000 $750,000 (b) Number of Connell shares of stock outstanding: 60,000 Instructions: Prepare a multiple-step income statement and statement of retained earnings for the year ended December 31, 2015.
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