The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Kristina Marble, Drawing $ 100,000 $ 240,000 Cash Sales Accounts Receivable 966,000 11,343,000 Merchandise Inventory Cost of Merchandise Sold 1,690,000 7,850,000 Estimated Returns Inventory Sales Salaries Expense 916,000 22,500 Office Supplies Prepaid Insurance Office Equipment Advertising Expense Depreciation Expense- Store Equipment Miscellaneous Selling Expense 13,500 550,000 8,000 140,000 830,000 Accumulated Depreciation- 38,000 Office Salaries Expense Office Equipment Store Equipment Accumulated Depreciation- 650,000 550,000 Rent Expense 3,600,000 94,000 Depreciation Expense- Office Equipment Insurance Expense Office Supplies Expense Store Equipment Accounts Payable 50,000 1,820,000 48,000 326,000 Customer Refunds Payable 40,000 28,100 Salaries Payable Note Payable Miscellaneous Administrative Exp. 41,500 14,500 Interest Expense 21,000 (final payment due 2022) Kristina Marble, Capital 300,000 3,449,100 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000. Briefly explain how multiple-step and single-step income statements differ. 4.

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2017: Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment 10,500 8,100 245,400 Accumulated Depreciation Office Equipment 166,800 Store Equipment 766,100 Accumulated Depreciation-Store Equipment 245,400 Accounts Payable 166,800 Salaries Payable 10,800 Customer Refunds Payable 10,000 Estimated Coupons Payable 3,000 Note Payable (final payment due in 20 years) 357,500 61,400 491,600 66,800 Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense $111,500 297,400 339,000 5,000 4,085,000 2,362,800 Insurance Expense Depreciation Expense- Office Equipment Office Supplies Expense Miscellaneous Administrative Expense Interest Expense Required: 1. Prepare…

During 2021, your company completed the following summarized transactions. Prepare journal entries for the following events. 1. Your company sold $60,000 of merchandise to various customers for $150,000 on account, terms 2/10, n/30. Assume your company uses a PERIODIC inventory system and the GROSS method of discounts. 2. Accounts from transaction “#1." above for which the original amount was $70,000 were collected within the 10 day period. 3. Accounts from transaction "#1." above for which the original amount was $40,000 were collected 27 days after the sale. 4. One customer from transaction “#1" above returned a product which cost $410 and had been sold for $1,000. This customer had NOT paid his account so you credited his account. On December 1, 2021, you loaned $80,000 to another company and received a nine- month, 6% note. 5. 6. Your company wrote off $2,100 of past due accounts receivable. 7. At the end of the year, your company estimated bad debts would be 1% of GROSS sales for…

Prepare Statement of Financial Position as of December 31, 2019.

Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected.   Required:   Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles.     Chart of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation   LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends   REVENUE 410 Sales   EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…

Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,244. Ending inventory was $1,596. Note: Input all amounts as positive values. Sales $ 34,500 Sales returns and allowances 1,088 Sales discount 1,148 Purchases 10,312 Purchase discounts 536 Depreciation expense 111 Salary expense 5,000 Insurance expense 2,400 Utilities expense 206 Plumbing expense 246 Rent expense 176

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…

Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory $14,610; Operating Expenses $30,650; Sales Revenue $121,130; Sales Discounts $1,130; and Sales Returns and Allowances $1,850. A physical count of inventory determines that merchandise inventory on hand is $13,080.

Consider the following financial statement information for the Newk Corporation: Beginning $10,382 Ending $ 11,180 6,181 6,293 Item Inventory Accounts receivable Accounts payable Net sales. Cost of goods sold 5,651 5,952 Operating cycle Cash cycle $ 139,303 87,113 Assume all sales are on credit. Calculate the operating and cash cycles. Note: Do not round intermediate calculations and round your answers to 2 decimal pla 2.19 days days