A B E H Dominique's Doll House End-of Pertod Spreadsheet 2 For the Year Ended December 31, 20-3 RALBALANKE ADJUSTMEMTS ADJUSTED TRAAL BALANCE ACCOUNT IILE 5 DEBT CREDIT DEBT OREDNT REDIT 6 Cash 16,700.00 16700.00 7 Accounts Recelvable Merchandbelmwentory Estimated Returaslaventory 10 ofke Sapplies 3,200.00 3200.00 31300.00 D 28,0.00 0 31,300.00 28,000.00 1,000.00 (e) 1,100.00 (d 1,000.00 1,100.00 B00.00 600.00 200.00 11 Pepadlasırance 12 Store Equipment 13 Accum. Depr.-Store Equipment 1,200.00 400.00 800.00 95,000.00 95,000.00 15,000.00 5,000.00 20,000.00 14 Hotes Payable 6,000.00 6,000.00 15 Accounts Payable 5,500.00 5,500.00 16 Ostomer Refunds Payable 1,500.00 200.00 1,700.00 17 Wages Payable 200.00 200.00 18 Sales Tax Payable 850.00 850.00 1,000.00 0 10,000.00 19 Uneamed Show Revenue 700.00 300.00 20 Long-tem Note Payatle 21 Domnkque Fouque, Capital 22 Domnique fouque, brawing 23 Income Sunmaty 10,000.00 95,800.00 95,800.00 21,000.00 21,000.00 (a) 31,300.00 (b) 28,000.00 31300.00 28,000.00 24 1,000.00 (e 1,100.00 1,000.00 1,100.00 201,500.00 25 Sales 201,500.00 26 Sales Retums and Alowances 5,900.00 (0 200.00 6,100.00 27 Rent Revenue 5,000.00 700.00 5,700.00 28 Parchases 72,000.00 72,000.00 29 Pırchases Retumsand Alowances 750.00 750.00 1,200.00 42,000.00 30 Freight-h 1200.00 31 Wages Expese 200.00 42,200.00 32 Rent Expense 33 omke Sapples Expense 34 PhoneExperse 35 uoites Erpense 36 Isurance Experse 37 Depr. Expense-Store Equipment 38 Interest Expense 42,000.00 42,00.00 600.00 600.00 1,500.00 7,600.00 1500.00 7,600.00 400.00 400.00 5,000.00 5,000.00 500.00 500.00 39 342,900.00 342,900.00 68,500.00 68,500.00 377 400.00 377 400.00 40 211,400.00 237,050.00 41 Het lncome 25,650.00 42

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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Question

Dominique Fouque owns and operates Dominique’s Doll House. She has a small shop in which she sells new and antique dolls. She is particularly well known for her collection of antique Ken and Barbie dolls. A completed spreadsheet for 20-3 is shown on page 610. Fouque made no additional investments during the year and the long-term note payable is due in 20-9. No portion of the long-term note is due within the next year. Net credit sales for 20-3 were $38,000, and receivables on January 1 were $3,000.
Required
1. Prepare a multiple-step income statement.
2. Prepare a statement of owner’s equity.
3. Prepare a balance sheet.
4. Compute the following measures of performance and financial condition for 20-3:
(a) Current ratio
(b) Quick ratio
(c) Working capital
(d) Return on owner’s equity
(e) Accounts receivable turnover and average number of days required to
collect receivables
(f) Inventory turnover and the average number of days required to sell inventory 5. Prepare adjusting entries and indicate which should be reversed and why.
6. Open an Income Summary account. Post adjusting and closing entries
(prepared in 7) to this account.
7. Prepare closing entries.
8. Prepare reversing entries for the adjustments where appropriate.

A
B
E
H
Dominique's Doll House
End-of Pertod Spreadsheet
2
For the Year Ended December 31, 20-3
RALBALANKE
ADJUSTMEMTS
ADJUSTED TRAAL BALANCE
ACCOUNT IILE
5
DEBT
CREDIT
DEBT
OREDNT
REDIT
6
Cash
16,700.00
16700.00
7 Accounts Recelvable
Merchandbelmwentory
Estimated Returaslaventory
10 ofke Sapplies
3,200.00
3200.00
31300.00
D 28,0.00 0
31,300.00
28,000.00
1,000.00
(e)
1,100.00 (d
1,000.00
1,100.00
B00.00
600.00
200.00
11 Pepadlasırance
12 Store Equipment
13 Accum. Depr.-Store Equipment
1,200.00
400.00
800.00
95,000.00
95,000.00
15,000.00
5,000.00
20,000.00
14 Hotes Payable
6,000.00
6,000.00
15 Accounts Payable
5,500.00
5,500.00
16 Ostomer Refunds Payable
1,500.00
200.00
1,700.00
17 Wages Payable
200.00
200.00
18 Sales Tax Payable
850.00
850.00
1,000.00 0
10,000.00
19 Uneamed Show Revenue
700.00
300.00
20 Long-tem Note Payatle
21 Domnkque Fouque, Capital
22 Domnique fouque, brawing
23 Income Sunmaty
10,000.00
95,800.00
95,800.00
21,000.00
21,000.00
(a) 31,300.00 (b)
28,000.00
31300.00
28,000.00
24
1,000.00 (e
1,100.00
1,000.00
1,100.00
201,500.00
25 Sales
201,500.00
26 Sales Retums and Alowances
5,900.00
(0
200.00
6,100.00
27 Rent Revenue
5,000.00
700.00
5,700.00
28 Parchases
72,000.00
72,000.00
29 Pırchases Retumsand Alowances
750.00
750.00
1,200.00
42,000.00
30 Freight-h
1200.00
31 Wages Expese
200.00
42,200.00
32 Rent Expense
33 omke Sapples Expense
34 PhoneExperse
35 uoites Erpense
36 Isurance Experse
37 Depr. Expense-Store Equipment
38 Interest Expense
42,000.00
42,00.00
600.00
600.00
1,500.00
7,600.00
1500.00
7,600.00
400.00
400.00
5,000.00
5,000.00
500.00
500.00
39
342,900.00
342,900.00
68,500.00
68,500.00
377 400.00
377 400.00
40
211,400.00
237,050.00
41 Het lncome
25,650.00
42

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