LO 4
(Learning Objective 4: Construct the financial statements) Suppose Robin Sporting Goods Company reported the following data at July 31, 2018, with amounts in thousands:
July 31, 2017………….. | $ 31,500 | Cost of goods sold................ | $136,800 |
Accounts receivable……. | 34,000 | Cash…………………….. | 50,000 |
Net revenues…………… | 191,000 | Property and equipment, net… | 19,400 |
Total current liabilities… | 80,000 | Common stock....... | 26,800 |
All other expenses…… | 29,000 | Inventories.......... | 36,000 |
Other current assets..... | 5,000 | Long-term liabilities............ | 11,700 |
Other assets………….. | 30,000 | Dividends...................... | 0 |
use these data to prepare Robin Sporting Goods Company’s single-step income statement for the year ended July 31, 2018: statement of retained earnings for the year ended July 31, 2018: and classified
LO 5
$3-15. (Learning Objective 5: Close the books) Use the Robin Sporting Goods Company data in Short Exercise 3-14 to make the company's closing entries at July 31, 2018. Then set up a T-account for Retained Earnings and post to that account. Compare Retained Earnings ending balance to the amount reported on Robin's statement of retained earnings and balance sheet. What do you find?
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