Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Textbook Question
Chapter 5, Problem 3E
Chart of accounts
Monet Paints Co. is a newly organized retail business with a list of accounts arranged in alphabetical order, as follows:
Accounts Payable | Land |
Miscellaneous Administrative | |
Accumulated |
Expense |
Accumulated Depreciation—Store Equipment | Miscellaneous Selling Expense |
Advertising Expense | Notes Payable |
Cash | Office Equipment |
Common Stock | Office Salaries Expense |
Cost of Goods Sold | Office Supplies |
Customer Refunds Payable | Office Supplies Expense |
Delivery Expense | Prepaid Insurance |
Depreciation Expense—Office Equipment | Rent Expense |
Depreciation Expense—Store Equipment | |
Dividends | Salaries Payable |
Estimated Returns Inventory | Sales |
Insurance Expense | Sales Salaries Expense |
Interest Expense | Store Equipment |
Interest Revenue | Store Supplies |
Inventory | Store Supplies Expense |
Construct a chart of accounts, assigning account numbers and arranging the accounts in
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Income statement data:
Advertising expense
Cost of goods sold
Delivery expense
Depreciation expense-office buildings and equipment
Depreciation expense-store buildings and equipment
Income tax expense
Interest expense
Interest revenue
Miscellaneous administrative expense
Miscellaneous selling expense
Office rent expense
Office salaries expense
Office supplies expense
Sales
Sales commissions
Sales salaries expense
Store supplies expense
Retained earnings and balance sheet data:
Accounts payable
Accounts receivable
Accumulated depreciation-office buildings and equipment
Accumulated depreciation-store buildings and equipment
Allowance for doubtful accounts
Bonds payable, 5%, due in 10 years
Cash
Common stock, $20 par (400,000 shares authorized;
85,000 shares issued, 94,600 outstanding), January 1, 20Y8
Dividends:
Cash dividends for common stock
Cash dividends for preferred stock
Goodwill
Income tax payable
$150,000
3,700,000
30,000
30,000
100,000
140,500
21,000
30,000
7,500
14,000
50,000…
PA10. O 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019.
NINO'S PIZZERIA
Adjusted Trial Balance
Year Ended December 31, 2019
Debit
Credit
$ 775,984
Cash
Accounts Receivable
Buildings
Merchandise Inventory
Accounts Payable
Common Stock
45,688
200,460
135,624
$437,880
410,542
Sales
555,696
Interest Revenue
84,652
Rent Revenue
86,900
Sales Salaries Expense
Office Supplies Expense
Sales Discounts
Interest Expense
Sales Returns and Allowances
24,500
6,270
102,890
4,577
105,854
122,853
Cost of goods sold
Rent Expense
Depreciation Expense: Office Equipment
Insurance Expense
Advertising Expense
Totals
20,000
10,555
2,780
17,635
$1,575,670
$1,575,670
A. Use the data provided to compute net sales for 2019.
B. Compute the gross margin for 2019.
C. Compute the gross profit margin ratio (rounded to nearest hundredth).
D. Prepare a simple income statement for the year ended December 31, 2019.
E. Prepare a multistep income statement for the year ended…
Subject: acounting
Chapter 5 Solutions
Financial And Managerial Accounting
Ch. 5 - Prob. 1DQCh. 5 - Can a business earn a gross profit but incur a net...Ch. 5 - The credit period during which the buyer of...Ch. 5 - What is the meaning of (A) 1/15, n/60; (B) n/30;...Ch. 5 - How are sales to customers using MasterCard and...Ch. 5 - What is the nature of (A) a credit memo issued by...Ch. 5 - Who is responsible for freight when the terms of...Ch. 5 - Name three accounts that would normally appear in...Ch. 5 - Audio Outfitter Inc., which uses a perpetual...Ch. 5 - Assume that Audio Outfitter Inc. in Discussion...
Ch. 5 - Gross profit During the current year, merchandise...Ch. 5 - Purchases transactions Elkhorn Company purchased...Ch. 5 - Prob. 3BECh. 5 - Freight terms Determine the amount to be paid in...Ch. 5 - Transactions for buyer and seller Shore Co. sold...Ch. 5 - Adjusting entries Hahn Flooring Company uses a...Ch. 5 - Asset turnover ratio Financial statement data for...Ch. 5 - Determining gross profit During the current year,...Ch. 5 - Determining cost of goods sold For a recent year,...Ch. 5 - Chart of accounts Monet Paints Co. is a newly...Ch. 5 - Purchase-related transactions The Stationery...Ch. 5 - Purchase-related transactions A retailer is...Ch. 5 - Purchase-related transactions The debits and...Ch. 5 - Prob. 7ECh. 5 - Purchase-related transactions Journalize entries...Ch. 5 - Sales-related transactions, including the use of...Ch. 5 - Customer refund Senger Company sold merchandise of...Ch. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Sales-related transactions The debits and credits...Ch. 5 - Prob. 14ECh. 5 - Determining amounts to be paid on invoices...Ch. 5 - Sales-related transactions Showcase Co., a...Ch. 5 - Purchase-related transactions Based on the data...Ch. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Normal balances of accounts for retail business...Ch. 5 - Income statement and accounts for retail business...Ch. 5 - Adjusting entry for inventory shrinkage Omega Tire...Ch. 5 - Adjusting entry for customer refunds, allowances,...Ch. 5 - Adjusting entry for customer refunds, allowances,...Ch. 5 - Income statement for retail business The following...Ch. 5 - Determining amounts for items omitted from income...Ch. 5 - Multiple-step income statement On March 31, 20Y9,...Ch. 5 - Multiple-step income statement The following...Ch. 5 - Single-step income statement Summary operating...Ch. 5 - Closing the accounts of a retail business From the...Ch. 5 - Closing entries; net income Based on the data...Ch. 5 - Closing entries On July 31, the close of the...Ch. 5 - Prob. 33ECh. 5 - Prob. 34ECh. 5 - Appendix 1 Adjusting entry for gross method The...Ch. 5 - Appendix 1 Discount taken in next fiscal year...Ch. 5 - Prob. 37ECh. 5 - Rules of debit and credit for periodic inventory...Ch. 5 - Journal entries using the periodic inventory...Ch. 5 - Identify items missing in determining cost of...Ch. 5 - Cost of goods sold and related items The following...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Appendix 2 Cost of goods sold Identify the errors...Ch. 5 - Closing entries using periodic inventory system...Ch. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales and purchase-related transactions using...Ch. 5 - A Sales and purchase-related transactions for...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Single-step income statement and balance sheet...Ch. 5 - Appendix 2 Purchase-related transactions using...Ch. 5 - Sales and purchase-related transactions using...Ch. 5 - Appendix 2 PR 5-9A Sales and purchase-related...Ch. 5 - 2. Net income, 185,000 Appendix 2 PR 5-10A...Ch. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales and purchase-related transactions using...Ch. 5 - Sales and purchase-related transactions for seller...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Single-step income Statement and balance sheet...Ch. 5 - Purchase-related transactions using periodic...Ch. 5 - Sales and purchase-related transactions using...Ch. 5 - Appendix 2 Sales and purchase-related transactions...Ch. 5 - Appendix 2 PR 5-10B Periodic inventory accounts,...Ch. 5 - Palisade Creek Co. is a retail business that uses...Ch. 5 - Analyze and compare Amazon.com and Netflix...Ch. 5 - Analyze Dollar General Dollar General Corporation...Ch. 5 - Compare Dollar Tree and Dollar General The asset...Ch. 5 - Analyze and compare CSX, Union Pacific, and YRC...Ch. 5 - Analyze Home Depot The Home Depot (HD) reported...Ch. 5 - Analyze and compare Kroger and Tiffany The Kroger...Ch. 5 - Prob. 7MADCh. 5 - Ethics in Action Margie Johnson is a staff...Ch. 5 - Prob. 2TIFCh. 5 - Prob. 5TIFCh. 5 - Prob. 6TIFCh. 5 - Prob. 7TIF
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