After all of the transactions for the year ended december 31, 20y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of equinox products inc.
a. prepare a multiple-step income statement for the year ended december 31, 20y8. enter all amounts as positive numbers except in the other revenue and expense section. in that section only, enter amounts that represent other expenses as negative numbers using a minus sign.
b. prepare a retained earnings statement for the year ended december 31, 20y8.*
c. prepare a balance sheet in report form as of december 31, 20y8. *
read the instructions above each financial statement carefully. they may contain specific instructions for completing the statement.
income statement data:
advertising expense $ 150,000
cost of goods sold 3,700,000
delivery expense 30,000
depreciation expense-office buildings and equipment 30,000
depreciation expense-store buildings and equipment 100,000
income tax expense 140,500
interest expense 21,000
interest revenue 30,000
miscellaneous administrative expense 7,500
miscellaneous selling expense 14,000
office rent expense 50,000
office salaries expense 170,000
office supplies expense 10,000
sales 5,313,000
sales commissions 185,000
sales salaries expense 385,000
store supplies expense 21,000
retained earnings and balance sheet data:
accounts payable $ 194,300
accounts receivable 545,000
accumulated depreciation—office buildings and equipment 1,580,000
accumulated depreciation—store buildings and equipment 4,126,000
allowance for doubtful accounts 8,450
bonds payable, 5%, due in 10 years 500,000
cash 282,850
common stock, $20 par
(400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000
dividends:
cash dividends for common stock 155,120
cash dividends for preferred stock 100,000
goodwill 700,000
income tax payable 44,000
interest receivable 1,200
inventory (december 31, 20y8),
at lower of cost (fifo) or market 778,000
office buildings and equipment 4,320,000
paid-in capital from sale of treasury stock 13,000
excess of issue price over par:
-common 886,800
-preferred 150,000
preferred 5% stock, $80 par
(30,000 shares authorized; 20,000 shares issued) 1,600,000
premium on bonds payable 19,000
prepaid expenses 27,400
retained earnings, january 1, 20y8 8,197,220
store buildings and equipment 12,560,000
treasury stock
(5,400 shares of common stock at cost of $33 per share) 178,200
Answers: 1
Another question on Business
Business, 21.06.2019 20:20
After all revenue and expense accounts have been closed at the end of the fiscal year, income summary has a debit of $2,450,000 and a credit of $3,000,000. at the same date, retained earnings has a credit balance of $8,222,600, and dividends has a balance of $125,000. required: a. journalize the entries required to complete the closing of the accounts on december 31. refer to the chart of accounts for exact wording of account titles. b. determine the amount of retained earnings at the end of the period.
Answers: 1
Business, 22.06.2019 19:00
The starr theater, owned by meg vargo, will begin operations in march. the starr will be unique in that it will show only triple features of sequential theme movies. as of march 1, the ledger of starr showed: cash $3,150, land $22,000, buildings (concession stand, projection room, ticket booth, and screen) $10,000, equipment $10,000, accounts payable $7,300, and owner’s capital $37,850. during the month of march, the following events and transactions occurred.mar. 2 rented the three indiana jones movies to be shown for the first 3 weeks of march. the film rental was $3,600; $1,600 was paid in cash and $2,000 will be paid on march 10.3 ordered the lord of the rings movies to be shown the last 10 days of march. it will cost $200 per night.9 received $4,500 cash from admissions.10 paid balance due on indiana jones movies rental and $2,200 on march 1 accounts payable.11 starr theater contracted with adam ladd to operate the concession stand. ladd is to pay 15% of gross concession receipts, payable monthly, for the rental of the concession stand.12 paid advertising expenses $900.20 received $5,100 cash from customers for admissions.20 received the lord of the rings movies and paid the rental fee of $2,000.31 paid salaries of $2,900.31 received statement from adam ladd showing gross receipts from concessions of $6,000 and the balance due to starr theater of $900 ($6,000 × 15%) for march. ladd paid one-half the balance due and will remit the remainder on april 5.31 received $9,200 cash from customers for admissions.1.) enter the beginning balances in the ledger.2.) journalize the march transactions. starr records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (credit account titles are automatically indented when the amount is entered. do not indent manually. record journal entries in the order presented in the problem. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts.)3.) post the march journal entries to the ledger. (post entries in the order of journal entries presented in the previous question.)
Answers: 3
Business, 22.06.2019 23:50
Analyzing operational changes operating results for department b of delta company during 2016 are as follows: sales $540,000 cost of goods sold 378,000 gross profit 162,000 direct expenses 120,000 common expenses 66,000 total expenses 186,000 net loss $(24,000) suppose that department b could increase physical volume of product sold by 10% if it spent an additional $18,000 on advertising while leaving selling prices unchanged. what effect would this have on the department's net income or net loss? (ignore income tax in your calculations.) use a negative sign to indicate a net loss answer; otherwise do not use negative signs with your answers. sales $answer cost of goods sold answer gross profit answer direct expenses answer common expenses answer total expenses answer net income (loss) $answer
Answers: 1
Business, 23.06.2019 00:40
Skathy lee berggren, a professor of oral communication at cornell university, indicates “a lot of my students really [only] scratch the surface with the type of research they’re doing.” according to andy guess, at inside higher ed, “just because students walk in the door as ‘digital natives’, doesn’t mean they’re equipped to handle the heavy lifting of digital databases and proprietary search engines that comprise the bulk of modern, online research techniques.” students erroneously think a google search is research. as you read through the reasons that should stimulate your interest in studying research methods or evaluate the nine factors that guarantee good research, what actions do you propose to narrow the gap between students’ research competence and what’s required of a modern college graduate about to become a manage
Answers: 1
You know the right answer?
After all of the transactions for the year ended december 31, 20y8, had been posted [including the t...
Questions
English, 01.09.2019 20:30
Computers and Technology, 01.09.2019 20:30
Physics, 01.09.2019 20:30
Chemistry, 01.09.2019 20:30
History, 01.09.2019 20:30
Mathematics, 01.09.2019 20:30
Mathematics, 01.09.2019 20:30
