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Your answer is incorrect. Try again.
Prepare a comparative balance sheet of Gilmour Company
showing the dollar change and the percent change for each item.
(Round percentages to 2 decimal places, e.g. 2.25%. If $ or %
change are in decrease, enter amounts or percentages using
either a negative sign preceding the number e.g. -45, -2.25% or
parentheses e.g. (45), (2.25)%.)
GILMOUR COMPANY
Comparative Balance Sheet
December 31, 2013 and 2012
December 31
Increase or (Decrease)
Assets
2013
2012
$ Change
% Change
Cash
$ 180,000
$ 275,000
$
%
$-95,000
-34.55%
Accounts receivable (net)
219,500
155,300
64,200
41.34%
Short-term investments
269,300
149,600
119,700
80.01%
Inventories
1,059,600
979,300
80,300
8.20%
Prepaid expenses
24,750
24,750
0
0.00%
Fixed assets
2,585,200
1,949,400
635,800
32.62%
Accumulated depreciation
( 1,000,500
)
( 750,100
)
-250,400
33.38%
Total
$ 3,337,850
$ 2,783,250
$
%
554,600
19.93%
Liabilities and Stockholders’ Equity
Accounts payable
$ 50,020
$ 74,100
$
%
-24,080
-32.50%
Accrued expenses
170,400
199,400
-29,000
-14.54%
Bonds payable
450,500
189,600
260,900
137.61%
Capital stock
2,100,000
1,769,300
330,700
18.69%
Retained earnings
566,930
550,850
16,080
2.92%
Total
$ 3,337,850
$ 2,783,250
$
%
554,600
19.93%
Your answer is partially correct. Try again.
Answer each of the questions in the following unrelated
situations.
(a) The current ratio of a company is 5:1 and its acid-test ratio
is 1:1. If the inventories and prepaid items amount to $492,400,
what is the amount of current liabilities?
Current Liabilities
$
(b) A company had an average inventory last year of
$209,000 and its inventory turnover was 5. If sales volume and
unit cost remain the same this year as last and inventory
turnover is 9 this year, what will average inventory have to be
during the current year? (Round answer to 0 decimal places, e.g.
125.)
Average Inventory
$
(c) A company has current assets of $88,790 (of which
$37,160 is inventory and prepaid items) and current liabilities
of $37,160. What is the current ratio? What is the acid-test
ratio? If the company borrows $13,870 cash from a bank on a
120-day loan, what will its current ratio be? What will the acid-
test ratio be? (Round answers to 2 decimal places, e.g. 2.50.)
Current Ratio
:1
Acid Test Ratio
:1
New Current Ratio
:1
New Acid Test Ratio
:1
(d) A company has current assets of $605,100 and current
liabilities of $239,000. The board of directors declares a cash
dividend of $191,200. What is the current ratio after the
declaration but before payment? What is the current ratio after
the payment of the dividend? (Round answers to 2 decimal
places, e.g. 2.50.)
Current ratio after the declaration but before payment
:1
Current ratio after the payment of the dividend
:1, Corrected answer 1.73:1
New Answer - Current ratio after the payment of the dividend
1.73:1
Presented below are comparative balance sheets for the Gilmour
Company.
GILMOUR COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2013 AND 2012
December 31
2013
2012
Assets
Cash
$180,200
$275,700
Accounts receivable (net)
220,400
154,300
Short-term investments
270,100
149,400
Inventories
1,061,000
980,700
Prepaid expenses
24,140
24,140
Fixed assets
2,585,600
1,949,300
Accumulated depreciation
(1,000,900
)
(750,100
)
$3,340,540
$2,783,440
Liabilities and Stockholders’ Equity
Accounts payable
$50,700
$75,180
Accrued expenses
169,500
200,500
Bonds payable
450,100
190,600
Capital stock
2,100,000
1,770,300
Retained earnings
570,240
546,860
$3,340,540
$2,783,440
(a)
Your answer has been saved and sent for grading. See
Gradebook for score details.
Prepare a comparative balance sheet of Gilmour Company
showing the percent each item is of the total assets or total
liabilities and stockholders’ equity. (Round percentages to 2
decimal places, e.g. 2.25%. For accumulated depreciation, enter
percentages using either a negative sign preceding the number
e.g. -2.25% or parentheses e.g. (2.25)%.)
GILMOUR COMPANY
Comparative Balance Sheet
December 31, 2013 and 2012
December 31
Assets
2013
2012
Cash
$ 180,200
%
$ 275,700
%
Accounts receivable (net)
220,400
154,300
Short-term investments
270,100
149,400
Inventories
1,061,000
980,700
Prepaid expenses
24,140
24,140
Fixed assets
2,585,600
1,949,300
Accumulated depreciation
( 1,000,900
)
( 750,100
)
Total
$ 3,340,540
%
$ 2,783,440
%
Liabilities and Stockholders’ Equity
Accounts payable
$ 50,700
%
$ 75,180
%
Accrued expenses
169,500
200,500
Bonds payable
450,100
190,600
Capital stock
2,100,000
1,770,300
Retained earnings
570,240
546,860
Total
$ 3,340,540
%
$ 2,783,440
%
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(b)
Prepare a comparative balance sheet of Gilmour Company
showing the dollar change and the percent change for each item.
(Round percentages to 2 decimal places, e.g. 2.25%. If $ or %
change are in decrease, enter amounts or percentages using
either a negative sign preceding the number e.g. -45, -2.25% or
parentheses e.g. (45), (2.25)%.)
GILMOUR COMPANY
Comparative Balance Sheet
December 31, 2013 and 2012
December 31
Increase or (Decrease)
Assets
2013
2012
$ Change
% Change
Cash
$ 180,200
$ 275,700
$
%
Accounts receivable (net)
220,400
154,300
Short-term investments
270,100
149,400
Inventories
1,061,000
980,700
Prepaid expenses
24,140
24,140
Fixed assets
2,585,600
1,949,300
Accumulated depreciation
( 1,000,900
)
( 750,100
)
Total
$ 3,340,540
$ 2,783,440
$
%
Liabilities and Stockholders’ Equity
Accounts payable
$ 50,700
$ 75,180
$
%
Accrued expenses
169,500
200,500
Bonds payable
450,100
190,600
Capital stock
2,100,000
1,770,300
Retained earnings
570,240
546,860
Total
$ 3,340,540
$ 2,783,440
$
%
Robbins Company is a wholesale distributor of professional
equipment and supplies. The company’s sales have averaged
about $900,000 annually for the 3-year period 2011-2013. The
firm’s total assets at the end of 2013 amounted to $850,000.
The president of Robbins Company has asked the controller to
prepare a report that summarizes the financial aspects of the
company’s operations for the past 3 years. This report will be
presented to the board of directors at their next meeting.
In addition to comparative financial statements, the controller
has decided to present a number of relevant financial ratios
which can assist in the identification and interpretation of
trends. At the request of the controller, the accounting staff has
calculated the following ratios for the 3-year period 2011–2013.
2011
2012
2013
Current ratio
1.80
1.89
1.96
Acid-test (quick) ratio
1.04
0.99
0.87
Accounts receivable turnover
8.75
7.71
6.42
Inventory turnover
4.91
4.32
3.72
Total debt to total assets
51.0
%
46.0
%
41.0
%
Long-term debt to total assets
31.0
%
27.0
%
24.0
%
Sales to fixed assets (fixed asset turnover)
1.58
1.69
1.79
Sales as a percent of 2011 sales
1.00
1.03
1.05
Gross margin percentage
36.0
%
35.1
%
34.6
%
Net income to sales
6.9
%
7.0
%
7.2
%
Return on total assets
7.7
%
7.7
%
7.8
%
Return on stockholders’ equity
13.6
%
13.1
%
12.7
%
In preparation of the report, the controller has decided first to
examine the financial ratios independent of any other data to
determine if the ratios themselves reveal any significant trends
over the 3-year period.
The current ratio is increasing while the acid-test (quick) ratio
is decreasing. Using the ratios provided, identify and explain
the contributing factor(s) for this apparently divergent trend.
Link to Text
In terms of the ratios provided, what conclusion(s) can be drawn
regarding the company’s use of financial leverage during the
2011–2013 period?
Link to Text
Using the ratios provided, what conclusion(s) can be drawn
regarding the company’s net investment in plant and equipment?
Howser Inc. is a manufacturer of electronic components and
accessories with total assets of $20,000,000. Selected financial
ratios for Howser and the industry averages for firms of similar
size are presented below.
Howser
2013IndustryAverage
2011
2012
2013
Current ratio
2.09
2.27
2.51
2.24
Quick ratio
1.15
1.12
1.19
1.22
Inventory turnover
2.40
2.18
2.02
3.50
Net sales to stockholders’ equity
2.75
2.80
2.95
2.85
Net income to stockholders’ equity
0.14
0.15
0.17
0.11
Total liabilities to stockholders’ equity
1.41
1.37
1.44
0.95
Howser is being reviewed by several entities whose interests
vary, and the company’s financial ratios are a part of the data
being considered. Each of the parties listed below must
recommend an action based on its evaluation of Howser’s
financial position.
Citizens National Bank. The bank is processing Howser’s
application for a new 5-year term note. Citizens National has
been Howser’s banker for several years but must reevaluate the
company’s financial position for each major transaction.
Charleston Company. Charleston is a new supplier to Howser
and must decide on the appropriate credit terms to extend to the
company.
Shannon Financial. A brokerage firm specializing in the stock
of electronics firms that are sold over-the-counter, Shannon
Financial must decide if it will include Howser in a new fund
being established for sale to Shannon Financial’s clients.
Working Capital Management Committee. This is a committee
of Howser’s management personnel chaired by the chief
operating officer. The committee is charged with the
responsibility of periodically reviewing the company’s working
capital position, comparing actual data against budgets, and
recommending changes in strategy as needed.
Describe the analytical use of each of the six ratios presented
above.
Link to Text
For each of the four entities described above, identify two
financial ratios, that would be most valuable as a basis for its
decision regarding Howser.
Link to Text
Discuss what the financial ratios presented in the question
reveal about Howser. Support your answer by citing specific
ratio levels and trends as well as the interrelationships between
these ratios.
6.58
77.40
70.03
-29.96
-26.95
100
100
1.52
2.70
5.07
7.20
5.58
13.47
6.85
62.86
63.60
17.07
19.65
100
100
-95,500
-34.64%
8.07
66,100
42.84%
120,700
80.79%
80,300
8.19%
0
0.00%
636,300
32.64%
5.38
-250,800
33.44%
557,100
20.01%
-24,480
-32.56%
-31,000
-15.46%
259,500
136.15%
31.74
329,700
18.62%
23,380
4.28%
557,100
20.01%
35.19
0.74
0.89
77.45
70.04
(29.97)
(26.95)
100
100
1.50
2.66
5.11
7.16
13.50
6.81
62.91
63.57
16.98
19.79
100
5.39
100
123100
116111
2.39
1.39
2.01
1.28
1.41
1.71
9.88
5.39
9.91
6.60
5.54
8.09
5.37
31.76
35.23
0.72
0.87
Check Figures for Accounting Project:
Cash Receipts Journal; Cash Column: 7,314
Unadjusted Trial Balance Total: 415,118
Net Income: 119,449
Post Closing Trial Balance: 181,970
Foundations of Accounting I
Accounting Project
Written by: Karen Pitsch
Special thanks to Donna Larner
Randiddle Co. is a merchandising business. Their account
balances as of November 30, 2012 (unless otherwise indicated),
are as follows:
110
Cash
$ 74,770
112
Accounts Receivable
5,580
113
Allowance for Doubtful Accounts
200
115
Merchandise Inventory
2,346
116
Prepaid Insurance
5,750
117
Store Supplies
2,850
123
Store Equipment
100,800
124
Accumulated Depreciation-Store Equipment
31,060
210
Accounts Payable
3,286
211
Salaries Payable
0
218
Interest Payable
0
220
Note Payable (Due 2017)
30,000
310
Randiddle, Capital (January 1, 2012)
45,690
311
Randiddle, Withdrawals
60,000
312
Income Summary
0
410
Sales
296,130
411
Sales Returns and Allowances
10,020
412
Sales Discounts
7,200
510
Cost of Goods Sold
30,250
520
Sales Salaries Expense
34,400
521
Advertising Expense
18,000
522
Depreciation Expense
0
523
Store Supplies Expense
0
529
Miscellaneous Selling Expense
2,800
530
Office Salaries Expense
25,500
531
Rent Expense
24,200
532
Insurance Expense
0
533
Bad Debt Expense
0
539
Miscellaneous Administrative Expense
1,650
550
Interest Expense
1,100
Randiddle Co. uses the perpetual inventory system and the Last-
in, First-out costing method. Transportation-in and purchase
discounts should be added to the Inventory Control Sheet, but
since this will complicate the computation of the Last-in, First-
out costing method, please ignore this step in the process. They
also use the Allowance Method for bad debt.
The Accounts Receivable and Accounts Payable Subsidiary
Ledgers along with the Inventory Control Sheet should be
updated as each transaction affects them (daily).
Randiddle Co. sells three types of microwave ovens.
The sale prices of each are:
900 watt microwave: $199
1000 watt microwave: $299
1200 watt microwave: $499
During December, the last month of the accounting year, the
following transactions were completed:
Dec.
1. Issued check number 2632 for the December rent, $2,200.
2. Sold two 1200 watt microwaves for cash.
4. Purchased four 1000 watt microwaves on account from Matt
Co., terms 2/10,
n/30, FOB shipping point, $596.
5. Issued check number 2633 to pay the transportation charges
on purchase of
December 4, $89. (NOTE: Do not include shipping and
purchase
discounts to the Inventory Control sheet for this project.)
6. Sold six 1000 watt microwaves and four 1200 watt
microwaves on account to Briana Co., invoice 891, terms 2/10,
n/30, FOB shipping point.
8. Issued check number 2634 for refund of cash on sales made
for cash, $150.
(Customer was going to return goods until an allowance was
arranged.)
10. Purchased store supplies on account from Prince Co., terms
n/30, $310.
10. Issued check to Matt Co. number 2635 for the full amount
due, less discount
allowed. (Round discount to nearest dollar.)
11. Paid Prince Co. full amount due, check number 2636.
12. Issued credit memo for one 1000 watt microwave returned
on sale of
December 6.
13. Issued check number 2637 for advertising expense for last
half of December, $3,000.
14. Received cash from Briana Co. for the full amount due (less
return of December 12 and discount; round to nearest dollar).
19. Issued check number 2638 to buy five 900 watt
microwaves, $495.
19. Issued check number 2639 for $596 to Joseph Co. on
account.
20. Sold seven 900 watt microwaves on account to Cameron
Co., invoice number 892, terms 1/10, n/30, FOB shipping point.
20. To expedite sale on Dec. 20, issued check number 2640 for
shipping charges on sale to Cameron on December 20, $120.
21. Received $1,396 cash from McKenzie Co. on account, no
discount.
21. Purchased three 1200 watt microwaves on account from
Elisha Co., terms 1/10, n/30, FOB shipping point, $747,
shipping $78.
24. Received notification that Marie Co. has been granted
bankruptcy with no
amount of recovery. We are to write-off her amount due.
(Note: See page
365 for entry required.)
26. Issued a debit memo for return of $299 because of damage
to one 1200 watt
microwave purchased on December 21, receiving credit
from the seller.
27. Issued check number 2641 for sales salaries of $2,050 and
office
salaries of $1,400.
28. Purchased store equipment on account from Joseph Co.,
terms n/30, FOB
destination, $1,200.
29. Issued check number 2642 for store supplies, $70.
29. Purchased seven 1000 watt microwave from Prince Co,
terms 1/10, n/30,
FOB shipping point, for $1,113 on account, shipping $107.
30. Sold eight 1000 watt microwaves on account to Briana Co.,
invoice number
893, terms 2/10, n/30, FOB shipping point.
30. Received cash from sale of December 20, less discount,
plus transportation
paid on December 20. (Round calculations to the nearest
dollar.)
31. Issued check number 2643 for purchase of December 21,
less return
of December 25 and discount. (Round discount to the nearest
dollar.)
31. Issued a debit memo for $200 of the purchase returned from
December 28.
Instructions:
1. Enter the balances of each of the accounts in the appropriate
balance column of the General Ledger (B-S and I-S Ledger).
Write Balance in the item section, and place a (x) in the Post
Reference column.
2. Journalize the transactions in a sales journal, purchases
journal, cash receipts journal, cash payments journal, or general
journal as illustrated in chapter 7. Also post to the Accounts
Receivable and Accounts Payable Subsidiary ledgers and
Inventory Control Sheet as needed.
3. Total each column on the special journals and prove the
journals.
4. Post the totals of the account named columns and
individually post the “Other Accounts” columns as well to the
General Ledger.
5. Prepare the Schedule of Accounts Receivable and the
Schedule of Accounts Payable (their total amount must equal
the amount in their controlling general ledger account).
6. Prepare the unadjusted trial balance on the worksheet.
7. Complete the worksheet for the year ended December 31,
2012, using the following adjustment data:
a. Merchandise inventory on December 31
$1,090
b. Insurance expired during the year
2,250
c. Store supplies on hand on December 31
850
d. Depreciation for the current year needs to be calculated.
The business uses
the Straight-line method, the store equipment has a
useful life of 10 years
with no salvage value. (NOTE: the purchase and
return will not be included
as the dates of the transactions were after the 15th
of the month).
e. Accrued salaries on December 31:
Sales salaries
$1,075
Office salaries
540
$1,615
f. The note payable terms are at 8%, payment is not being
made until Jan. 3, 2013. Interest must be recognized for one
month.
g. Calculate the Bad Debt adjustment amount; net realizable
value of Accounts Receivable is determined to be $6,313.
8. Prepare a multiple-step income statement, a statement of
owner’s equity, and a
classified balance sheet in good form. (Recommend review of
“Current Liabilities” on page 149.)
9. Journalize and post the adjusting entries.
10. Journalize and post the closing entries. Indicate closed
accounts by inserting a zero
in both balance columns opposite the closing entry.
11. Prepare a post-closing trial balance.
SJSALES JOURNALPage No. 6INVOICEPOSTACCTS. REC.
DR.COST OF SALE DR.DATENO.ACCOUNT
DEBITEDREFSALES CR.INVENTORY CR.112233445566
CRJCASH RECEIPTS JOURNALPage No.
4POSTOTHERACCOUNTSCOST/SOLD
DR.SALESCASHDATEACCOUNT CREDITEDREFACCTS -
CR.SALES - CRREC. - CR.INVENTORY CR.DISC. -
DR.DR.112233445566778899
PJPURCHASES JOURNALPage No.
11POSTOTHERACCOUNTSSTOREMERCH.DATEACCOUNT
CREDITEDREF(SUNDRY)PAYABLESUPPLIESINVENORYA
CCTS - DR.CR.DR.DR.1122334455667788
CPJCASH PAYMENTS JOURNALPage
No.8CK.POSTOTHERACCOUNTSMERCH.DATENO.ACCOUN
T
DEBITEDREF(SUNDRY)PAYABLEINVENTORYCASHACCT
S -
DR.DR.CR.CR.1122334455667788991010111112121313141415
151616
JournalJOURNALPage No.
53POSTDATEDESCRIPTIONREFDEBITCREDIT112.23344556
67788991010111112121313141415151616171718181919202021
21222223232424252526262727282829293030313132323333343
43535363637373838393940404141JOURNALPage No.
54POSTDATEDESCRIPTIONREFDEBITCREDIT11223344556
67788991010111112121313141415151616171718181919202021
21222223232424252526262727282829293030313132323333343
43535363637373838393940404141
InventoryInventory Control Sheet900 watt
microwave:PurchasesCost of Goods Sold
(Sales)INVENTORYDateUnitscost per unitAmountUnitscost per
unitAmountUnitscost per unitAmount11/30/124$79$3161000
watt microwave:PurchasesCost of Goods Sold
(Sales)INVENTORYDateUnitscost per unitAmountUnitscost per
unitAmountUnitscost per unitAmount11/30/123$119$3571200
watt microwave:PurchasesCost of Goods Sold
(Sales)INVENTORYDateUnitscost per unitAmountUnitscost per
unitAmountUnitscost per
unitAmount11/30/127$239$1,673Ending Inventory Value:
AR-SUBACCOUNTS RECEIVABLE SUBSIDIARY
LEDGER(CUSTOMERS)Customer Name: Albert
Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT
BALANCE11/20/12SJ 53,3883,388Customer Name: Marie
Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT
BALANCE11/20/12SJ 5598598Customer Name: Cameron
Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT
BALANCE11/15/12SJ 5796796Customer Name: McKenzie
Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT
BALANCE11/27/12SJ 51,3961,396Customer Name: Briana
Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT
BALANCE
AP-SUBACCOUNTS PAYABLE SUBSIDIARY
LEDGER(VENDERS)Vendor Name: Prince
Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT
BALANCE11/26/12P 10398398Vendor Name: Joseph
Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT
BALANCE11/16/12P 10596596Vendor Name: Elisha
Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT
BALANCE11/29/12P 10795795Vendor Name: Matt
Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT
BALANCE11/28/12P 101,4971,497Vendor
Name:POSTRUNNINGDATETRANSACTIONREFDEBITCRED
ITBALANCE
SCH-SUBSchedule of Accounts ReceivableTotal Accounts
ReceivableSchedule of Accounts PayableTotal Accounts
Payable
B-S LedgerGENERAL LEDGERBalance Sheet
AccountsCashACCOUNT
NO.110POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITAccounts ReceivableACCOUNT
NO.112POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITAllowance for Doubtful AccountsACCOUNT
NO.113POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITMerchandise InventoryACCOUNT
NO.115POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITPrepaid InsuranceACCOUNT
NO.116POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITStore SuppliesACCOUNT
NO.117POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITStore EquipmentACCOUNT
NO.123POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITAccumulated Depreciation-Store EquipmentACCOUNT
NO.124POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITAccounts PayableACCOUNT
NO.210POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITSalaries PayableACCOUNT
NO.211POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITInterest PayableACCOUNT
NO.218POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITNote PayableACCOUNT
NO.220POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITRandiddle, CapitalACCOUNT
NO.310POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITRandiddle, WithdrawalsACCOUNT
NO.311POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITIncome SummaryACCOUNT
NO.312POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDIT
I-S LedgerGENERAL LEDGERIncome Statement
AccountsSalesACCOUNT
NO.410POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITSales Returns and AllowancesACCOUNT
NO.411POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITSales DiscountsACCOUNT
NO.412POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITCost of Goods SoldACCOUNT
NO.510POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITSales Salaries ExpenseACCOUNT
NO.520POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITAdvertising ExpenseACCOUNT
NO.521POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITDepreciation ExpenseACCOUNT
NO.522POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITStore Supplies ExpenseACCOUNT
NO.523POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITMiscellaneous Selling ExpenseACCOUNT
NO.529POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITOffice Salaries ExpenseACCOUNT
NO.530POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITRent ExpenseACCOUNT
NO.531POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITInsurance ExpenseACCOUNT
NO.532POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITBad Debt ExpenseACCOUNT
NO.533POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITMiscellaneous Administrative ExpenseACCOUNT
NO.539POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDITInterest ExpenseACCOUNT
NO.550POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
CREDIT
WkSheetWorksheetUnadjustedAdjustedIncomeEquity
StatementAccount TitleTrial BalanceAdjustmentsTrial
BalanceStatementand Balance
SheetDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.1Cash12Accounts
Receivable23Allow for Doubtful Accts34Merchandise
Inventory45Prepaid Insurance56Store Supplies67Store
Equipment78Accm. Deprec-Store Eq.89Accounts
Payable910Salaries Payable1011Interest Payable1112Note
Payable (Due 2017)1213Randiddle, Capital1314Randiddle,
Withdrawals1415Sales1516Sales Returns & Allow.1617Sales
Discounts1718Cost of Goods Sold1819Sales Salaries
Exp.1920Advertising Exp.2021Depreciation Exp.2122Store
Supplies Exp.2223Misc. Selling Exp.2324Office Salaries
Exp.2425Rent Exp.2527Insurance Exp.2726Bad Debt
Exp.2628Misc. Administrative Exp.2829Interest
Expense293030272728282929
Income StmtIncome Statement
Stmt EquityStatement of Owner's Equity
Bal SheetBalance Sheet
Post TrialPost-Closing Trial BalanceACCOUNT
TITLEDEBITCREDIT

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Your answer is incorrect.  Try again.Prepare a comparati.docx

  • 1. Your answer is incorrect. Try again. Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item. (Round percentages to 2 decimal places, e.g. 2.25%. If $ or % change are in decrease, enter amounts or percentages using either a negative sign preceding the number e.g. -45, -2.25% or parentheses e.g. (45), (2.25)%.) GILMOUR COMPANY Comparative Balance Sheet December 31, 2013 and 2012 December 31 Increase or (Decrease) Assets 2013 2012 $ Change % Change Cash $ 180,000
  • 2. $ 275,000 $ % $-95,000 -34.55% Accounts receivable (net) 219,500 155,300 64,200 41.34% Short-term investments 269,300 149,600 119,700
  • 4. 635,800 32.62% Accumulated depreciation ( 1,000,500 ) ( 750,100 ) -250,400 33.38% Total $ 3,337,850 $ 2,783,250 $ % 554,600 19.93%
  • 5. Liabilities and Stockholders’ Equity Accounts payable $ 50,020 $ 74,100 $
  • 9. Your answer is partially correct. Try again. Answer each of the questions in the following unrelated situations. (a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $492,400, what is the amount of current liabilities? Current Liabilities $ (b) A company had an average inventory last year of $209,000 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last and inventory turnover is 9 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.) Average Inventory $ (c) A company has current assets of $88,790 (of which $37,160 is inventory and prepaid items) and current liabilities of $37,160. What is the current ratio? What is the acid-test ratio? If the company borrows $13,870 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-
  • 10. test ratio be? (Round answers to 2 decimal places, e.g. 2.50.) Current Ratio :1 Acid Test Ratio :1 New Current Ratio :1 New Acid Test Ratio :1 (d) A company has current assets of $605,100 and current liabilities of $239,000. The board of directors declares a cash dividend of $191,200. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend? (Round answers to 2 decimal places, e.g. 2.50.) Current ratio after the declaration but before payment :1 Current ratio after the payment of the dividend :1, Corrected answer 1.73:1 New Answer - Current ratio after the payment of the dividend 1.73:1 Presented below are comparative balance sheets for the Gilmour Company. GILMOUR COMPANY
  • 11. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2013 AND 2012 December 31 2013 2012 Assets Cash $180,200 $275,700 Accounts receivable (net) 220,400 154,300 Short-term investments 270,100
  • 13. Liabilities and Stockholders’ Equity Accounts payable $50,700 $75,180 Accrued expenses 169,500 200,500 Bonds payable 450,100 190,600
  • 15. Your answer has been saved and sent for grading. See Gradebook for score details. Prepare a comparative balance sheet of Gilmour Company showing the percent each item is of the total assets or total liabilities and stockholders’ equity. (Round percentages to 2 decimal places, e.g. 2.25%. For accumulated depreciation, enter percentages using either a negative sign preceding the number e.g. -2.25% or parentheses e.g. (2.25)%.) GILMOUR COMPANY Comparative Balance Sheet December 31, 2013 and 2012 December 31 Assets 2013 2012 Cash $ 180,200 % $ 275,700 %
  • 16. Accounts receivable (net) 220,400 154,300 Short-term investments 270,100 149,400 Inventories 1,061,000 980,700
  • 18. ( 750,100 ) Total $ 3,340,540 % $ 2,783,440 % Liabilities and Stockholders’ Equity
  • 19. Accounts payable $ 50,700 % $ 75,180 % Accrued expenses 169,500 200,500 Bonds payable
  • 21. Total $ 3,340,540 % $ 2,783,440 % Click here if you would like to Show Work for this question Link to Text Attempts: 1 of 1 used
  • 22. (b) Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item. (Round percentages to 2 decimal places, e.g. 2.25%. If $ or % change are in decrease, enter amounts or percentages using either a negative sign preceding the number e.g. -45, -2.25% or parentheses e.g. (45), (2.25)%.) GILMOUR COMPANY Comparative Balance Sheet December 31, 2013 and 2012 December 31 Increase or (Decrease) Assets 2013 2012 $ Change % Change Cash $ 180,200 $ 275,700
  • 23. $ % Accounts receivable (net) 220,400 154,300 Short-term investments 270,100 149,400 Inventories 1,061,000 980,700
  • 25. Total $ 3,340,540 $ 2,783,440 $ % Liabilities and Stockholders’ Equity
  • 26. Accounts payable $ 50,700 $ 75,180 $ % Accrued expenses 169,500 200,500 Bonds payable 450,100 190,600
  • 28. $ % Robbins Company is a wholesale distributor of professional equipment and supplies. The company’s sales have averaged about $900,000 annually for the 3-year period 2011-2013. The firm’s total assets at the end of 2013 amounted to $850,000. The president of Robbins Company has asked the controller to prepare a report that summarizes the financial aspects of the company’s operations for the past 3 years. This report will be presented to the board of directors at their next meeting. In addition to comparative financial statements, the controller has decided to present a number of relevant financial ratios which can assist in the identification and interpretation of trends. At the request of the controller, the accounting staff has calculated the following ratios for the 3-year period 2011–2013. 2011 2012 2013 Current ratio 1.80
  • 29. 1.89 1.96 Acid-test (quick) ratio 1.04 0.99 0.87 Accounts receivable turnover 8.75 7.71 6.42 Inventory turnover 4.91 4.32 3.72
  • 30. Total debt to total assets 51.0 % 46.0 % 41.0 % Long-term debt to total assets 31.0 % 27.0 % 24.0 % Sales to fixed assets (fixed asset turnover) 1.58 1.69 1.79 Sales as a percent of 2011 sales 1.00 1.03
  • 31. 1.05 Gross margin percentage 36.0 % 35.1 % 34.6 % Net income to sales 6.9 % 7.0 % 7.2 % Return on total assets 7.7 % 7.7 % 7.8 % Return on stockholders’ equity
  • 32. 13.6 % 13.1 % 12.7 % In preparation of the report, the controller has decided first to examine the financial ratios independent of any other data to determine if the ratios themselves reveal any significant trends over the 3-year period. The current ratio is increasing while the acid-test (quick) ratio is decreasing. Using the ratios provided, identify and explain the contributing factor(s) for this apparently divergent trend. Link to Text
  • 33. In terms of the ratios provided, what conclusion(s) can be drawn regarding the company’s use of financial leverage during the 2011–2013 period? Link to Text Using the ratios provided, what conclusion(s) can be drawn regarding the company’s net investment in plant and equipment? Howser Inc. is a manufacturer of electronic components and accessories with total assets of $20,000,000. Selected financial ratios for Howser and the industry averages for firms of similar size are presented below. Howser
  • 35. 3.50 Net sales to stockholders’ equity 2.75 2.80 2.95 2.85 Net income to stockholders’ equity 0.14 0.15 0.17 0.11 Total liabilities to stockholders’ equity 1.41 1.37 1.44 0.95 Howser is being reviewed by several entities whose interests vary, and the company’s financial ratios are a part of the data being considered. Each of the parties listed below must recommend an action based on its evaluation of Howser’s financial position. Citizens National Bank. The bank is processing Howser’s
  • 36. application for a new 5-year term note. Citizens National has been Howser’s banker for several years but must reevaluate the company’s financial position for each major transaction. Charleston Company. Charleston is a new supplier to Howser and must decide on the appropriate credit terms to extend to the company. Shannon Financial. A brokerage firm specializing in the stock of electronics firms that are sold over-the-counter, Shannon Financial must decide if it will include Howser in a new fund being established for sale to Shannon Financial’s clients. Working Capital Management Committee. This is a committee of Howser’s management personnel chaired by the chief operating officer. The committee is charged with the responsibility of periodically reviewing the company’s working capital position, comparing actual data against budgets, and recommending changes in strategy as needed. Describe the analytical use of each of the six ratios presented above. Link to Text
  • 37. For each of the four entities described above, identify two financial ratios, that would be most valuable as a basis for its decision regarding Howser. Link to Text Discuss what the financial ratios presented in the question reveal about Howser. Support your answer by citing specific ratio levels and trends as well as the interrelationships between these ratios. 6.58 77.40
  • 43. 1.71 9.88 5.39 9.91 6.60 5.54 8.09 5.37 31.76 35.23 0.72 0.87 Check Figures for Accounting Project: Cash Receipts Journal; Cash Column: 7,314 Unadjusted Trial Balance Total: 415,118 Net Income: 119,449 Post Closing Trial Balance: 181,970 Foundations of Accounting I Accounting Project
  • 44. Written by: Karen Pitsch Special thanks to Donna Larner Randiddle Co. is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows: 110 Cash $ 74,770 112 Accounts Receivable 5,580 113 Allowance for Doubtful Accounts 200 115 Merchandise Inventory
  • 45. 2,346 116 Prepaid Insurance 5,750 117 Store Supplies 2,850 123 Store Equipment 100,800 124 Accumulated Depreciation-Store Equipment 31,060
  • 46. 210 Accounts Payable 3,286 211 Salaries Payable 0 218 Interest Payable 0 220 Note Payable (Due 2017) 30,000 310
  • 47. Randiddle, Capital (January 1, 2012) 45,690 311 Randiddle, Withdrawals 60,000 312 Income Summary 0 410 Sales 296,130 411 Sales Returns and Allowances 10,020
  • 48. 412 Sales Discounts 7,200 510 Cost of Goods Sold 30,250 520 Sales Salaries Expense 34,400 521 Advertising Expense 18,000 522
  • 49. Depreciation Expense 0 523 Store Supplies Expense 0 529 Miscellaneous Selling Expense 2,800 530 Office Salaries Expense 25,500 531 Rent Expense
  • 50. 24,200 532 Insurance Expense 0 533 Bad Debt Expense 0 539 Miscellaneous Administrative Expense 1,650 550 Interest Expense 1,100
  • 51. Randiddle Co. uses the perpetual inventory system and the Last- in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, First- out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily). Randiddle Co. sells three types of microwave ovens. The sale prices of each are: 900 watt microwave: $199 1000 watt microwave: $299 1200 watt microwave: $499 During December, the last month of the accounting year, the following transactions were completed: Dec. 1. Issued check number 2632 for the December rent, $2,200. 2. Sold two 1200 watt microwaves for cash. 4. Purchased four 1000 watt microwaves on account from Matt Co., terms 2/10, n/30, FOB shipping point, $596. 5. Issued check number 2633 to pay the transportation charges on purchase of December 4, $89. (NOTE: Do not include shipping and purchase
  • 52. discounts to the Inventory Control sheet for this project.) 6. Sold six 1000 watt microwaves and four 1200 watt microwaves on account to Briana Co., invoice 891, terms 2/10, n/30, FOB shipping point. 8. Issued check number 2634 for refund of cash on sales made for cash, $150. (Customer was going to return goods until an allowance was arranged.) 10. Purchased store supplies on account from Prince Co., terms n/30, $310. 10. Issued check to Matt Co. number 2635 for the full amount due, less discount allowed. (Round discount to nearest dollar.) 11. Paid Prince Co. full amount due, check number 2636. 12. Issued credit memo for one 1000 watt microwave returned on sale of December 6. 13. Issued check number 2637 for advertising expense for last half of December, $3,000. 14. Received cash from Briana Co. for the full amount due (less return of December 12 and discount; round to nearest dollar). 19. Issued check number 2638 to buy five 900 watt microwaves, $495.
  • 53. 19. Issued check number 2639 for $596 to Joseph Co. on account. 20. Sold seven 900 watt microwaves on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point. 20. To expedite sale on Dec. 20, issued check number 2640 for shipping charges on sale to Cameron on December 20, $120. 21. Received $1,396 cash from McKenzie Co. on account, no discount. 21. Purchased three 1200 watt microwaves on account from Elisha Co., terms 1/10, n/30, FOB shipping point, $747, shipping $78. 24. Received notification that Marie Co. has been granted bankruptcy with no amount of recovery. We are to write-off her amount due. (Note: See page 365 for entry required.) 26. Issued a debit memo for return of $299 because of damage to one 1200 watt microwave purchased on December 21, receiving credit from the seller. 27. Issued check number 2641 for sales salaries of $2,050 and office salaries of $1,400. 28. Purchased store equipment on account from Joseph Co.,
  • 54. terms n/30, FOB destination, $1,200. 29. Issued check number 2642 for store supplies, $70. 29. Purchased seven 1000 watt microwave from Prince Co, terms 1/10, n/30, FOB shipping point, for $1,113 on account, shipping $107. 30. Sold eight 1000 watt microwaves on account to Briana Co., invoice number 893, terms 2/10, n/30, FOB shipping point. 30. Received cash from sale of December 20, less discount, plus transportation paid on December 20. (Round calculations to the nearest dollar.) 31. Issued check number 2643 for purchase of December 21, less return of December 25 and discount. (Round discount to the nearest dollar.) 31. Issued a debit memo for $200 of the purchase returned from December 28. Instructions: 1. Enter the balances of each of the accounts in the appropriate balance column of the General Ledger (B-S and I-S Ledger). Write Balance in the item section, and place a (x) in the Post Reference column.
  • 55. 2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and Inventory Control Sheet as needed. 3. Total each column on the special journals and prove the journals. 4. Post the totals of the account named columns and individually post the “Other Accounts” columns as well to the General Ledger. 5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account). 6. Prepare the unadjusted trial balance on the worksheet. 7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data: a. Merchandise inventory on December 31 $1,090 b. Insurance expired during the year 2,250 c. Store supplies on hand on December 31
  • 56. 850 d. Depreciation for the current year needs to be calculated. The business uses the Straight-line method, the store equipment has a useful life of 10 years with no salvage value. (NOTE: the purchase and return will not be included as the dates of the transactions were after the 15th of the month). e. Accrued salaries on December 31: Sales salaries $1,075 Office salaries 540 $1,615 f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month. g. Calculate the Bad Debt adjustment amount; net realizable value of Accounts Receivable is determined to be $6,313. 8. Prepare a multiple-step income statement, a statement of
  • 57. owner’s equity, and a classified balance sheet in good form. (Recommend review of “Current Liabilities” on page 149.) 9. Journalize and post the adjusting entries. 10. Journalize and post the closing entries. Indicate closed accounts by inserting a zero in both balance columns opposite the closing entry. 11. Prepare a post-closing trial balance. SJSALES JOURNALPage No. 6INVOICEPOSTACCTS. REC. DR.COST OF SALE DR.DATENO.ACCOUNT DEBITEDREFSALES CR.INVENTORY CR.112233445566 CRJCASH RECEIPTS JOURNALPage No. 4POSTOTHERACCOUNTSCOST/SOLD DR.SALESCASHDATEACCOUNT CREDITEDREFACCTS - CR.SALES - CRREC. - CR.INVENTORY CR.DISC. - DR.DR.112233445566778899 PJPURCHASES JOURNALPage No. 11POSTOTHERACCOUNTSSTOREMERCH.DATEACCOUNT CREDITEDREF(SUNDRY)PAYABLESUPPLIESINVENORYA CCTS - DR.CR.DR.DR.1122334455667788 CPJCASH PAYMENTS JOURNALPage No.8CK.POSTOTHERACCOUNTSMERCH.DATENO.ACCOUN T DEBITEDREF(SUNDRY)PAYABLEINVENTORYCASHACCT S - DR.DR.CR.CR.1122334455667788991010111112121313141415 151616 JournalJOURNALPage No. 53POSTDATEDESCRIPTIONREFDEBITCREDIT112.23344556 67788991010111112121313141415151616171718181919202021 21222223232424252526262727282829293030313132323333343
  • 58. 43535363637373838393940404141JOURNALPage No. 54POSTDATEDESCRIPTIONREFDEBITCREDIT11223344556 67788991010111112121313141415151616171718181919202021 21222223232424252526262727282829293030313132323333343 43535363637373838393940404141 InventoryInventory Control Sheet900 watt microwave:PurchasesCost of Goods Sold (Sales)INVENTORYDateUnitscost per unitAmountUnitscost per unitAmountUnitscost per unitAmount11/30/124$79$3161000 watt microwave:PurchasesCost of Goods Sold (Sales)INVENTORYDateUnitscost per unitAmountUnitscost per unitAmountUnitscost per unitAmount11/30/123$119$3571200 watt microwave:PurchasesCost of Goods Sold (Sales)INVENTORYDateUnitscost per unitAmountUnitscost per unitAmountUnitscost per unitAmount11/30/127$239$1,673Ending Inventory Value: AR-SUBACCOUNTS RECEIVABLE SUBSIDIARY LEDGER(CUSTOMERS)Customer Name: Albert Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/20/12SJ 53,3883,388Customer Name: Marie Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/20/12SJ 5598598Customer Name: Cameron Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/15/12SJ 5796796Customer Name: McKenzie Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/27/12SJ 51,3961,396Customer Name: Briana Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE AP-SUBACCOUNTS PAYABLE SUBSIDIARY LEDGER(VENDERS)Vendor Name: Prince Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/26/12P 10398398Vendor Name: Joseph Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/16/12P 10596596Vendor Name: Elisha Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/29/12P 10795795Vendor Name: Matt
  • 59. Co.POSTRUNNINGDATETRANSACTIONREFDEBITCREDIT BALANCE11/28/12P 101,4971,497Vendor Name:POSTRUNNINGDATETRANSACTIONREFDEBITCRED ITBALANCE SCH-SUBSchedule of Accounts ReceivableTotal Accounts ReceivableSchedule of Accounts PayableTotal Accounts Payable B-S LedgerGENERAL LEDGERBalance Sheet AccountsCashACCOUNT NO.110POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAccounts ReceivableACCOUNT NO.112POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAllowance for Doubtful AccountsACCOUNT NO.113POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITMerchandise InventoryACCOUNT NO.115POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITPrepaid InsuranceACCOUNT NO.116POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITStore SuppliesACCOUNT NO.117POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITStore EquipmentACCOUNT NO.123POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAccumulated Depreciation-Store EquipmentACCOUNT NO.124POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAccounts PayableACCOUNT NO.210POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITSalaries PayableACCOUNT NO.211POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITInterest PayableACCOUNT NO.218POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITNote PayableACCOUNT NO.220POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITRandiddle, CapitalACCOUNT NO.310POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITRandiddle, WithdrawalsACCOUNT NO.311POSTBALANCEDATEITEMREFDEBITCREDITDEBIT
  • 60. CREDITIncome SummaryACCOUNT NO.312POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDIT I-S LedgerGENERAL LEDGERIncome Statement AccountsSalesACCOUNT NO.410POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITSales Returns and AllowancesACCOUNT NO.411POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITSales DiscountsACCOUNT NO.412POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITCost of Goods SoldACCOUNT NO.510POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITSales Salaries ExpenseACCOUNT NO.520POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITAdvertising ExpenseACCOUNT NO.521POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITDepreciation ExpenseACCOUNT NO.522POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITStore Supplies ExpenseACCOUNT NO.523POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITMiscellaneous Selling ExpenseACCOUNT NO.529POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITOffice Salaries ExpenseACCOUNT NO.530POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITRent ExpenseACCOUNT NO.531POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITInsurance ExpenseACCOUNT NO.532POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITBad Debt ExpenseACCOUNT NO.533POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITMiscellaneous Administrative ExpenseACCOUNT NO.539POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDITInterest ExpenseACCOUNT NO.550POSTBALANCEDATEITEMREFDEBITCREDITDEBIT CREDIT WkSheetWorksheetUnadjustedAdjustedIncomeEquity
  • 61. StatementAccount TitleTrial BalanceAdjustmentsTrial BalanceStatementand Balance SheetDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.1Cash12Accounts Receivable23Allow for Doubtful Accts34Merchandise Inventory45Prepaid Insurance56Store Supplies67Store Equipment78Accm. Deprec-Store Eq.89Accounts Payable910Salaries Payable1011Interest Payable1112Note Payable (Due 2017)1213Randiddle, Capital1314Randiddle, Withdrawals1415Sales1516Sales Returns & Allow.1617Sales Discounts1718Cost of Goods Sold1819Sales Salaries Exp.1920Advertising Exp.2021Depreciation Exp.2122Store Supplies Exp.2223Misc. Selling Exp.2324Office Salaries Exp.2425Rent Exp.2527Insurance Exp.2726Bad Debt Exp.2628Misc. Administrative Exp.2829Interest Expense293030272728282929 Income StmtIncome Statement Stmt EquityStatement of Owner's Equity Bal SheetBalance Sheet Post TrialPost-Closing Trial BalanceACCOUNT TITLEDEBITCREDIT