Cash $146, 125 Retained Earnings $444, 150 Accounts Receivable 262, 500 Dividends 218, 750 Inventory 665,000 Sales 6,242,250 Estimated Returns Inventory 61,250 Cost of Goods Sold 3, 806, 250 Office Supplies 26,250 Sales Salaries Expense 680, 400 Prepaid Insurance 21,000 Advertising Expense 80, 325 Office Equipment 201,600 Depreciation Expense-Store Equipment 14, 525 Accumulated Depreciation- Office Equipment 86, 625 Miscellaneous Selling Expense 3,500 Store Equipment 895, 125 Office Salaries Expense 135,450 Accumulated Depreciation- Store Equipment 326,725 Rent Expense 69, 825 Accounts Payable 85,050 Insurance Expense 40, 163 Customer Refunds Payable 61,250 Depreciation Expense- Office Equipment 28, 350 Salaries Payable 16,800 Office Supplies Expense 2,887 Note Payable ( final payment due in five years) 94, 500 Miscellaneous Administrative 3,325 Common Stock 26, 250 Interest Expense 21,000 Instructions: Which of the list is administrative expenses?

Cash $146, 125 Retained Earnings $444, 150 Accounts Receivable 262, 500 Dividends 218, 750 Inventory 665,000 Sales 6,242,250 Estimated Returns Inventory 61,250 Cost of Goods Sold 3, 806, 250 Office Supplies 26,250 Sales Salaries Expense 680, 400 Prepaid Insurance 21,000 Advertising Expense 80, 325 Office Equipment 201,600 Depreciation Expense-Store Equipment 14, 525 Accumulated Depreciation- Office Equipment 86, 625 Miscellaneous Selling Expense 3,500 Store Equipment 895, 125 Office Salaries Expense 135,450 Accumulated Depreciation- Store Equipment 326,725 Rent Expense 69, 825 Accounts Payable 85,050 Insurance Expense 40, 163 Customer Refunds Payable 61,250 Depreciation Expense- Office Equipment 28, 350 Salaries Payable 16,800 Office Supplies Expense 2,887 Note Payable ( final payment due in five years) 94, 500 Miscellaneous Administrative 3,325 Common Stock 26, 250 Interest Expense 21,000 Instructions: Which of the list is administrative expenses?

Name: Cash $146, 125 Retained Earnings $ 444, 150 Accounts Receivable 262,
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Description: Cash $146, 125 Retained Earnings $ 444, 150 Accounts Receivable 262, 500 Dividends 218, 750 Inventory 665,000 Sales6,242,250 Estimated Returns Inventory 61,250 Cost of Goods Sold 3, 806, 250 Office Supplies 26, 250 Sales SalariesExpense 680,400 Prep

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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Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum. depreciation—Equipment (39,625 ) (49,000 ) Total assets $ 531,531 $ 460,940 Liabilities and Equity Accounts payable $ 59,141 $ 123,675 Short-term notes payable 11,800 7,200 Total current liabilities 70,941 130,875 Long-term notes payable 62,000 54,750 Total liabilities 132,941 185,625 Equity Common stock, $5 par value 171,750 156,250 Paid-in capital in excess of par, common stock 46,500 0 Retained earnings 180,340 119,065 Total…
Cash $41,900 $34,100 Accounts Receivable 70,400 60,300 Inventory 29,900 24,000 Equity investments 22,100 38,300 Machinery 30,200 18,900 Buildings 67,900 56,800 Land 7,400 7,400 $269,800 $239,800 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation—Machinery 5,600 2,200 Accumulated Depreciation—Buildings 13,400 8,900 Accounts Payable 35,300 24,700 Accrued Payables 3,400 2,600 Long-Term Notes Payable 21,000 30,800 Common Stock, no-par 150,000 125,000 Retained Earnings 38,900 44,100 $269,800 $239,800 Additional data (ignoring taxes): 1. Net income for the year was $40,900. 2. Cash dividends declared and paid during the year were $21,100. 3. A 20% stock dividend was declared during the year. $25,000 of retained earnings was capitalized. 4.…
Cash $ 89,600 Accounts receivable 64,000 Prepaid insurance 10,400 Equipment 720,000 Accumulation depreciation $ 168,000 Accounts payable 18,400 Common stock 325,600 Retained earnings 138,000 Service revenue 840,000 Miscellaneous revenue 16,400 Salaries expense 456,000 Rent expense 65,600 Insurance expense 14,400 Depreciation expense 33,600 Income tax expense 102,400 Income tax payable 49,600 $1,556,000 $ 1,556,000 Prepare an income statement. Prepare closing entries in journal entry form.After Purrfect Pet’s closing entries are posted, what is the balance in the Retained Earnings account?
Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum. depreciation—Equipment (39,625 ) (49,000 ) Total assets $ 531,531 $ 460,940 Liabilities and Equity Accounts payable $ 59,141 $ 123,675 Short-term notes payable 11,800 7,200 Total current liabilities 70,941 130,875 Long-term notes payable 62,000 54,750 Total liabilities 132,941 185,625 Equity Common stock, $5 par value 171,750 156,250 Paid-in capital in excess of par, common stock 46,500 0 Retained earnings 180,340 119,065 Total…
Particulars Debit Credit CASH 100,000 INVENTORY 124,500 ACCOUNTS RECEIVABLES 12,000 SHORT TERM INVESTMENT 25,000 FURNITURE 100,000 BUILDING 500,000 UNEARNED REVENUE 27,000 ACCOUNTS PAYABLE 9,000 ACC.DEP.PLANT-FURNITURE 5,000 ACC.DEP.BUILDING 6,000 EQUITY 200,000 CONSULTANCY REVENUE 650,000 REPAIR EXPENSE 2,000 RENT EXPENSE 3,500 INSURANCE EXPSNES 1,000 OTHER GENERAL EXPNSE 1,200 UTILITY EXPENSE 6,000 SALARIES EXPENSE 10,000 INTEREST EXPENSE 800 DEPRECIATION EXPENSE 11,000 SALARIES PAYABLE 2,000 TOTAL 897,000 897000 Required Income Statement Statement of Owner’s Equity Balance Sheet
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Privett Company Line Item Description Amount Accounts payable $27,815 Accounts receivable 70,978 Accrued liabilities 6,525 Cash 22,970 Intangible assets 43,640 Inventory 74,446 Long-term investments 100,209 Long-term liabilities 78,528 Marketable securities 34,768 Notes payable (short-term) 25,264 Prepaid expenses 2,065 Property, plant, and equipment 646,687 Based on the data for Privett Company, what is the amount of working capital? a. $205,227 b. $995,763 c. $128,716 d. $145,623
57) Overcharge Card reports that following amounts: Sales = $3,000,000; Cost of GoodsSold = $1,200,000; Depreciation Expense = $140,000; Administrative Expense =$270,000; Interest Expense = $70,000; Marketing Expense = $60,000; and Taxes=$80,000. What is Overcharge’s operating income?
Privett Company Accounts payable $25,706 Accounts receivable 69,080 Accrued liabilities 6,802 Cash 24,669 Intangible assets 39,621 Inventory 80,854 Long-term investments 102,077 Long-term liabilities 71,722 Marketable securities 31,454 Notes payable (short-term) 20,574 Property, plant, and equipment 695,319 Prepaid expenses 2,739 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point? a.19.7 b.3.9 c.2.4 d.1.1
Which of these items belong on the statement of financial position (SOFP)? Debit Credit Buildibgs at cost 740 Buildings,accumulated depreciation 60 Plant at cost 220 Plant,accumulated depreciation 110 Bank balance 70 Revenue 1,800 Purchases…
need formula for cost of goods sold CURRENT ASSETS Cash and cash equivalents $ 607,987 $ 480,626 Accounts receivable, net 104,500 80,545 Inventory 26,445 26,096 Prepaid expenses and other current assets 54,906 57,076 Income tax receivable 282,783 27,705 Investments 343,616 400,156 Total current assets 1,420,237 1,072,204 Leasehold improvements, property and equipment, net 1,584,311 1,458,690 Long term investments 102,328 0 Restricted cash 27,849 27,855 Operating lease assets 2,767,185 2,505,466 Other assets 59,047 18,450 Goodwill 21,939 21,939 Total assets 5,982,896 5,104,604 Current liabilities: Accounts payable 121,990 115,816 Accrued payroll and benefits 203,054 126,600 Accrued liabilities 164,649 155,843 Unearned revenue 127,750 95,195 Current operating lease liabilities 204,756 173,139 Total current liabilities 822,199 666,593 Commitments and contingencies (Note 12) Long-term operating lease liabilities 2,952,296…
Cash $ 35,000 Accounts Receivable 65,000 Finished Goods 120,000 Work in Process 58,683 Materials 14,000 Building 580,000 Accum. Deprec.—Building $ 43,500 Factory Equipment 440,000 Accum. Deprec.—Factory Equipment 110,000 Office Equipment 90,000 Accum. Deprec.—Office Equipment 33,750 Accounts Payable 85,000 Notes Payable 100,000 Capital Stock 470,000 Retained Earnings 560,433 Total $1,402,683 $1,402,683 During the month of August, the following transactions took place: a. Purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Materials account includes both materials and supplies.) b. Issued raw material to be used in production, costing $45,500, and miscellaneous factory supplies, $13,500. c. Recorded the payroll, the payment to the…