An alphabetical list of Rikards Company adjusted accounts at its fiscal year end, August 31, 2024, follows.
Question:
An alphabetical list of Rikards Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal balances.
Additional information:
1. Of the notes payable, $6,000 becomes due on February 17, 2025. The balance is due in 2026.
2. On July 18, 2024, R. Smistad invested $3,500 cash in the business.
Instructions
a. Prepare a multiple-step income statement, statement of owner’s equity, and classified balance sheet.
b. Calculate the gross profit margin and profit margin.
Transcribed Image Text:
Accounts payable Accumulated depreciation-equipment Accumulated depreciation-furniture Cash Cost of goods sold Depreciation expense Equipment Furniture Insurance expense Interest expense Interest payable Merchandise inventory $ 15,500 14,000 17,500 15,450 271,500 7,000 35,000 42,000 3,575 2,100 525 70,350 Notes payable Prepaid insurance R. Smistad, capital R. Smistad, drawings Rent expense Salaries expense Salaries payable Sales Sales returns and allowances Supplies Supplies expense Unearned revenue $ 42,000 575 65,750 80,000 24,000 50,000 2,250 465,000 16,300 950 6,325 2,600
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a b Gross profit margin 177200 448700 395 Profit m...View the full answer
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Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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