5. Big Rita's Music Company uses a perpetual inventory system. The adjusted trial balance of Big...
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5. Big Rita's Music Company uses a perpetual inventory system. The adjusted trial balance of Big Rita's Music Company at June 30, 2018, follows: (Člick the icon to view the adjusted trial balance.) Read the requirements". Requirement 1. Prepare Big Rita's multi-step income statement for the year ended June 30, 2018. (Use a minus sign or parentheses to show other expenses.) Big Rita's Music Company Income Statement Year Ended June 30, 2018 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Net Income (Loss) Requirement 2. Journalize Big Rita's closing entries. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Start by closing revenues. Do not close the expenses; this vwill be done in the next step. Date Accounts and Explanation Debit Credit Jun. 30 (12) (13) (14) (15) (16) Clos. (1) Close expenses for the period. Date Accounts and Explanation Debit Credit (17) (18) Jun. 30 Clos. (2) (19) (20) (21) (22) Close Income Summary. Date Accounts and Explanation Debit Credit (23) [24) Jun. 30 Clos. (3) (25) (26) (27) Close Dividends. Date Accounts and Explanation Debit Credit [28) [29) (30) (31) (32) Jun. 30 Clos. (4) Requirement 3. Prepare a post-closing trial balance as of June 30, 2018. Big Rita's Music Company Post-Closing Trial Balance June 30, 2018 Balance Account Title Debit Credit (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) 44) Total Big Rita's Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash 3,600 Accounts Receivable 38,300 Merchandise Inventory 17,300 Office Supplies 850 Furniture 39.400 Accumulated Depreciation-Furniture 9,000 Accounts Payable 13,900 Salaries Payable 700 Uneamed Revenue 7,000 Notes Payable, long-term 14,500 Common Stock 12,000 Retained Earnings 5.450 Dividends 39,000 Sales Revenue 190,000 Cost of Goods Sold 78,000 Selling Expense 18,800 Administrative Expense 17,500 Interest Expense 1,800 252,550 S 252,550 Total 1. Prepare Big Rita's multi-step income statement for the year ended June 30, 2018. 2. Journalize Big Rita's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2018. O Operating Income O Other Income and (Expenses): O Revenues Total Operating Expenses (1) O O Total Other Inoome and (Expenses) (2) Gross Profit O Net Sales Revenue O Operating Expenses: (3) O O Operating Income Other Income and (Expenses): O Revenues Total Other Income and (Expenses) (4 Gross Profit O Net Sales Revenue O Operating Expenses: O Total Operating Expenses (5) O O Accounts Payable O Accounts Receivable O Accumulated Depreciation-Furniture O Cost of Goods Sold Administrative Expenses O Dividends Not O Furniture O Interest Expense O Merchandise Inventory O fi O Ret Sala Cash O Common Stock O Administrative Expenses O Dividends O Cash O Not (8) O O Accounts Payable O Accounts Receivable O Accumulated Depreciation-Furniture O Cost of Goods Sold O Furniture O Interest Expense O Merchandise Inventory O Sa Off- Common Stock Ret O Operating Income O Other Income and (Expenses): O Revenues (8) O Total Other Income and (Expenses) (9) Gross Profit O Net Sales Revenue O Operating Expenses: O Total Operating Expenses 5. Big Rita's Music Company uses a perpetual inventory system. The adjusted trial balance of Big Rita's Music Company at June 30, 2018, follows: (Člick the icon to view the adjusted trial balance.) Read the requirements". Requirement 1. Prepare Big Rita's multi-step income statement for the year ended June 30, 2018. (Use a minus sign or parentheses to show other expenses.) Big Rita's Music Company Income Statement Year Ended June 30, 2018 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Net Income (Loss) Requirement 2. Journalize Big Rita's closing entries. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Start by closing revenues. Do not close the expenses; this vwill be done in the next step. Date Accounts and Explanation Debit Credit Jun. 30 (12) (13) (14) (15) (16) Clos. (1) Close expenses for the period. Date Accounts and Explanation Debit Credit (17) (18) Jun. 30 Clos. (2) (19) (20) (21) (22) Close Income Summary. Date Accounts and Explanation Debit Credit (23) [24) Jun. 30 Clos. (3) (25) (26) (27) Close Dividends. Date Accounts and Explanation Debit Credit [28) [29) (30) (31) (32) Jun. 30 Clos. (4) Requirement 3. Prepare a post-closing trial balance as of June 30, 2018. Big Rita's Music Company Post-Closing Trial Balance June 30, 2018 Balance Account Title Debit Credit (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) 44) Total Big Rita's Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash 3,600 Accounts Receivable 38,300 Merchandise Inventory 17,300 Office Supplies 850 Furniture 39.400 Accumulated Depreciation-Furniture 9,000 Accounts Payable 13,900 Salaries Payable 700 Uneamed Revenue 7,000 Notes Payable, long-term 14,500 Common Stock 12,000 Retained Earnings 5.450 Dividends 39,000 Sales Revenue 190,000 Cost of Goods Sold 78,000 Selling Expense 18,800 Administrative Expense 17,500 Interest Expense 1,800 252,550 S 252,550 Total 1. Prepare Big Rita's multi-step income statement for the year ended June 30, 2018. 2. Journalize Big Rita's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2018. O Operating Income O Other Income and (Expenses): O Revenues Total Operating Expenses (1) O O Total Other Inoome and (Expenses) (2) Gross Profit O Net Sales Revenue O Operating Expenses: (3) O O Operating Income Other Income and (Expenses): O Revenues Total Other Income and (Expenses) (4 Gross Profit O Net Sales Revenue O Operating Expenses: O Total Operating Expenses (5) O O Accounts Payable O Accounts Receivable O Accumulated Depreciation-Furniture O Cost of Goods Sold Administrative Expenses O Dividends Not O Furniture O Interest Expense O Merchandise Inventory O fi O Ret Sala Cash O Common Stock O Administrative Expenses O Dividends O Cash O Not (8) O O Accounts Payable O Accounts Receivable O Accumulated Depreciation-Furniture O Cost of Goods Sold O Furniture O Interest Expense O Merchandise Inventory O Sa Off- Common Stock Ret O Operating Income O Other Income and (Expenses): O Revenues (8) O Total Other Income and (Expenses) (9) Gross Profit O Net Sales Revenue O Operating Expenses: O Total Operating Expenses
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1 The multistep income statement for the year ended June 30 2018 is shown below Big Ritas income sta... View the full answer
Related Book For
Accounting
ISBN: 978-0132569309
9th Edition
Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv
Posted Date:
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