The adjusted trial balance of Club Canada Wholesale Inc. contained the following accounts at December 31, the
Question:
The adjusted trial balance of Club Canada Wholesale Inc. contained the following accounts at December 31, the company's yearend:
Instructions:
(a) Prepare a single-step income statement.
(b) Prepare a multiple-step income statement.
(c) Compare the two statements and comment on the usefulness of each one.
(d) Are the expenses in the statements classified by nature or by function? Explain.
Transcribed Image Text:
CLUB CANADA WHOLESALE INC. Adjusted Trial Balance December 31, 2012 Debit Credit Accounts receivable Notes receivable Merchandise inventory $ 8,875 17,600 30,000 92,400 3,780 Land Buildings Accumulated depreciation-buildings 197,000 $ 93,575 83,500 Accumulated depreciation-equipment Accounts payable Unearned revenue Income tax payable 33,400 57,500 7,550 3,500 86,000 20,000 139,675 922,360 Common shares Retained earnings Sales returns and allowances Sales discounts Cost of goods sold Administrative expenses Selling expenses Interest expense Interest revenue Income tax expense 17,745 4,615 692,100 116,115 5,900 8,830 2,400 15,500 $1,365,960 $1,365,960
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
a CLUB CANADA WHOLESALE INC Income Statement Singlestep Year Ended December 31 2012 Revenues Sales 922360 Less Sales returns and allowances 17745 Sale...View the full answer
Answered By
Lamya S
Highly creative, resourceful and dedicated High School Teacher with a good fluency in English (IELTS- 7.5 band scorer) and an excellent record of successful classroom presentations.
I have more than 2 years experience in tutoring students especially by using my note making strategies.
Especially adept at teaching methods of business functions and management through a positive, and flexible teaching style with the willingness to work beyond the call of duty.
Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with a colorful wing of future.
I do always believe that more than being a teacher who teaches students subjects,...i rather want to be a teacher who wants to teach students how to love learning..
Subjects i handle :
Business studies
Management studies
Operations Management
Organisational Behaviour
Change Management
Research Methodology
Strategy Management
Economics
Human Resource Management
Performance Management
Training
International Business
Business Ethics
Business Communication
Things you can expect from me :
- A clear cut answer
- A detailed conceptual way of explanation
- Simplified answer form of complex topics
- Diagrams and examples filled answers
4.90+
46+ Reviews
54+ Question Solved
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Question Posted:
Students also viewed these Cost Accounting questions
-
On December 31, the adjusted trial balance of Oslo Employment Agency shows the following selected data. Analysis shows that adjusting entries were made to (1) accrue $4,500 of commission revenue and...
-
On December 31, the adjusted trial balance of Johnson Employment Agency shows the following selected data. Accounts Receivable $24,500 Service Revenue $92,500 Interest Expense 8,300 Interest Payable...
-
The adjusted trial balance of Cavamanlis Co. as of December 31, 2012, contains the following. Instructions (a) Prepare an income statement.(b) Prepare a statement of retained earnings.(c) Prepare a...
-
Consider the following limit order book for a stock.The last trade in the stock occurred at a price of $55. Buy Order Limit Sell Order Limit Precio share Precio share ps 54.75 500 ps 55.25 200 54.50...
-
One thousand kilomoles per hour of rich gas at 70F with 25% C1, 15% C2,25% C3, 20% nC4, and 15% nC5 by moles is to be absorbed by 500 kmol/h of nC10 at 90F in an absorber operating at 4 atm....
-
The Trading and Profit and Loss Account of Hindustan Electronics for the year ending March 31, 2018 is as under: (all figures in ). Prepare Deparqtmental Accounts for each of the three Departments X,...
-
Calculate the minimum rate of work in watts for the gaseous separation at ambient conditions of the feed into the three products shown in Figure 10.33. Figure 10.33:- Product 1 kmol/hr EB 144.0 PX...
-
I. M. Appelpolscher, supervisor of the process control group of the Ideal Gas Company, has installed a 25 x 40 x 5-ft swimming poe1 in his backyard. The poo1 contains level and temperature sensors...
-
How will you share the plan and provide support to educators to ensure a consistent approach when implementing your identified strategies?
-
On April 1, 2015, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month. April 1 Nozomi invested $30,000 cash and computer...
-
Eagle Hardware Store Ltd. completed the following merchandising transactions in the month of May 2012. At the beginning of Common Shares May, Eagle's ledger showed Cash $7,000; Accounts Receivable...
-
The unadjusted trial balance of Mesa Inc., at the company's year end of December 31 follows: Additional information and adjustment data: 1. The 12-month insurance policy was purchased and was...
-
Take a look at Figure 26-3. What is the total dollar amount of the typical perfectly competitive firm's economic incentive to join the proposed cartel, assuming that after the fact no firms cheat on...
-
If Al Bundy's Year-to-Date (YTD) or cumulative earnings are $127,500 and he receives a Christmas Bonus of $2000 how much will be taken out of his current check for social security (given the maximum...
-
25. What type of bonds link the light chain to the heavy chain inimmunoglobulins? A) Hydrogen bonds B) Hydrophobic bonds C) Salt linkages D) Disulfide bonds 26. What differs in their amino acids...
-
Woolard Supplies ( a sole proprietorship ) has taxable income in 2 0 2 3 of $ 2 4 0 , 0 0 0 before any depreciation deductions ( 1 7 9 , bonus, or MACRS ) and placed some office furniture into...
-
Aubrey Beck is single, covered by an employer retirement plan, and she contributed $4,000 to a new Roth IRA on June 16, 2023. On December 29, 2023, she determines that her 2023 modified AGI will...
-
Sandra would like to organize LAB ( a legal corporation ) as either an S corporation or a C corporation for tax purposes. In either form, the entity is expected to generate an 8 percent annual before...
-
Create a Flash movie that shows some text, has a mostly transparent ball that moves from the upper-left corner of the stage to the lower-right corner of the stage, and includes start and stop buttons...
-
True & False The basis of an asset must be reduced by the depreciation allowable, 2. Adjusted gross income (AGI) is the basis for a number of phase-outs of deductions. 3. A change to adjusted gross...
-
At the beginning of March, Paragon Limited, which records adjusting entries at the end of each month, had accounts receivable of $30,000 and an allowance for doubtful accounts of $5,000. During...
-
Passara Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Loaned $48,000 cash to A. Bouchard on a one-year, 8% note. Dec. 1 Sold goods to Wright, Inc., receiving a...
-
The following selected transactions for notes receivable are for Acre Limited. May 1 Received a six-month, 5%, $12,000 note on account from Blackstone Limited. Interest is due at maturity. June 30...
-
Calculate the following showing all the necessary steps: Note: CPP rate to be used in the calculation is 5.95%. Note: Don't forget to deduct pay period exemption\ \ Tanya earns $25.00 per hour. This...
-
Harley-Davidson, inc. (HOG), is a leading motorcycle manufacturer in the United States. The company manufactures and sells a number of different types of motorcycles, a complete line of motorcycle...
-
What is the net income for this period and total assets on this balance sheet Use the following adjusted trial balance to answer questions 22-25. Cash $ 6,530 Accounts Receivable 2,450 Prepaid...
Study smarter with the SolutionInn App