Use the Falcon Sporting Goods data in Short Exercise S3-12 to make the company's closing entries at
Question:
Use the Falcon Sporting Goods data in Short Exercise S3-12 to make the company's closing entries at March 31, 20X4. Then set up a T-account for Retained Earnings and post to that account. Compare Retained Earnings' ending balance to the amount reported on Falcon's statement of retained earnings and balance sheet. What do you find?
In Short Exercise S3-12
Transcribed Image Text:
Cost of goods sold..$126,000 900 Retained earnings, March 31,20X31 Accounts receivable.... 27,700 Property and equipment Total current liabilities.. All other expenses 1,300 Cash. 174,500 net. 45,000 Inventories 7,200 26,000 33,000 .. 4,800 Long-term liabilities .
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
Closing entries 31Mar Net revenues 174500 Retained earnings 174500 Revenue account closed for t...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0135012840
7th edition
Authors: Walter T. Harrison, Charles T. Horngren
Question Posted:
Students also viewed these Accounting questions
-
Use the Entertainment Centre Ltd. data in S3-12 to make the company's closing entries at March 31, 2014. Then set up a T-account for Retained Earnings and post to that account. Compare Retained...
-
Use the Entertainment Centre Ltd. data in S3-12 to make the company's closing entries at March 31, 2017. Then set up a T-account for Retained Earnings and post to that account. Compare Retained...
-
Use the Sparrow Sporting Goods Company data in Short Exercise 3-15 to make the companys closing entries at March 31, 2012. Then set up a T-account for Retained Earnings and post to that account....
-
Write a program that finds a contiguous subarray of length at most \(m\) in an array of \(n\) long integers that has the highest average value among all such subarrays, by trying all subarrays. Use...
-
The following are several items that might be disclosed on a company's statement of cash flows presented using the indirect method. a. Depreciation expense b. Issuance of common stock c. Net income...
-
Sprint Nextel is one of the largest digital wireless service providers in the United States. In a recent year, it had approximately 41.5 million direct subscribers (accounts) that generated revenue...
-
When the heat capacity ratio is 1.67 , then the ideal gas is (a) Diatomic (b) Monatomic (c) Triatomic (d) None of these.
-
Data related to the expected sales of kayaks and canoes for River Sports Inc. for the current year, which is typical of recent years, are as follows: The estimated fixed costs for the current year...
-
CompanyA is using the Copy Data from Company feature to populate datain several tables in CompanyB.You select source tables for the data transfer. You observe that several ofthe tables do not appear...
-
1. Prepare a payroll register for Mary's Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security...
-
Falcon Sporting Goods Company reported the following data at March 31, 20X4, with amounts in thousands: Use these data to prepare Falcon Sporting Goods Company's income statement for the year ended...
-
Use the Falcon Sporting Goods data in short Exercise S3-12 to compute Falcon's 1. Current ratio 2. Debt ratio Round to 2 decimal places. Do these ratio values look strong, weak or middle-of-the-road?...
-
A lens that has a focal length of 5.00 cm is used as a magnifying glass. (a) To obtain maximum magnification, where should the object be placed? (b) What is the magnification?
-
a) Assume a price decrease from currently 2.00 to 1.00 for your product. Calculate the price elasticity of demand. b) Is the demand elastic or inelastic?
-
Problem 6: A firm expects to sell 8,000 pieces per year during the next 10 years (sale price = 7.2 / unit). It can buy the pieces from a supplier at a fix price of 4.85/unit, or it can buy a machine...
-
The one year Treasury Bond yield is 6% and one year B-rated corporate bond yield is 10%. What are the implied probability of repayment and the default rate on two-year B-rated debt?
-
Discuss the importance of risk management in finance and provide an example of a commonly used risk management tool. Effective risk management is crucial in finance to minimize potential losses and...
-
King, Inc., a U.S. firm, is considering the establishment of a small subsidiary in Bulgaria that would produce food products. All ingredients can be obtained or produced in Bulgaria. The final...
-
For the following exercises, suppose a weight is attached to a spring and bobs up and down, exhibiting symmetry. What is the time required for the weight to return to its initial height of 5 inches?...
-
The Heese Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Heeses purchased and used 101,000 pounds of potatoes at a price of $ 0.70 per...
-
This case is based on the Foot Locker, Inc., consolidated financial statements in Appendix B at the end of this book. 1. Foot Locker, Inc.s consolidated statements of operations report only one...
-
Refer to the Amazon.com, Inc., consolidated financial statements in Appendix A at the end of this book. 1. Amazon.com, Inc.s consolidated statements of operations do not mention income from...
-
Define fraud. List and briefly discuss the three major components of the fraud triangle.
-
Curl Up & Dye, Inc. began May with $200 of supplies. It purchased $830 of supplies on account during May. It paid $440 of the amount it owed for its supplies in May. At May 31, it only had $200 of...
-
Where do traditional Waterfall approaches work effectively? Detailed explanations and site examples.
-
The accounting records for a restaurant indicate that food sales were $18,000, food used was $5,800, and employee meals at cost were $50. What is the cost of sales?
Study smarter with the SolutionInn App