Paulson's Pet Store completed the work sheet on page 600 for the year ended December 31, 20--.
Question:
Paulson's Pet Store completed the work sheet on page 600 for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $21,900. The current portion of Mortgage Payable is $500.
REQUIRED
1. Prepare a multiple-step income statement.
2. Prepare a statement of owner's equity.
3. Prepare a balancesheet.
![Paulson's Pet Store Work Sheet For Year Ended December 31, 20 -- A D AL BALANCE SALANCE T COME STAIMENT AL BALANCE ACCOU](https://dsd5zvtm8ll6.cloudfront.net/si.question.images/image/images4/73-B-A-M-B(689).png)
Transcribed Image Text:
Paulson's Pet Store Work Sheet For Year Ended December 31, 20 -- A D AL BALANCE SALANCE T COME STAIMENT AL BALANCE ACCOUNT TE CEDT DEDT CREDIT CHEOT 15 860 00 2340 00 15 86 0 00 15 8 60 00 Cash 2340 00 Accounts Racevable 2340 00| 15 000 00 80 0 00| 600 00 5이00001 (b) 16 50 0 00 (a) 15 0 0 0 00 16 500 00 600 00 450 00 5d00 00 Morchandiso Invontory 16 500 00 600 00 2 00 00 Supplies (C) (a 150 00 450 00 BOUEJNSU Dedeud 5000 00 Equipment Accum. Depr. Equipment AcCounts Payable 450 00 4 89 0 00 450 00 900 00 900 00 (e) 489000 4890 00 300 00 8 60 00 40 00 00 23 00 00 300 00 860 00 4000 00 23 9 00 00 300 00 Wages Payable Sales Tax Payable 860 00 4 000 00 23 90 0 00 Mortgage Payable B. Paulson, Capital B. Paulson, Drawing ncome Summary 1200 00 1200 00 (a 15 0 0 0 00 D) 16 5 00 00 15 0doo 00 16 5 00 00 15 00 0 00 16 500 00 1200 00 71 510 00 71 5 10 00 71 510 00 Sales 1340 0 40 6 60 00 Sales Retums and Allowancas 1340 00 40 6 6 0 00 1340 00 40 66 0 00 Purchases 1020 00 80 0 00 1020 00 800 00 1020 00 Purchases Returns and Alowarces 800 00 Purchases Discounts Freight-in 400 00 22 300 00 300 00 400 00 22 वे 0 0 oo 300 00 200 00 68 4 00 710 00 150 00 450 00 400 00 22 600 00 30 0,00 200 00 300 00 Wages Expansa Advertising Expense 200 00 Supples Expense Tolephono Expense Ubutles Expense 684 00 716 00 68 4 00 716 00 150 00 150 00 450 00 150 00 80 00 Insurance Expensa Depr. Experise Equipment Miscollanccus Exponse 45 0 00 150 00 150 00 80 00 107 430 00 107 43 0 00 interest Expense 80 00 32 600 00 124 680 00124 6 80 00 82 730 00 89 830 00 41 950 00 34 850 00 7100 00 32 60 0 00 7100 00 89 830 00 89 830 00 41 9 50 00 41 9 50 00 Not income
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (16 reviews)
1 2 3 Revenue from sales Sales Less sales ret allow Net sal...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The income statement for Delta-tec Inc. for the year ended December 31, 2016, was as follows: Delta-tec Inc. Income Statement (selected items) For the Year Ended December 31, 2016 1 Income from...
-
For the year ended December 31, 2013, Ebanks, Inc., earned an ROI of 12%. Sales for the year were $150 million, and average asset turnover was 2.5. Average stockholders equity was $50 million....
-
Joseph Thompson is president and sole shareholder of Jay Corporation. In December 2019, Joe asks your advice regarding a charitable contribution he plans to have the corporation make to the...
-
On November 10, 2016, Lee Co. began operations by purchasing coffee grinders for resale. Lee uses the perpetual inventory method. The grinders have a 60-day warranty that requires the company to...
-
Given A = [E3, E5, E6, E10] and B = [E3, E4, E6, E9] a. What is the intersection of A and B? b. What is the union of A and B? c. Is the union of A and B collectively exhaustive?
-
You are the chief financial accountant of Soda plc, a manufacturer and wholesaler of soft drinks. Soda plc is in direct competition with Fizz plc and Pop Ltd. The finance director has informed you...
-
On January 1, 2014, Lock Corporation issued $1,800,000 face value, 5%, 10-year bonds at $1,667,518. This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the...
-
all 5 please. 10. (15 points) For each of the following, state if the equation represents a STRAIGHT LINE, a CIRCLE, a PARABOLA, an ELLIPSE, or a HYPERBOLA a. x +y -8y+10x+4=0 b. 3x+7y-9=0 C. 4x...
-
GottaRun is a local company that custom-prints tech running shirts for organized racing events. The company has been in business for 2 years. Normal demand for the tech running shirts is...
-
Prepare entries for (a), (b), and (c) listed below using two methods. First, prepare the entries without making a reversing entry. Second, prepare the entries with the use of a reversing entry. Use...
-
Use the work sheet and financial statements prepared in Problem 15-8A. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was $3,800. REQUIRED Prepare the following...
-
How long is the long run? It will vary from industry to industry. How long would you estimate the long run is in the following industries? a. The market for pretzels and soda sold from street carts...
-
Mike Smith, CEO at St. William Hospital, a non-profit hospital in downtown Springfield, is approached by Dr. Neuro, a member of St. William's board of directors. Dr. Neuro and his 4 partners, who are...
-
You company has been allocated an unlimited budget to move to a virtualization infrastructure. The current IT infrastructure exists on bare metal with no virtualization implemented at all . The...
-
2. (25 points) For the pin connected crank-slider shown, all measurements are in inches. 0 is the input. Y a. Plot 03 vs. 0. Make sure all angles are in degrees. b. Plot the distance, , vs. 0, and...
-
Fig.15.38 shows a compound epicyclic gear train in which two sun gears S, and S, are integral with the input shaft X. The arm B, is integral with the output shaft Y. The planet gear P2 revolves on a...
-
How do species interactions, such as competition, predation, mutualism, and parasitism, shape the distribution, abundance, and evolutionary trajectories of species within communities, and what are...
-
Is it possible to calculate the value of a company? If not, why not? If so, how?
-
On average there are four traffic accidents in a city during one hour of rush-hour traffic. Use the Poisson distribution to calculate the probability that in one such hour there arc (a) No accidents...
-
Determine convergence or divergence using any method covered in the text so far. 00 n=1 (-1)n-1 n
-
From the following account information, prepare an income statement cost of goods sold section in proper form: Freight-In, $300; Merchandise Inventory, 12/31/14, $9,000; Purchases Discounts, $900;...
-
Give the category, the classification, and the report(s) on which each of the following appears (e.g., Cashasset, current asset, balance sheet): a. Accrued Salaries b. Accounts Payable c. Mortgage...
-
From the following partial worksheet, journalize the closing entries of December 31 for A. Slow Co. A. SLOW CO. WORKSHEET FORYEAR ENDED DECEMBER 31, 2013 Income Statement Balance Sheet Account Titles...
-
Pancor Corporation paid cash of $ 1 5 8 , 0 0 0 to acquire Sink Company's net assets on February 1 , 2 0 3 . The balance sheet data for the two companies and fair value information for Sink...
-
prepare a divisonal income statement with two column headings: Winter Sports Division and Summer Sports Divison. Do not round your intermediate calculations. sales cost of goods sold gross profit...
-
Requlred Information Requlred Informatlon [ The following information applies to the questions displayed below. ] Refer to the following transactions. a . Sold 4 , 7 0 0 previously unissued shares of...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App