On December 31, 2020, WJM Depot finished its second year of operations. During the year, Mary...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 31, 2020, WJM Depot finished its second year of operations. During the year, Mary Tyler invested an additional $30,000 in the business and $28,000 of the long-term not payable is due July 31, 2021. WJM Depot's accountant has finalized th company's records and provided the following adjusted account balances. Note: all accounts have normal balance. Balance Balance Account $38.200 Rent Revenue 26,200 Sales 35.000 Sales returns and allowances 3.800 Sales discounts 3.300 Cost of goods sold 160,000 Depreciation expense, store equipment 9,200 Depreciation expense, office equipment 1,400 Office salaries expense Account Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land not currently used in operations Office Equipment 9,000 359.300 3.200 2,100 218,800 3,000 700 Accumulated depreciation, office equipment Store Equipment Accumulated depreciation, store equipment Trademark Accounts Payable Salaries Payable Long-term Note Payable, due July 1, 2026 Mary Tyler, Capital Mary Tyier, Withdrawals 25.300 40,000 Sales salaries expense 6,000 Interest expense 28,500 480 60,000 Insurance expense 21,270 Rent expense, office space 6,000 Rent expense, selling space 120,000 Office supplies expense 4,800 6,000 12,000 1,100 188,660 Store supplies expense 12.000 Advertising expense 1.450 16,500 REOUTRED: REQUIRED: Using the above information, calculate each of the following: 11. Current assets 1 Net Sales 12. Non-current investments 2 Gross profit from sales 13. Book value of the Store Equipment 3 Total selling expenses 14. Property, plant, and equipment 4 Total general S administrative expenses 15. Intangibles 5 Total operating expenses 16. Total Assets 6 Profit from operations 17. Current liabilities 7 Total other revenue & expenses 18. Non-current liabilities 8 Profit 19. Total liabilities 9 Beginning capital 10. Ending capital 20. Total liabilities and equity On December 31, 2020, WJM Depot finished its second year of operations. During the year, Mary Tyler invested an additional $30,000 in the business and $28,000 of the long-term not payable is due July 31, 2021. WJM Depot's accountant has finalized th company's records and provided the following adjusted account balances. Note: all accounts have normal balance. Balance Balance Account $38.200 Rent Revenue 26,200 Sales 35.000 Sales returns and allowances 3.800 Sales discounts 3.300 Cost of goods sold 160,000 Depreciation expense, store equipment 9,200 Depreciation expense, office equipment 1,400 Office salaries expense Account Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land not currently used in operations Office Equipment 9,000 359.300 3.200 2,100 218,800 3,000 700 Accumulated depreciation, office equipment Store Equipment Accumulated depreciation, store equipment Trademark Accounts Payable Salaries Payable Long-term Note Payable, due July 1, 2026 Mary Tyler, Capital Mary Tyier, Withdrawals 25.300 40,000 Sales salaries expense 6,000 Interest expense 28,500 480 60,000 Insurance expense 21,270 Rent expense, office space 6,000 Rent expense, selling space 120,000 Office supplies expense 4,800 6,000 12,000 1,100 188,660 Store supplies expense 12.000 Advertising expense 1.450 16,500 REOUTRED: REQUIRED: Using the above information, calculate each of the following: 11. Current assets 1 Net Sales 12. Non-current investments 2 Gross profit from sales 13. Book value of the Store Equipment 3 Total selling expenses 14. Property, plant, and equipment 4 Total general S administrative expenses 15. Intangibles 5 Total operating expenses 16. Total Assets 6 Profit from operations 17. Current liabilities 7 Total other revenue & expenses 18. Non-current liabilities 8 Profit 19. Total liabilities 9 Beginning capital 10. Ending capital 20. Total liabilities and equity
Expert Answer:
Answer rating: 100% (QA)
Income Statement Sales 2 359300 Less Sales return and allowances LessSales discounts 3200 2100 Net S... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
Posted Date:
Students also viewed these accounting questions
-
Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2016, the books show balances as follows. (a) Prepare the adjusting entry or entries required on December...
-
Find the directional derivative of the function at the given point P in the direction of the vector v. f(x, y) = 3e^xsin(y) , P= (0, ?/3), v =
-
Assume that during the second year of operations Filippis Plumbing Supply Co. had net sales of $5,500,000, wrote off $70,000 of accounts as uncollectible using the direct write-off method, and...
-
Identify and explain five challenges faced by monetary policy makers.
-
A couple plans to have four children. Find the probability that the first two children are girls and the last two children are boys.
-
Evaluate the surface integral. S xz dS, S is the part of the plane 2x + 2y + z = 4 that lies in the first octant
-
Briefly define the following terms related to a note payable: present value of the note and maturity value of the note.
-
David James is a cost accountant and business analyst for Doorknob Design Company (DDC), which manufactures expensive brass doorknobs. DDC uses two direct cost categories: direct materials and direct...
-
QUESTION 3 How many of these factors are required to calculate depreciation? - Estimated residual value - Estimated useful life - Cost or revalued amount - A method of depreci... please let me know...
-
A machine was purchased on 2nd July 2016 for $1,200,000. It was traded in for new one whose price was $1,000,000 on 2nd June 2020 and the company paid $300,000 for this exchange. The policy of the...
-
how todo jounal entry , ledgers , and unadjustable balance ? he chart of accounts for your consulting business is shown in Exhibit A. EQUIREMENTS: 1. Use Microsoft Office Excel application to create...
-
Question 1: List six (6) sources of external information to determine OHS requirements, policies and procedures. Question 2: Mention the eight (8) key sources of information for hazard...
-
... Project should be completed using Matlab software a) Find the Fourier Series expansion for the signals x(t) given in Figure 1, theoretically. b) Transfer the resulting Fourier Series in (a) into...
-
Diego Company manufactures one product that is sold for $71 per unit in two geographic regions-the East and West regions. The following information pertains to the company's first year of operations...
-
On March 31, 2024, Susquehanna Insurance purchased an office building for $13,200,000. Based on their relative fair values, one-third of the purchase price was allocated to the land and two-thirds to...
-
Consider the following two assets: J+D Chili stock, with expected return 6% and standard deviation 42% Maryanne's Hammocks stock, with expected return 2% and standard deviation 17%. The correlation...
-
Merchandising Accounting: How do you get the ending inventory out of a trial balance sheet? In the trial balance, there is no ending inventory, so for the schedule of goods, how do I get the ending...
-
Beginning with a country that has a trade deficit, demonstrate graphically what will happen to a countrys potential output with globalization if that countrys costs of production fall. Explain your...
-
Refer to the situation described in BE 8-4. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts.
-
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $200,000....
-
In order to encourage employee ownership of the company's $1 par common shares, Washington Distribution permits any of its employees to buy shares directly from the company through payroll deduction....
-
Question: Cruise.com operated a Web site selling cruise vacations. It sent unsolicited e-mail advertisements-dubbed "E-deals"-to prospective customers. Eleven of these "E-deals" went to...
-
Question: Jerry Falwell was a nationally known Baptist minister. You can read about him on falwell.com. You can read about his views on homosexuality at fallwell.com-a site critical of his views....
-
Question: Timothy Vemor bought used (but original) versions of AutoCAD software at garage and office sales. Each time he tried to sell them on eBay, AutoDesk (the company that produced the software)...
Study smarter with the SolutionInn App