Mackey Department Store is located near the Village Shopping Mall. At the end of the companys calendar
Question:
Mackey Department Store is located near the Village Shopping Mall. At the end of the company’s calendar year on December 31, 2014, the following accounts appeared in two of its trial balances.
Instructions
(a) Prepare a multiple-step income statement, an owner’s equity statement, and a classified balance sheet. $25,000 of the mortgage payable is due for payment next year.
(b) Journalize the adjusting entries that were made.
(c) Journalize the closing entries that arenecessary.
Transcribed Image Text:
Unadjusted Adjusted Unadjusted Adjusted 75,000 75,000 80,000 176,600 176,600 28,000 2,400 4,800 4,800 108,000 14,500 4,300 8,000 728,000 728,000 12,000 79,300 80,300 Inventory 50,300 42,100 29,600 50,300 Mortgage Payable 52,500 Owner's Capital 42,900 Owner's Drawings 80,000 28,000 9,600 290,000 290,000 Prepaid Insurance 23,800 23,800 Property Tax Expense 412,700 412,700 Property Taxes Payable 23,700 Salaries and Wages Expense 108,000 110,000 110,000 Sales Commissions Expense 7,200 12,000 9,000 4,000 Sales Commissions Payable Sales Returns and Allowances Sales Revenue Utilities Expense 10,200 8,000 11,000 3,000 4,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
a MACKEY DEPARTMENT STORE Income Statement For the Year Ended December 31 2014 Sales revenues Sales revenue 728000 Less Sales returns and allowances 8000 Net sales 720000 Cost of goods sold 412700 Gro...View the full answer
Answered By
Allan Simiyu
I am an adroit Writer. I am a dedicated writer having worked as a writer for 3 years now. With this, I am sure to ace in the field by helping students break down abstract concepts into simpler ideas.
5.00+
8+ Reviews
54+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Accounting questions
-
Cusick Department Store is located near the Village Shopping Mall. At the end of the company??s calendar year on December 31, 2012, the following accounts appeared in two of its trial balances....
-
Maine Department Store is located near the Village Shopping Mall. At the end of the companys calendar year on December 31, 2010, the following accounts appeared in two of its trial balances....
-
Maine Department Store is located near the Village Shopping Mall. At the end of the companys calendar year on December 31, 2011, the following accounts appeared in two of its trial balances....
-
Codominance observable effect on the phenotype of a heter neither allele is recessive-both alleles are dominant. 6. Which of the genotypes results in a blood type that provides clear evidence of...
-
(a) Nonpolar aromatic compounds were separated by HPLC on an octadecyl (C18) bonded phase. The eluent was 65 vol% methanol in water. How would the retention times be affected if 90% methanol were...
-
A particle is confined to & finite box of length L. In the nth state, the wave function has n 1 nodes. The wave function must make a smooth transition from sinusoidal inside the box to a decaying...
-
Could an include use case have an include use case? Provide an example.
-
Burgundy, Inc., and Violet Gomez are equal partners in the calendar year BV LLC. Burgundy uses a fiscal year ending April 30, and Violet uses a calendar year. Burgundy receives an annual guaranteed...
-
Image transcription text Project 2: Tack (stickiness) testing instrument A scientific instrument designed for a sponsoring company. The instrument accurately measures the strength of adhesives (e.g.,...
-
Capstone Case: Sunrise Bakery Expansion The Sunrise Bakery Corporation was originally founded in Houston, TX in 1991 by Griffin Harris, who currently serves as the company's Chief Executive Officer....
-
Rose Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Rose showed Cash of $9,000 and Owners Capital of $9,000....
-
Alex Diaz, a former professional tennis star, operates Diaz Tennis Shop at the Cedar Lake Resort. At the beginning of the current season, the ledger of Diaz Tennis Shop showed Cash $2,500, Inventory...
-
Your parents restricted your cell phone minutes to 400 minutes this month. You call your boyfriend 75 times during the month. What are the lengths of your calls, if you don't exceed you're allotted...
-
How has natural selection acted on testosterone levels in men? Is there an ideal testosterone level for all phases of a mans life?
-
On average, how much of the energy at one level of the food chain becomes available to the next level? What happens to the rest of the energy?
-
List three examples of producers, primary consumers, and secondary consumers.
-
What types of living things do scientists use to classify Earths terrestrial habitats into biomes?
-
Each time myosin heads pull on actin, the sarcomere contracts only about 10 nm (10 -9 meter). Given that, how are you able to produce large motions with your muscles?
-
Customers are finding ever more creative ways to use drones, and 3D Robotics Inc., Americas largest producer of consumer drones, expects sales to soar. Explain what is happening in the market for...
-
The vapor pressure of the liquid NH, is measured at different temperatures. The following vapor pressure data are obtained. Temperature, K P, mmHg 217.1 223.4 234.7 588.1 Calculate the enthalpy of...
-
Which of the following terms defines a strategy in which you grant access that allows a user to complete assigned tasks and nothing else? A. Separation of duties B. Least privilege C. Need to know D....
-
Rauch Computer Components Inc. uses a multi-column cash receipts journal. Indicate which column(s) is/are posted only in total, only daily, or both in total and daily. (a) Accounts Receivable. (b)...
-
Presented below is information related to Rizzo Company for its first month of operations. Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance...
-
Hinske Company had the following transactions during April. 1. Sold merchandise on account. 2. Purchased merchandise on account. 3. Collected cash from a sale to Renfro Company. 4. Recorded accrued...
-
How do reviews and recommendations relate to situation-specific circumstances in the context of service evaluation?
-
You are performing an AFM measurement of CNTs on a surface. a) What is the "apparent" or "measured" radius (width) of a CNT of radius r if the radius of the AFM tip is R? Derive an algebraic...
-
During year-end planning session, they are considering another packaging supplier. 2023 annual sales projection would equate to 478,100 jars for their gourmet ketchup product. Purchase quantity Unit...
Study smarter with the SolutionInn App