5.5 (LO 4, 5) Starz Department Store is located near the Towne Shopping Mall. At the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
5.5 (LO 4, 5) Starz Department Store is located near the Towne Shopping Mall. At the end of the company's calendar year on December 31, 2020, the following accounts appeared in two of its trial balances. Adjusted £ 75,000 80,000 2,400 4,800 4,800 64,600 105,000 14,500 4,300 8,000 724,000 112,000 12,000 Unadjusted £ 75,000 80,000 9,600 Unadjusted Adjusted £ 77,300 50,300 52,500 42,700 290,000 23,800 412,700 23,500 24,000 110,000 7,200 8,100 5,100 4,000 £76,300 50,300 42,100 29,600 290,000 23,800 412,700 Inventory Mortgage Payable Prepaid Insurance Property Tax Expense Property Taxes Payable Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable ent 64,600 105,000 10,200 24,000 110,000 8,000 724,000 112,000 11,000 Sales Returns and Allowances Sales Revenue Share Capital-Ordinary Utilities Expense 3,000 4,000 Instructions a. Prepare an income statement, a retained earnings statement, and a classified statement of financial position. £16,000 of the mortgage payable is due for payment next year. b. Journalize the adjusting entries that were made. c. Journalize the closing entries that are necessary. 5.5 (LO 4, 5) Starz Department Store is located near the Towne Shopping Mall. At the end of the company's calendar year on December 31, 2020, the following accounts appeared in two of its trial balances. Adjusted £ 75,000 80,000 2,400 4,800 4,800 64,600 105,000 14,500 4,300 8,000 724,000 112,000 12,000 Unadjusted £ 75,000 80,000 9,600 Unadjusted Adjusted £ 77,300 50,300 52,500 42,700 290,000 23,800 412,700 23,500 24,000 110,000 7,200 8,100 5,100 4,000 £76,300 50,300 42,100 29,600 290,000 23,800 412,700 Inventory Mortgage Payable Prepaid Insurance Property Tax Expense Property Taxes Payable Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable ent 64,600 105,000 10,200 24,000 110,000 8,000 724,000 112,000 11,000 Sales Returns and Allowances Sales Revenue Share Capital-Ordinary Utilities Expense 3,000 4,000 Instructions a. Prepare an income statement, a retained earnings statement, and a classified statement of financial position. £16,000 of the mortgage payable is due for payment next year. b. Journalize the adjusting entries that were made. c. Journalize the closing entries that are necessary.
Expert Answer:
Answer rating: 100% (QA)
a Income Statement Particulars Amount Amount Sales revenue 724000 Sales return and allowance 8000 a 716000 Interest revenue 4000 Total Revenue 720000 ... View the full answer
Related Book For
Financial Accounting IFRS
ISBN: 978-1118285909
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Starz Department Store is located near the Towne Shopping Mall. At the end of the companys calendar year on December 31, 2014, the following accounts appeared in two of its trial balances....
-
Starz Department Store is located near the Towne 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....
-
Starz Department Store is located near the Towne Shopping Mall. At the end of the companys calendar year on December 31, 2020, the following accounts appeared in two of its trial balances....
-
Governmental Funds Statement of Revenues Expenditures and Changes in Fund Balance. You have recently started working as the controller for a small county. The county is preparing its financial...
-
What is a population parameter? Give three examples.
-
A variety of robots have been featured at the National Restaurant Show that can be used for a variety of tasks in restaurants. These robots were introduced at the same time that an ongoing debate...
-
An incompressible fluid flows outward through a blower as indicated in Fig. P5.81. The shaft torque involved, \(T_{\text {shaft }}\), is estimated with the following relationship: \[ T_{\text {shaft...
-
Spencer, CPA, has been engaged to audit the fair value measurements of Christensen & Son, a high- tech company in the Midwest. During the audit, Spencer must obtain evidence that management of...
-
What was the existing capital structure for Apple inc? Do you believe it was optimum? Use Hamada's equation to determine the optimum. Should Apple take on more debt, repurchase stock, or have a...
-
On February 1, 2019, Punto Company purchased 95% of the outstanding common stock of Sara Company and 85% of the outstanding common stock of Rob Company. Immediately before the two acquisitions,...
-
A company is evaluating a project that required the following types of material. MATERIAL IN STOCK NEEDED PURCHASE CURRENT FOR PURCHASE CONTRACT A BCDE C D 100 1,100 F 100 50,000 1,000 1,000 1,000...
-
When should you use visuals?
-
What are some specific ways to choose effective images?
-
What information does a Gantt chart convey?
-
Why would you use a numerical table instead of a graph?
-
What are some guidelines for integrating visuals into your text?
-
a. "A project is not a black box. Senior managers must know where the positive NPVs come from. Otherwise they will be continuously bombarded with requests for funds for capital expenditures. Senior...
-
Describe the general ways that the revised Form 990, applicable for tax year 2008 and beyond, is different from previous versions.
-
On December 31, 2013, Andes Company had 1,500,000 $10 par ordinary shares issued and outstanding. The equity accounts at December 31, 2013, had the following balances. Share CapitalOrdinary...
-
Borke Company has a credit balance of NT$320,000 in Allowance for Doubtful Accounts. The estimated bad debt expense under the percentage-of-sales basis is NT$370,000. The total estimated...
-
Go Corporation was organized on January 1, 2014. It is authorized to issue 10,000 8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HK$20 per share....
-
How do you classify a lathe? Explain briefly.
-
Differentiate between live and dead centres of a lathe.
-
List the various lathe accessories.
Study smarter with the SolutionInn App