A portion of the work sheet of Sadie's Flowers for the year ended December 31 is...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648fca140731_2966648fca0ba4a4.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648fca1e8462_2976648fca17eb18.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648fca2a048e_2986648fca22ed67.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648fca3564be_2986648fca2eb799.jpg)
Transcribed Image Text:
A portion of the work sheet of Sadie's Flowers for the year ended December 31 is as follows: Sadie's Flowers Work Sheet For Year Ended December 31, 20-- Income 1 Statement Income Statement Balance Sheet Balance Sheet 2 Account Name 3 Cash 4 Merchandise Inventory 5 Supplies 6 Prepaid Insurance 7 Store Equipment 8 Accumulated Depreciation, Store Equipment 9 Accounts Payable 10 S. R. Rodriguez, Capital Debit Credit Debit Credit 9,340.00 76,940.00 256.00 240.00 39,280.00 26,220.00 14,600.00 68,940.00 11 S. R. Rodriguez, Drawing 27,600.00 12 Sales 173,420.00 13 Sales Returns and Allowances 1,520.00 14 Purchases 82,312.00 15 Purchases Returns and Allowances 940.00 16 Purchases Discounts 1,600.00 17 Freight In 1,948.00 18 Salary Expense 37,560.00 19 Rent Expense 14,800.00 20 21 Income Summary 65,680.00 76,940.00 22 Depreciation Expense, Store Equipment 4,040.00 23 Insurance Expense 760.00 24 Supplies Expense 944.00 25 Salaries Payable 26 Total 560.00 $209,564.00 $252,900.00 $153,656.00 $110,320.00 Required: 1. Determine the entries that appeared in the Adjustments columns and present them in general journal form 2. Determine the net income for the year. 3. What is the amount of the ending capital? Chart Of Accounts CHART OF ACCOUNTS Sadie's Flowers General Ledger ASSETS 111 Cash 113 Accounts Receivable 114 Merchandise Inventory 115 Supplies 116 Prepaid Insurance REVENUE 411 Sales 412 Sales Returns and Allowances 413 Sales Discounts 414 Rent Income 124 Store Equipment EXPENSES 124.1 Accumulated Depreciation, Store 500 Cost of Goods Sold Equipment 130 Land 511 Purchases 512 Purchase Returns and Allowances 513 Purchases Discounts LIABILITIES 514 Freight-in 212 Accounts Payable 533 Insurance Expense 214 Sales Tax Payable 537 Supplies Expense 215 Salaries Payable 538 Utilities Expense 235 Notes Payable 250 Unearned Rent EQUITY 311 S. R. Rodriguez, Capital 312 S. R. Rodriguez, Drawing 313 Income Summary 541.1 Depreciation Expense, Store Equipment 551 Advertising Expense 621 Salaries Expense 622 Payroll Tax Expense 627 Rent Expense 628 Property Tax Expense 631 Miscellaneous Expenses 810 Interest Expense 1. Prepare the transactions in the adjusting entries on December 31. General Journal Instructions 1 2 3 4 5 6 7 8 9 10 11 12 13 GENERAL JOURNAL DATE ACCOUNT TITLE Adjusting Entries PAGE 1 POST. REF. DEBIT CREDIT 2. Determine the net income for the year. Net Income $ Points: 0/1 3. What is the amount of the ending capital? Ending Capital $ Points: 0/1 A portion of the work sheet of Sadie's Flowers for the year ended December 31 is as follows: Sadie's Flowers Work Sheet For Year Ended December 31, 20-- Income 1 Statement Income Statement Balance Sheet Balance Sheet 2 Account Name 3 Cash 4 Merchandise Inventory 5 Supplies 6 Prepaid Insurance 7 Store Equipment 8 Accumulated Depreciation, Store Equipment 9 Accounts Payable 10 S. R. Rodriguez, Capital Debit Credit Debit Credit 9,340.00 76,940.00 256.00 240.00 39,280.00 26,220.00 14,600.00 68,940.00 11 S. R. Rodriguez, Drawing 27,600.00 12 Sales 173,420.00 13 Sales Returns and Allowances 1,520.00 14 Purchases 82,312.00 15 Purchases Returns and Allowances 940.00 16 Purchases Discounts 1,600.00 17 Freight In 1,948.00 18 Salary Expense 37,560.00 19 Rent Expense 14,800.00 20 21 Income Summary 65,680.00 76,940.00 22 Depreciation Expense, Store Equipment 4,040.00 23 Insurance Expense 760.00 24 Supplies Expense 944.00 25 Salaries Payable 26 Total 560.00 $209,564.00 $252,900.00 $153,656.00 $110,320.00 Required: 1. Determine the entries that appeared in the Adjustments columns and present them in general journal form 2. Determine the net income for the year. 3. What is the amount of the ending capital? Chart Of Accounts CHART OF ACCOUNTS Sadie's Flowers General Ledger ASSETS 111 Cash 113 Accounts Receivable 114 Merchandise Inventory 115 Supplies 116 Prepaid Insurance REVENUE 411 Sales 412 Sales Returns and Allowances 413 Sales Discounts 414 Rent Income 124 Store Equipment EXPENSES 124.1 Accumulated Depreciation, Store 500 Cost of Goods Sold Equipment 130 Land 511 Purchases 512 Purchase Returns and Allowances 513 Purchases Discounts LIABILITIES 514 Freight-in 212 Accounts Payable 533 Insurance Expense 214 Sales Tax Payable 537 Supplies Expense 215 Salaries Payable 538 Utilities Expense 235 Notes Payable 250 Unearned Rent EQUITY 311 S. R. Rodriguez, Capital 312 S. R. Rodriguez, Drawing 313 Income Summary 541.1 Depreciation Expense, Store Equipment 551 Advertising Expense 621 Salaries Expense 622 Payroll Tax Expense 627 Rent Expense 628 Property Tax Expense 631 Miscellaneous Expenses 810 Interest Expense 1. Prepare the transactions in the adjusting entries on December 31. General Journal Instructions 1 2 3 4 5 6 7 8 9 10 11 12 13 GENERAL JOURNAL DATE ACCOUNT TITLE Adjusting Entries PAGE 1 POST. REF. DEBIT CREDIT 2. Determine the net income for the year. Net Income $ Points: 0/1 3. What is the amount of the ending capital? Ending Capital $ Points: 0/1
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Find the values of the parameter p > 0 for which the following series converge. In k
-
Was Price Waterhouse liable for fraud? Did it act with scienter?
-
Consider again the plastic bending capabilities discussed in Problem 2.2.8. What is the expected deformity angle? What is the median deformity angle? Problem 2.2.8 The bending capabilities of plastic...
-
Which of the following measures the potential amount of data that might be lost due to a system disaster? a. checkpoint c. RTO b. restoration d. RPO
-
Bridger Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Montana, Idaho, Oregon, and Washington. Bridger Bike Corp. has declared the following annual dividends...
-
content area top Part 1 When tax revenues equal government outlays, the situation is referred to as Question content area bottom Part 1 A. a balanced budget. B. a legal budget. C. an equivalent...
-
The newest report (April 16, 2015) recommended by AAAS, declares an earth microbe prefers living on meteorites. This research was communicated at the annual meeting of the European Geosciences Union...
-
Your house foundation and basement floor are made up of 1000ft 3 of concrete. About how many Btu are required to raise the temperature of this mass from 0 degrees C to 40 degrees C? Given 22 Btu/ft 3...
-
Executive salaries are charged to three operating divisions on the basis of capital investment in the three divisions. If the investment is $13.6 million in the Northern Division, $10.2 million in...
-
You are holding a 5.0-kg gold bar under water. How heavy does it feel? (i.e. What is the bar's weight under water?) The density of water is pw = 1000 kg/m3 and the density of gold is pG = 19,300...
-
Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $2,100 and the variable cost per cup of coffee served is $0.52....
-
Fixed cost per unit is $7 when 25,000 units are produced and $5 when 35,000 units are produced. What is the total fixed cost when nothing is produced?
-
36. In a competitive market, when the price is below the equilibrium level, the price will be driven upward due to O excess supply O competition among suppliers O government intervention O excess...
-
You are interested in investing and are considering a portfolio comprised of the following two stocks. Their estimated returns under varying market conditions are provided: (note: it is difficult to...
-
Describe or define the following terms: 1. Asset 2. Liability 3. Shareholders equity 4. Revenue 5. Expense Discuss how the five terms relate to one another.
-
Discuss the difference between historical and forecasted (or pro forma) financial statements. How are these different sets of financial statements used by managers and shareholders for...
-
Most balance sheets are defined as classified balance sheets in that both the assets and liabilities are dichotomized into the categories of current and noncurrent. [In those industries in which the...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App