On December 31, 2020, WJM Depot finished its second year of operations. During the year, Mary...

    

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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

Answer rating: 100% (QA)

Income Statement Sales 2 359300 Less Sales return and allowances LessSales discounts 3200 2100 Net S... View the full answer