An alphabetical list of Wildhorses Company adjusted accounts at its fiscal year end, August 31, 2021,...
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An alphabetical list of Wildhorses Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances. Accounts payable $15,600 Notes payable $42,000 Accumulated depreciation-equipment 14,000 Prepaid insurance 575 Accumulated depreciation-furniture 17.500 R. Smistad, capital 65,750 Cash 29.580 R. Smistad, drawings 70,000 Cost of goods sold 271,900 Rent expense 25,000 Depreciation expense 7,100 Salaries expense 50,800 Equipment 35,000 Salaries payable 2,250 Furniture 42,000 Sales 472.000 Insurance expense 3,575 Sales returns and allowances 16,300 Interest expense 2.100 Supplies 950 Interest payable 555 Supplies expense 6,325 Merchandise inventory 71,050 Unearned revenue 2,600 Additio formation Additional information: 1. Of the notes payable, $6,100 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $4,200 cash in the business. (a1) Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) WILDHORSE COMPANY Income Statement > > < DOU > WILDHORSE COMPANY Income Statement $ > $ $ An alphabetical list of Wildhorses Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances. Accounts payable $15,600 Notes payable $42,000 Accumulated depreciation-equipment 14,000 Prepaid insurance 575 Accumulated depreciation-furniture 17.500 R. Smistad, capital 65,750 Cash 29.580 R. Smistad, drawings 70,000 Cost of goods sold 271,900 Rent expense 25,000 Depreciation expense 7,100 Salaries expense 50,800 Equipment 35,000 Salaries payable 2,250 Furniture 42,000 Sales 472.000 Insurance expense 3,575 Sales returns and allowances 16,300 Interest expense 2.100 Supplies 950 Interest payable 555 Supplies expense 6,325 Merchandise inventory 71,050 Unearned revenue 2,600 Additio formation Additional information: 1. Of the notes payable, $6,100 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $4,200 cash in the business. (a1) Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) WILDHORSE COMPANY Income Statement > > < DOU > WILDHORSE COMPANY Income Statement $ > $ $
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Answer rating: 100% (QA)
sales revenue 472000 Less sales return 16300 Net sales 455700 Less COGS ... View the full answer
Related Book For
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
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