Chattahoochee Coolers trial balance as of December 31, 2012, follows: DR CR Cash 2,400 Accounts receivable 10,400
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Question:
Chattahoochee Coolers’ trial balance as of December 31, 2012, follows:
DR | CR | |
Cash | 2,400 | |
Accounts receivable | 10,400 | |
Inventory | 71,200 | |
Prepaid rent | 3,600 | |
Equipment | 24,100 | |
Accumulated depreciation- equipment | 7,200 | |
Accounts payable | 9,000 | |
Salary payable | ||
Note payable-long term | 20,100 | |
Robert, Capital | 56,000 | |
Robert, withdrawals | 36,400 | |
Sales revenue | 192,500 | |
Cost of goods sold | 66,000 | |
Salary expense | 46,400 | |
Rent expense | 14,500 | |
Utilities expense | 6,700 | |
Depreciation expense | ||
Interest expense | 3,100 | |
___ | ___ | |
Total | 284,800 | 284,800 |
The following additional data at December 31, 2012 were provided by the company:
- Prepaid rent expired, $2,300.
- Depreciation, $4,000.
- Accrued salaries, $1,000.
- Inventory on hand, $67,900.
Required:
- Complete the accounting worksheet for the year ended December 31, 2012.
- Prepare the multi-step income statement, statement of owner’s equity and balance sheet for the year.
- Prepare the closing entries for the year.
Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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