LEARNING OBJECTIVES . Prepare a worksheet for a proprietorship merchandising firm. Prepare financial statements from a...

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LEARNING OBJECTIVES . Prepare a worksheet for a proprietorship merchandising firm. Prepare financial statements from a worksheet. Compare expense levels to national averages. Alter the worksheet to include a properly designed balance sheet. Create a chart showing all expenses. Note: For a problem using the corporate form of business organization, download F2WORK from the website for this book at cengagebrain.com. PROBLEM DATA The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Sports Connection Trial Balance June 30, 2013 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance $ 17,150 27,780 47,964 4,410 Store Supplies 2,370 Store Equipment 30,000 Accumulated Depreciation $ 3,000 Accounts Payable 12,420 M. Moser, Capital 105,572 M. Moser, Drawing 14,400 Sales 299,400 Purchases 192,900 Advertising Expense 7,950 Rent Expense 30,000 Salaries Expense 39,840 Utilities Expense 5,628 $ 420,392 $ 420,392 35 LEARNING OBJECTIVES . Prepare a worksheet for a proprietorship merchandising firm. Prepare financial statements from a worksheet. Compare expense levels to national averages. Alter the worksheet to include a properly designed balance sheet. Create a chart showing all expenses. Note: For a problem using the corporate form of business organization, download F2WORK from the website for this book at cengagebrain.com. PROBLEM DATA The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Sports Connection Trial Balance June 30, 2013 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance $ 17,150 27,780 47,964 4,410 Store Supplies 2,370 Store Equipment 30,000 Accumulated Depreciation $ 3,000 Accounts Payable 12,420 M. Moser, Capital 105,572 M. Moser, Drawing 14,400 Sales 299,400 Purchases 192,900 Advertising Expense 7,950 Rent Expense 30,000 Salaries Expense 39,840 Utilities Expense 5,628 $ 420,392 $ 420,392 35