Question: Please help me with accounting *Problem 5-O3A a-c Wildhorse Store is located in midtown Madison. During the past several years, net income has been declining

Please help me with accounting

Please help me with accounting *Problem 5-O3A a-c Wildhorse Store is locatedin midtown Madison. During the past several years, net income has beendeclining because of suburban shopping centers. At the end of the company'sscal year on November 30, 2020, the following accounts appeared in two

*Problem 5-O3A a-c Wildhorse Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's scal year on November 30, 2020, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $25,400 $25,400 Notes payable $35,000 $35,000 Accounts Receivable 31,000 31,000 Owner's Capital 87,400 87,400 Accumulated DepnEquipment 35,000 46,000 Owner's Drawings 10,000 10,000 Cash 25,000 25,000 Prepaid Insurance 10,200 2,500 Cost of Goods Sold 508,000 508,000 Property Tax Expense 2,500 Freight-Out 5,700 5,700 Property Taxes Payable 2,500 Equipment 145,000 145,000 Rent Expense 15,000 15,000 Depreciation Expense 11,000 Salaries and Wages Expense 96,000 96,000 Insurance Expense 7,700 Sales Revenue 720,000 720,000 Interest Expense 6,000 6,000 Sales Commissions Expense 6,500 11,000 Interest Revenue 2,100 2,100 Sales Commissions Payable 4,500 Inventory 30,000 30,000 Sales Returns and Allowances 8,000 8,000 Utilities Expense 8,500 8,500 Your answer is partially correct. Try again. Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) WILDHDRSE STORE Income Statement [For the Year Ended November 30, 2020' Sales Sales Revenue mesa; [Sales Returns and Allowances] 800 Net Sale [712000] Cost of Goods Sold Gross Pro [204000] Operating Expenses Ho Freight-0U 5700 Depreciation Expens Insurance Expense [ Rent Expense 15000 Salaries and Wages Expens @ HHHHHUHUHU Sales Commissions Expense 11000 [interest Expense] |:I -6500 II lI -4400 III [Net Income / (Loss)] $|| 42200 III Your answer is partially correct. Try again. Prepare an owner's equity statement. (List items that increase owner's equity first.) WILDHORSE STORE Owner's Equity Statement \"For the Month Ended Novel [Owner's Capital, December 1, 2019 9| 87400 II Less II II Drawings II lII 1-10000 II III77400 II IIAdd II \"Net Income / (Loss) II II 42200 II [Owner's Capital, November 30, 2020] 119500 , Your answer is partially correct. Try again. Prepare a balance sheet. Notes payable are due in 2023. (List Current Assets in order of liquidity.) WILDHORSE STORE Balance Sheet [November 30, 2020] Assets [Current Assets] [Cash] $lj [Accounts Receivable] I II [inventory] I II [Prepaid Insurance] I II IITotal Assets II Sill" II Current Assets |Equipment Less: Accumulated Depreciation-Equipment Total Current Assets Liabilities and Owner's Equity Current Liabilities Accounts Payable Property Taxes Payable Sales Commissions Payable Total Current Liabilities Intangible Assets [Notes Payable Total Liabilities Total Current Liabilities Owner's Drawings Total Liabilities and Owner's Equity Your answer is partially correct. Try again. Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 Depreciation Expense Accumulated Depreciation-Equipment (To adjust depreciation on equipment) Nov. 30 Insurance Expense Prepaid Insurance (To adjust insurance expense) Nov. 30 property Tax Expense[Property Taxes Payable] [:I |I| I] (T o adjust property tax expense) NOV- 30 [Sales Commissions Expense] II II [Sales Commissions Payable] [3] II] I] (T o adjust sales commissions expense) Your answer is partially correct. Try again. Journalize the closing entries that are necessary. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tiues and Explanation Debit Credit NOV- 30 [Sales Revenue] II II I3 [Interest Revenue] II II I3 [Income Summary] I3 I] I] (T 0 close accounts with credit balances) Nov. 30 Income Summary I]: C] m 0 if I E Oll II E OIL" ']| m: 0|] 7] E: OIL\" II E Oll? II 3 Bl ll Interest Expense I3" I] It: It: l: (T a close accounts with debit balances)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!