I. Prepar e a Balance Sheet for the fiscal year ending June 30, 2020 based on...

 

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I. Prepar e a Balance Sheet for the fiscal year ending June 30, 2020 based on the following transactions (round figures to the nearest dollar): 1) established a community college scholarship fund $1.005.700 2) land value appreciates @12%/yr. 3) building mortgage 612,866 4) salaries owed 155,000 5) 25% of customer debt non-collectible 6) Company "B" promissory note matured 230,000 7) copyright royalty 175,000 8) land purchased January 1, 2016 850,000 9) commissions owed 20,321 10) building 30 year service life: SLD 11) bond 100,975 12) land sold e 15% over market value 13) mortgage on equipment 215, 566 14) patent royalty 55,000 15) equipment owed 180,000 16) office furniture purchased July 1.2018 45.000 17) customers owe 56,300 18) par value: preferred $125/share 19) promissory note matured 325,450 20) taxes = 1/3 of remaining merchandise inventory + 130,000 ? 21) merchandise inventory 77,100 22) retained earnings from June 30, 2019 2,561,240 23) insurance bought at July 1. 2017 for three years 15, 600 24) par value common; $75/sh. 24) par value common; $75/sh. 25) building purchased July 1, 2016 1,000,000 26) office furniture 5 year service life; SLD 27) common stock sold; 825 shares 28) preferred shares sold; 410 shs. 29) ending cash balance = amount from sale of business property 30) equipment purchased January 1, 2017 340,000 31) supplies owed 15750 32) Equipment service life = 17 years: SLD II. Prepare an Income Statement based on the following below: • Sales Returned = 420,048 • Gross Sales = Sales returned + 60% sales returned • Depreciation = yearly depreciation of Furniture from Balance Sheet • Sales expenses 13% of Net Sales • Depreciation = yearly depreciation of Equipment from Balance Sheet • Administrative expenses 35,790 • Interest expense = 6 4% of gross sales • Cost of Goods Sold = 25% of Merchandise Inventory from Balance Sheet • Taxes = 16.58% of Taxes owed from Balance Sheet • Discounts on Sales = 19,780 • Income from Other Sources 577,332 (correction from class) ****Gross Profit not Net Sales = Gross Income I. Prepar e a Balance Sheet for the fiscal year ending June 30, 2020 based on the following transactions (round figures to the nearest dollar): 1) established a community college scholarship fund $1.005.700 2) land value appreciates @12%/yr. 3) building mortgage 612,866 4) salaries owed 155,000 5) 25% of customer debt non-collectible 6) Company "B" promissory note matured 230,000 7) copyright royalty 175,000 8) land purchased January 1, 2016 850,000 9) commissions owed 20,321 10) building 30 year service life: SLD 11) bond 100,975 12) land sold e 15% over market value 13) mortgage on equipment 215, 566 14) patent royalty 55,000 15) equipment owed 180,000 16) office furniture purchased July 1.2018 45.000 17) customers owe 56,300 18) par value: preferred $125/share 19) promissory note matured 325,450 20) taxes = 1/3 of remaining merchandise inventory + 130,000 ? 21) merchandise inventory 77,100 22) retained earnings from June 30, 2019 2,561,240 23) insurance bought at July 1. 2017 for three years 15, 600 24) par value common; $75/sh. 24) par value common; $75/sh. 25) building purchased July 1, 2016 1,000,000 26) office furniture 5 year service life; SLD 27) common stock sold; 825 shares 28) preferred shares sold; 410 shs. 29) ending cash balance = amount from sale of business property 30) equipment purchased January 1, 2017 340,000 31) supplies owed 15750 32) Equipment service life = 17 years: SLD II. Prepare an Income Statement based on the following below: • Sales Returned = 420,048 • Gross Sales = Sales returned + 60% sales returned • Depreciation = yearly depreciation of Furniture from Balance Sheet • Sales expenses 13% of Net Sales • Depreciation = yearly depreciation of Equipment from Balance Sheet • Administrative expenses 35,790 • Interest expense = 6 4% of gross sales • Cost of Goods Sold = 25% of Merchandise Inventory from Balance Sheet • Taxes = 16.58% of Taxes owed from Balance Sheet • Discounts on Sales = 19,780 • Income from Other Sources 577,332 (correction from class) ****Gross Profit not Net Sales = Gross Income

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Balance Sheet At June 30 2020 Particulars Assets Current Assets Cash Debtors Less Provision foe allo... View the full answer