Question 2.3 (Total: 18 marks; 2 marks each)

Financial information follows for four different companies:

	Ace Consulting Inc.	Brrrr Freezers Corp.	Capital Consumer Inc.	Death Star Ltd.
Sales Revenue	$98,000	(c)	$144,000	$120,000
Sales Returns and Allowances	(a)	$5,000	12,000	9,000
Net Sales Revenue	74,000	101,000	132,000	(g)
Beginning Inventory	21,000	(d)	44,000	24,000
Purchases	63,000	105,000	(e)	90,000
Returns and Allowances	6,000	10,000	8,000	(h)
Ending Inventory	(b)	48,000	30,000	28,000
Cost of Goods Sold	64,000	72,000	(f)	72,000
Gross Profit	10,000	29,000	18,000	(i)

Required

1. Determine the missing amounts for parts (a) to (i). Show all calculations.

Question 2.4 (Total: 20 marks; -2 marks per error)

The following is a trial balance from Mismanaged Ltd. on March 31, 2020 is as follows:

	Debit	Credit
Cash	$2,870
Accounts receivable	3,231
Office supplies	800
Equipment	3,800
Accounts payable		$2,666
Unearned revenue		1,200
Common shares		6,000
Retained earnings		2,795
Service revenue		2,380
Salaries and wages expense	3,400
Office expense	940
TOTAL	$ 15,041	$15,041

The following transactions took place in April 2020:

Payments received from customers on account amounted to $1,320.

A computer printer was purchased on account for $500.

Services provided to clients and billed on account amounted to $3,890.

$400 of supplies was purchased on account in April, and a physical count on April 31 showed that there was $475 of supplies on hand on April 31.

When the Unearned Revenue account was reviewed, it was found that $825 of the balance was earned in April.

Salaries and Wages Expense of $670 related to employee services provided in April was not yet recorded as at April 31 (will be paid in May).

Payments to suppliers on account amounted to $2,125.

Received invoices totaling $1,160 related to office expenses incurred in April.

Declared a dividend of $575 on April 31.

Required:

1. Prepare the trial balance as at April 30, 2020, assuming that Mismanaged did not record closing entries at the end of March 2020. (Hint: It may be necessary to add one or more accounts to the trial balance.)