The following selected accounts and their current balances appear in the ledger of Drapery Land Co. for
Question:
The following selected accounts and their current balances appear in the ledger of Drapery Land Co. for the fiscal year ended July 31, 2010:
Instructions
1. Prepare a multiple-step income statement.
2. Prepare a statement of owner?s equity.
3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $16,800.
4. Briefly explain
(a) How multiple-step and single-step income statements differ and
(b) How report-form and account-form balance sheets differ.
Transcribed Image Text:
$ 161,250 $ 69,300 65,700 2,325,000 Cash Sales Returns and Allowances Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2020) Tanya Xavier, Capital Tanya Xavier, Drawing 363,000 525,000 16,800 Sales Discounts Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense- Store Equipment Miscellaneous Selling Expense Office Salaries Expense 519,600 131,400 10,200 255,000 19,200 4,800 252,450 94,050 138,400 759,000 Rent Expense Depreciation Expense- Office Equipment Insurance Expense Office Supplies Expense Miscellaneous Administrative Expense Interest Expense 102,600 166,800 7,200 38,100 11,700 3,200 168,000 1,312,250 105,000 3,855,000 5,500 15,000 Sales
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
1 2 3 a Multistep income statements allow employees to view and analyze all aspects of the p...View the full answer
Answered By
Jayanta Saha
I am in this profession of teaching about 12 years. Every time whenever I am going to teach a class as a part of this noble profession .....I am learning also. I am trying consistently ....how to represent, interpret, summarize and rethink about the whole concept I wish to teach or rather inspire my students in a specific period of time assigned to me.
My teaching philosophy:- TO TEACH MY STUDENTS HOW TO LEARN.....and not simply WHAT TO LEARN.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
The following selected accounts and their current balances appear in the ledger of Black Lab Co. for the fiscal year ended April 30, 2012: 1. Prepare a multiple-step income statement.2. Prepare a...
-
The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the fiscal year ended October 31, 2012: Instructions 1. Prepare a multiple-step income...
-
The following selected accounts and their current balances appear in the ledger of Black Lab Co. for the fiscal year ended April 30, 2012: Instructions1. Prepare a multiple-step income statement2....
-
Sketch a graph to illustrate your idea of each of the following relationships. Be sure to label each axis appropriately. For each relationship, explain under what circumstances, if any, the curve...
-
The Stockholders' Equity section of the December 31, 2017, balance sheet of Eldon Company appeared as follows: Preferred stock, $30 par value, 5,000 shares authorized, ? shares issued...
-
A 77-N force F1 and a 31-N m couple M1 are applied to corner E of the bent plate shown. If F1 and M1 are to be replaced with an equivalent force-couple system (F2, M2) at corner B and if (M2)z = 0,...
-
Excess Gibbs free energy models are used to determine the value of the (a) Isothermal compressibility (c) Coefficient of volume expansion (b) Activity coefficient (d) Gibbs' free energy.
-
The Blending Department of Peacock Company has the following cost and production data for the month of April. Costs: Work in process, April 1 Direct materials: 100% complete ......... $100,000...
-
Down Under Products' sales budget for the next four months is as follows: Unit Sales April May June July 72,000 85,000 112,000 91,000 The company wants its ending inventory levels to equal 20% of the...
-
Craig and Karen Conder purchased a new home on May 1 of year 1 for $200,000. At the time of the purchase, it was estimated that the real property tax rate for the year would be one percent of the...
-
On June 30, 2010, the balances of the accounts appearing in the ledger of Andover Company are as follows: Instructions1. Does Andover Company use a periodic or perpetual inventory system? Explain.2....
-
Selected accounts and related amounts for Drapery Land Co. for the fiscal year ended July 31, 2010, are presented in Problem 6-1B. Instructions 1. Prepare a single-step income statement in the format...
-
Determine the average rate of return for a project that is estimated to yield total income of $36,000 over three years, has a cost of $70,000, and has a $10,000 residual value.
-
What is the difference between dividend yield and capital gains?
-
Doosan Babcock, a Scottish electronic equipment manufacturer and a publicly held company, is evaluating the cost of equity capital for the firm. The firms shares are selling for \($35.00;\) it...
-
You purchased a bond issued by Motor Oil Hellas for \($1,334.\) The bond has a coupon rate of 8.3 percent, which is paid semiannually. It matures in 16 years and has a par value of \($1,000.\) What...
-
The common stock for Beta Corporation sells for \($50.\) If a new issue is sold, the flotation costs are estimated to be 5 percent. The company pays 50 percent of its earnings in dividends, and a...
-
Refer to Googles financial statements in Appendix A to compute its equity ratio as of December 31, 2015, and December 31, 2014. Data From Google Financial Statement Appendix A Google Inc....
-
All the folio numbers have been entered in these ledger accounts. You do need to enter them at some time so that you can trace the other side of the entries, but why have they already been entered?
-
After graduating from college and working a few years at a small technology firm. Preet scored a high-level job in the logistics department at Amex Corporation. Amex sells high-quality electronic...
-
In a sample of 100 customers, 240 churned when the company raised rates. Test whether the population proportion of churners is less than 25%, using level of significance = 0.01.
-
Iglesias Enterprises, Inc. has cash flows from operating activities or $385,000. Cash flows used for investments in property, plant, and equipment totaled $145,000, of which 80% of this investment...
-
The financial statements for Nike, Inc., are provided in Appendix D at the end of the text. a. Determine the free cash flow for the year ended May 31, 2010. Assume that 90% of additions to property,...
-
The comparative balance sheet of Juras Equipment Co. for Dec. 31, 2013 and 2012, is: The income statement for the year ended December 31, 2013, is as follows: The following additional information was...
-
Evaluate economic conditions that influence company performance of starbucks Consider political, environmental, currency ( money ) , global economics, and government influences on economic...
-
(Part 1) : The business letter to your employer. The purpose of the letter is to explain why diversity is important in the workplace and to recommend actions the organization can take to become more...
-
Question 4 (20 marks)In the recent annual general meeting of Umi Technology Limited, the board of directors declared an annual dividend of $5.00 per share, and the shareholders agreed to a rights...
Study smarter with the SolutionInn App