Tran Department Store uses a periodic inventory system. The adjusted trial balance of Tran Department Store at
Question:
Tran Department Store uses a periodic inventory system. The adjusted trial balance of Tran Department Store at December 31, 2015, follows:
Requirements
1. Prepare Tran Department Store’s multi-step income statement for the year ended December 31, 2015. Assume ending Merchandise Inventory is $ 29,200.
2. Journalize Tran Department Store’s closingentries.
Transcribed Image Text:
TRAN DEPARTMENT STORE Adjusted Trial Balance December 31, 2015 Balance Debit Credit Account Title Cash Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Uneamed Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Purchases Purchase Returns and Alowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total $6,550 68,300 30,200 350 70,400 $ 14,800 23,500 2,100 11,800 26,400 50,000 12,300 71,200 316,800 5,300 3,500 239,720 91,200 4,800 480 33,800 21,100 2,800 $ 553,700 S553,700
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
Requirement 1 TRAN DEPARTMENT STORE Income Statement Year Ended December 31 2015 Sales Revenue 31680...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Accounting questions
-
The adjusted trial balance of Bertrand Irrigation System at December 31, 2016, follows: Requirements 1. Prepare the companys income statement for the year ended December 31, 2016. 2. Prepare the...
-
The adjusted trial balance of Boston Irrigation System at December 31, 2018, follows: Requirements 1. Prepare the company's income statement for the year ended December 31, 2018. 2. Prepare the...
-
The adjusted trial balance of Elite Realty, Inc., at December 31, 2012, follows: Requirements 1. Prepare Elite Realtys income statement and statement of retained earnings for the year ending December...
-
The yields of nine batches of a chemical process were measured and a sample mean of 2.843 and a sample standard deviation of 0.150 were obtained. The experimenter presented a confidence interval of...
-
When 1.00 mol each of carbon monoxide and water reach equilibrium at 1000oC in a 10.0-L vessel, the equilibrium mixture contains 0.57 mol CO, 0.57 mol H2O, 0.43 mol CO2, and 0.43 mol H2. Write the...
-
In the Millikan oildrop experiment (see Figure 2.5) the tiny oil drops are observed through the viewing lens as rising, stationary, or falling, as shown here. (a) What causes their rate of fall to...
-
Air flows past an object in a pipe of 2-m diameter and exits as a free jet as shown in Fig. P5.122. The velocity and pressure upstream are uniform at \(10 \mathrm{~m} / \mathrm{s}\) and \(50...
-
You have just completed the first year of operation for your business and have the following information: sales, $200,000; cost of goods, $140,000; rent, $18,000; utilities, $8,400; insurance,...
-
The specific heat capacity of a metal is 339.31 joules per kilogramC. How much heat energy (in joules) is needed to raise the temperature of a 35.60 kilogram piece of this metal from 1.26 C to 54.26...
-
A firm has unlevered beta of 1.1, and now its debt to equity ratio is 0.4. What is the levered beta assuming the tax rate is 40%? Using WACC to discount free cash flows, one gets the value of the...
-
Journalize the following transactions that occurred in June 2015 for Dorsey Company. Assume Dorsey uses the periodic inventory system. No explanations are needed. Identify each accounts payable and...
-
Davis Consulting performs systems consulting. The company has also begun selling accounting software and uses the perpetual inventory system to account for software inventory. During January, Davis...
-
Although social learning theory focuses on social development and Piaget's theory on cognitive development, each has enhanced our understanding of other domains. Mention an additional domain...
-
You just purchased a share of SPCC for $103. You expect to receive a dividend of $7 in one year. If you expect the price after the dividend is paid to be $113, what total return will you have earned...
-
What is the role of the centroid and how is it formed?
-
Explain why a low log-likelihood ratio indicates a better fit.
-
Explain the nature of the log-likelihood ratio. What does it measure?
-
Why is the solution to heteroscedasticity as proposed in the first two questions unlikely to occur?
-
Why was the possibility of increased productivity of serfs not realized for several centuries?
-
The following items were displayed in the statement of affairs for Lubbock Company: Fully secured liabilities ......... $90,000 Partially secured liabilities ....... 12,000 Unsecured liabilities...
-
Write the branch tests for each conditional. a. if ((a > 0) && (b < 0)) f1(); b. if ((a == 5) && !c) f2(); c. if ((b jj c) && (a != d)) f3();
-
Briefly describe the two major fields of accounting.
-
What is the role of the Financial Accounting Standards Board (FASB)?
-
A business purchases an acre of land for $ 5,000. The current market value is $ 5,550 and the land was assessed for property tax purposes at $ 5,250. What value should the land be recorded at, and...
-
Critically reflect - How have the IoT and Big Data changed the way you do business? How has it changed the way your organization does business? consider it Saudia Airlines company supported with...
-
Data on the three models and selected costs follow. Year 1 Units produced and sold Red 6,000 Yellow 11,000 Green 21,000 Total 38,000 Sales price per unit $ 160 $ 130 $ 60 Direct materials cost per...
-
The trial balance of Martinez Ltd. at December 31, 2023, follows: Cash Sales revenue Debits Credits $345,000 $11,434,000 FV-NI investments (at fair value) Cost of goods sold Bond investment at...
Study smarter with the SolutionInn App