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    Problem 19-7 Q

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    Problem 19-7 Q

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    66 views3 pages

    Problem 19-7 Q

    Uploaded by

    api-250474715

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

    101 Cash in Bank 13,603 13,603 13,603


    115 Accts. Receivable 5,418 5,418 5,418
    125 Merchandise Inventory 82,763 4,451 78,312 78,312
    130 Supplies 2,522 2,039 483 483
    135 Prepaid Insurance 1,350 475 875 875
    140 Store Equipment 26,769 26,769 26,769
    201 Accounts Payable 14,481 14,481 14,481
    207 Federal Corporate Income Tax Payable 261 261 261
    210 Employees' Federal Income Tax Payable 189 189 189
    211 Employees' State Income Tax Payable 52 52 52
    212 Social Security Tax Payable 138 138 138
    213 Medicare Tax Payable 28 28 28
    215 Sales Tax Payable 891 891 891
    216 Federal Unemployment Tax Payable 19 19 19
    217 State Unemployement Tax Payable 96 96 96
    301 Capital Stock 80,000 80,000 80,000
    305 Retained Earnings 19,192 19,192 19,192
    310 Income Summary 4,451 4,451 4,451
    401 Sales Tax Payable 92,867 92,867 92,867
    405 Sales Discounts 105 105 105
    410 Sales Returns and Allowances 885 885 885
    501 Purchases 37,491 37,491 37,491
    505 Transportation In 1,805 1,805 1,805
    510 Purchases Discounts 644 644 644
    515 Purchases Returns and Allowances 231 231 231
    601 Advertising Expense 650 650 650
    605 Bankcard Fees Expense 213 213 213
    620 Federal Corporate Inocme Tax Expense 1,720 261 1,981 1,981
    630 Insurance Expense 475 475 475
    640 Maintenance Expense 2,552 2,552 2,552
    645 Miscellaneous Expense 285 285 285
    647 Payroll Tax Expense 1,920 1,920 1,920
    650 Rent Expense 9,700 9,700 9,700
    655 Salaries Expense 18,720 18,720 18,720
    660 Supplies Expense 2,039 2,039 2,039
    670 Utilities Expense 357 357 357
    208,828 208,828 7,226 7,226 209,089 209,089 83,629 93,742 125,460 115,347
    Net Income 10,113 10,113
    93,742 93,742 125,460 125,460
    Shutterbug Cameras
    Worksheet
    For the Year Ended December 31, 2010
    ACCT NO. ACCOUNT NAME
    TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
    Income:
    Sales 92,867
    Less: Sales Discounts 105
    Sales Returns and Allowances 885 990
    Net Sales 91,877
    Cost of Merchandise Sold:
    Merchandise Inventory, January 1, 2010 82,763
    Purchases 37,491
    Plus: Transportation In 1,805
    Cost of Delivered Merchandise 39,296
    Less: Purchases Discounts 644
    Purchases Returns and Allowances 231 875
    Net Purchases 38,421
    Cost of Merchandise Available 121,184
    Merchandise Inventory, December 31, 2010 78,312
    Cost of Merchandise Sold 42,872
    Gross Profit on Sales 49,005
    Operating Expenses
    Advertising Expense 650
    Bankcard Fees Expense 213
    Insurance Expense 475
    Maintenance Expense 2,552
    Miscellaneous Expense 285
    Payroll Tax Expense 1,920
    Rent Expense 9,700
    Salaries Expense 18,720
    Supplies Expense 2,039
    Utilities 357
    Total Operating Expenses 36,911
    Operating Income 12,094
    Less: Federal Corporate Income Tax Expense 1,981
    Net Income 10,113
    For the year ended December 31, 2010
    Income Statement
    Sunset Surfwear
    Retained Earnings, January 1, 2010 19,192
    Net Income 10,113
    Retained Earnings, December 31, 2010 29,305
    Cash in Bank 13,603
    Accounts Receivable 5,418
    Merchandise Inventory 78,312
    Supplies 483
    Prepaid Insurance 875
    Store Equipment 26,769
    Total Assets 125,460
    Accounts Payable 14,481
    Fed. Corporate Income Tax Payable 261
    Employees' Fed Income Tax Payable 189
    Employees' State Income Tax Payable 52
    Social Security Tax payable 138
    Medicare Tax Payable 28
    Fed. Unemployment Tax Payable 19
    State Unemployment Tax Payable 96
    Sales Tax Payable 891
    Total Liabilities 16,155
    Capital Stock 80,000
    Retained Earnings 29,305
    Total Stockholders' Equity 109,305
    Total Liabilities and Stockholders Equity 115,347
    Assets
    Liabilities
    Stockholders' Equity
    Sunset Surfwear
    Statement of Retained Earnings
    For the year ended December 31, 2010
    Sunset Surfwear
    Balance Sheet
    December 31, 2010

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