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Home / Questions / The following data for the current year ended June 30 were extracted from the accounting r

The following data for the current year ended June 30 were extracted from the accounting r

The following data for the current year ended June 30 were extracted from the accounting records of Excel Co.:
 

Admisitrative Expenses

$28,750

Cost of merchandise sold

181,440

Interest Expense

               3,600

Rent Revenue

               1,500

Sales

            548,000

Sales Returns and Allowances

               9,000

Sales Discounts

               4,560

Selling Expenses

65,000

 

 


Prepare a multiple-step income statement for the year ended June 30, 2014. 


 


 


 


 

 

204. Selected data from the ledger of Morrison Co. after adjustment at September 30, 2011 the end of the fiscal year, are listed as follows:
 

Accounts Receivable

$  39,120  

 

Office Equipment

$    82,700

Accumulated  Depreciation

60,540  

 

Prepaid Insurance

4,680

Administrative Expenses

90,000  

 

Note Payable

77,750

Bob Morrison, Capital

85,000  

 

Salaries Payable

3,060

Cost of Merchandise Sold

550,000  

 

Sales (net)

950,000

Bob Morrison, Drawing

65,000  

 

Selling Expenses

102,000

Interest Revenue

10,000  

 

Supplies

3,125

 

 

 

 

 


Prepare an income statement, using the single-step form, and a statement of owner's equity. 


 


 


 


 

 

205. Prepare (a) a single-step income statement, (b) a statement of owner's equity, and (c) a balance sheet in report form from the following data for Kooper Co., taken from the ledger after adjustment on December 31, 2010 the end of the fiscal year.
 

Accounts Payable

$  97,200

Accounts Receivable

64,300

Accumulated Depreciation - Office Equipment

72,750

Accumulated Depreciation - Store Equipment

162,100

Administrative Expenses

56,500

Maeve Kooper, Capital

81,750

Cash

53,000

Cost of Merchandise Sold

121,700

Maeve Kooper, Drawing

52,000

Interest Expense

12,000

Merchandise Inventory

93,250

Note Payable, Due 2012

154,000

Office Equipment

149,750

Prepaid Insurance

6,500

Rent Revenue

17,500

Salaries Payable

28,700

Sales (net)

365,500

Selling Expenses

41,500

Store Equipment

325,000

Supplies

4,000

 

 

Dec 09 2019 View more View Less

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