ACC 100 Lecture Notes - Lecture 10: Financial Statement Analysis, Deferral, Financial Statement
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17 Oct 2017
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Adjustment data:
1. | Supplies on hand totaled $5,040. | |
2. | Depreciation is $16,905 on the equipment. | |
3. | Interest of $11,880 is accrued on notes payable at November30. |
Other data:
1. | Salaries expense is 70% selling and 30% administrative. | |
2. | Rent expense and utilities expenses are 80% selling and 20%administrative. | |
3. | $30,000 of notes payable are due for payment next year. | |
4. | Maintenance and repairs expense is 100% administrative. |
SHAMROCK FASHION CENTER | ||||||
Debit | Credit | |||||
Cash | $33,510 | |||||
Accounts Receivable | 37,240 | |||||
Inventory | 48,540 | |||||
Supplies | 9,040 | |||||
Equipment | 140,080 | |||||
Accumulated Depreciation-Equipment | $26,540 | |||||
Notes Payable | 54,540 | |||||
Accounts Payable | 52,040 | |||||
Common Stock | 93,540 | |||||
Retained Earnings | 11,540 | |||||
Sales Revenue | 765,550 | |||||
Sales Returns and Allowances | 4,200 | |||||
Cost of Goods Sold | 495,400 | |||||
Salaries and Wages Expense | 138,280 | |||||
Advertising Expense | 27,670 | |||||
Utilities Expenses | 15,720 | |||||
Maintenance and Repairs Expense | 12,100 | |||||
Delivery Expense | 16,700 | |||||
Rent Expense | 25,270 | |||||
Totals | $1,003,750 | $1,003,750 | Prepare an adjusted trial balance. |
debit | credit | ||
100 | Cash | 54,339 | |
110 | Investment Securities--AFS | 72,000 | |
115 | ACCRUED INTEREST RECEIVABLE | 1000 | |
130 | Accounts Receivable | 48,607 | |
131 | Allowance for Doubtful Accounts | 3,022 | |
132 | Allowance for Sales Returns and Allowances | 972 | |
140 | Merchandise Inventory | 449,807 | |
150 | Prepaid Insurance | 7,434 | |
160 | Store Supplies | 2,700 | |
170 | Land | 285,820 | |
180 | Building | 476,895 | |
181 | Accumulated Depreciation: Building | 55,027 | |
182 | Office & Store Equipment | 163,941 | |
183 | Accumulated Depreciation: Office & Store Equipment | 54,763 | |
184 | Delivery Trucks | 198,545 | |
185 | Accumulated Depreciation: Delivery Trucks | 41,260 | |
200 | Accounts Payable | 51,274 | |
210 | FICA Taxes Payable | 5,406 | |
220 | FEDERAL INCOME TAX WITHHOLDING PAYABLE | 3,401 | |
230 | Unemployment Taxes Payable | 814 | |
240 | Union Dues Payable | 180 | |
250 | Salaries & Wages Payable | 37,085 | |
260 | accured utility payable | 506 | |
280 | Mortgage Payable | 200,000 | |
281 | Accrued Interest Payable | 667 | |
300 | Common Stock | 100,000 | |
301 | PIC in Excess of Par | 1,000,000 | |
350 | Retained Earnings | 85,937 | |
400 | Sales | 1,779,369 | |
401 | Sales Returns | 36,893 | |
402 | Sales Discounts | 12,027 | |
490 | INTEREST REVENUE | 1,000 | |
500 | Purchases | 0 | |
501 | Purchase Returns | 0 | |
502 | Purchase Discounts | 0 | |
520 | Freight In | 0 | |
550 | cost of goods sold | 1,157,524 | |
600 | Salaries & Wages Expense | 304,693 | 0 |
605 | Payroll Tax Expense | 41,573 | 0 |
610 | Advertising Expense | 11,874 | 0 |
620 | REPAIR EXPENSE | 1,700 | 0 |
630 | STORE SUPPLIES EXPENSE | 10,021 | 0 |
640 | Utilities Expense | 20,410 | 0 |
650 | INSURANCE EXPENSE | 6,034 | 0 |
660 | DEPRECIATION EXPENSE | 46,459 | 0 |
670 | DOUBTFUL ACCOUNTS EXPENSE | 928 | 0 |
800 | Interest Expense | 9,459 | 0 |
Totals | 3,420,683 | 3,420,683 |
Prepare a balance sheet as of December 31, 2016.(Remember that part of the mortgage payable should be classified asa current liability and the remainder as a long termliability.)