Business, 18.03.2020 02:44 nate7742

Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019.
ACCOUNTS Debit Credit
Cash $ 34,100
Petty Cash Fund 500
Notes Receivable, due 2020 11,800
Accounts Receivable 86,000
Allowance for Doubtful Accounts $ 6,000
Merchandise Inventory 234,000
Warehouse Supplies 2,860
Office Supplies 1,420
Prepaid Insurance 10,200
Land 46,000
Building 178,000
Accumulated Depreciation—Building 54,000
Warehouse Equipment 37,000
Accumulated Depreciation—Warehouse Equipment 17,400
Delivery Equipment 51,000
Accumulated Depreciation—Delivery Equipment 19,600
Office Equipment 25,000
Accumulated Depreciation—Office Equipment 12,000
Notes Payable, due 2020 20,200
Accounts Payable 49,000
Interest Payable 580
Mortgage Payable 61,000
Loans Payable, Long-term 17,000
Charles Ronie, Capital (Jan. 1) 452,460
Charles Ronie, Drawing 127,000
Income Summary 244,000 234,000
Sales 1,685,000
Sales Returns and Allowances 18,200
Interest Income 1,580
Purchases 767,000
Freight In 13,800
Purchases Returns and Allowances 8,440
Purchases Discounts 11,160
Warehouse Wages Expense 199,600
Warehouse Supplies Expense 7,100
Depreciation Expense—Warehouse Equipment 5,800
Salaries Expense—Sales 269,200
Travel and Entertainment Expense 21,500
Delivery Wages Expense 60,330
Depreciation Expense—Delivery Equipment 9,800
Salaries Expense—Office 70,600
Office Supplies Expense 4,000
Insurance Expense 6,200
Utilities Expense 9,290
Telephone Expense 6,520
Payroll Taxes Expense 59,000
Property Taxes Expense 5,600
Uncollectible Accounts Expense 5,800
Depreciation Expense—Building 9,000
Depreciation Expense—Office Equipment 4,000
Interest Expense 8,200
Totals $ 2,649,420 $ 2,649,420
Required:
a) Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.
b) Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the period.
c) Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than a year.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 21:00

Management discovers that a supervisor at one of its restaurant locations removes excess cash and resets sales totals throughout the day on the point-of-sale (pos) system. at closing, the supervisor deposits cash equal to the recorded sales on the pos system and keeps the rest.the supervisor forwards the close-of-day pos reports from the pos system along with a copy of the bank deposit slip to the company’s revenue accounting department. the revenue accounting department records the sales and the cash for the location in the general ledger and verifies the deposit slip to the bank statement. any differences between sales and deposits are recorded in an over/short account and, if necessary, followed up with the location supervisor. the customer food order checks are serially numbered, and it is the supervisor’s responsibility to see that they are accounted for at the end of each day. customerchecks and the transaction journal tapes from the pos system are kept by the supervisor for 1 week at the location and then destroyed.what control allowed the fraud to occur?

Answers: 2

Answer

Business, 21.06.2019 21:20

According to the u.s. census bureau (), the median household income in the united states was $23,618 in 1985, $34,076 in 1995, $46,326 in 2005, and $57,230 in 2015. in purchasing power terms, how did family income compare in each of those four years? you will need to know that the cpi (multiplied by 100, 1982–1984 = 100) was 107.6 in 1985, 152.4 in 1995, 195.3 in 2005, and 237.0 in 2015

Answers: 3

Answer

Business, 22.06.2019 07:30

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Answers: 1

Answer

Business, 22.06.2019 08:40

Which of the following is not a characteristic of enterprise applications that cause challenges in implementation? a. they introduce "switching costs," making the firm dependent on the vendor. b. they cause integration difficulties as every vendor uses different data and processes. c. they are complex and time consuming to implement. d. they support "best practices" for each business process and function. e. they require sweeping changes to business processes to work with the software.

Answers: 1

Answer

You know the right answer?

Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjust...

Questions