subject
Business, 22.09.2020 09:01 avalonr2003

Fischer Card Shop is a small retail shop. Fischer's balance sheet at year-end 2013 is as follows. The following information details transactions and adjustments that occurred during 2019. 1. Sales total $145,850 in 2019; all sales were cash sales.
2. Inventory purchases total $76,200 in 2019; at December 31, 2019, inventory totals $14,500. Assume all purchases are made on account.
3. Accounts payable totals $4,100 at December 31, 2019.
4. Annual store rent for $24,000 and was paid on March 1, 2019, covering the next 12 months. The balance in prepaid rent at December 31, 2018, was the balance remaining from the advance rent payment in 2018.
5. Wages are paid every other week on Friday; during 2019, Fischer paid $12,500 cash for wages. At December 31, 2019, Fischer owed employees unpaid and unrecorded wages of $350.
6. Depreciation on equipment totals $1,700 in 2019.

Fischer Card Shop Balance Sheet December 31, 2018

Cash $8,500 Accounts payable $5,200
Inventories 12,000 Wages payable 100
Prepaid rent 3,800 Total current liabilities 5,300
Total current assets 24,300 Total equity (includes retained earnings) 23,500
Equipment $7,500 Total liabilities and equity $28,800
Less Accumulated depreciation 3,000 Equipment, net 4,500
Total assets $28,800

Required:
a. Set up T-accounts, including beginning balances, and post the journal entries to those T-accounts on the appropriate line.

ansver
Answers: 1

Other questions on the subject: Business

image
Business, 22.06.2019 11:00, andregijoe41
Alocal barnes and noble bookstore ordered 80 marketing books but received 60 books. what percent of the order was missing?
Answers: 1
image
Business, 22.06.2019 16:10, ilovemusicandreading
The brs corporation makes collections on sales according to the following schedule: 30% in month of sale 66% in month following sale 4% in second month following sale the following sales have been budgeted: sales april $ 130,000 may $ 150,000 june $ 140,000 budgeted cash collections in june would be:
Answers: 1
image
Business, 22.06.2019 17:40, gabe2111
Take it all away has a cost of equity of 11.11 percent, a pretax cost of debt of 5.36 percent, and a tax rate of 40 percent. the company's capital structure consists of 67 percent debt on a book value basis, but debt is 33 percent of the company's value on a market value basis. what is the company's wacc
Answers: 2
image
Business, 22.06.2019 19:00, erbs2003
Which of the following would cause a shift to the right of the supply curve for gasoline? i. a large increase in the price of public transportation. ii. a large decrease in the price of automobiles. iii. a large reduction in the costs of producing gasoline
Answers: 1
You know the right answer?
Fischer Card Shop is a small retail shop. Fischer's balance sheet at year-end 2013 is as follows. Th...

Questions in other subjects: