Business, 28.05.2021 14:00 lilybrok04

Income Statement, Statement of Owner's Equity, and Balance SheetPaulson's Pet Store completed the Adjusted Trial Balance for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $495,810. The current portion of Note Payable is $3,000. Paulson's Pet Store
End-of-Period Spreadsheet (Partial)
December 31, 20--
ACCOUNT TITLEADJUSTED TRIAL BALANCEDEBITCREDIT
Cash23,450.00
Accounts Receivable9,350.00
Merchandise Inventory64,900.00
Estimated Returns Inventory1,100.00
Prepaid Insurance Land 2,400.00 1,800.00 90,000.00 350,000.00 20,000.00 120,000.00 Building Accum. Depr.- Building Store Equipment Accum. Depr.–Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable Note Payable B. Paulson, Capital B. Paulson, Drawing 3,600.00 9,560.00 1,500.00 1,100.00 3,440.00 8,000.00 542,490.00 4,900.00 59,100.00 Income Summary 64,800.00 700.00 1,100.00 Sales 326,050.00 eBook Show Me How Income Summary 59,100.00 64,800.00 1,100.00 700.00 Sales 326,050.00 5,360.00 162,630.00 Sales Returns and Allowances Purchases Purchases Returns and Allowances Purchases Discounts Freight-In 4,080.00 3,200.00 Wages Expense 1,600.00 69,400.00 1,200.00 900.00 2,736.00 2,864.00 Advertising Expense Supplies Expense Phone Expense Utilities Expense Insurance Expense Depr. Expense-Building Depr. Expense-Store Equipment Miscellaneous Expense Interest Expense 1,600.00 10,000.00 1,800.00 600.00 640.00 988,920.00 988,920.00 321,130.00 399,230.00 Net Income 78,100.00
Required:
1. Prepare a multiple-step income statement. Paulson's Pet Store Income Statement For Year Ended December 31, 20-- Revenue from sales: Sales Less: Sales returns and allowances Net sales Cost of goods sold: Merchandise inventory, December 31, 20-- $ TA $ Operating expenses: Operating expenses: Other expenses:
2. Prepare a statement of owner's equity. Paulson's Pet Store Statement of Owner's Equity For Year Ended December 31, 20-- Total investment
3. Prepare a balance sheet. Paulson's Pet Store Balance Sheet December 31, 20-- Assets Current assets: > Total current assets Property, plant, and equipment: $ Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: G 음 Total liabilities Owner's Equity Total liabilities and owner's equity

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 20:10, NorbxrtThaG

Assume that a local bank sells two services, checking accounts and atm card services. the bank’s only two customers are mr. donethat and ms. beenthere. mr. donethat is willing to pay $8 a month for the bank to service his checking account and $2 a month for unlimited use of his atm card. ms. beenthere is willing to pay only $5 for a checking account, but is willing to pay $9 for unlimited use of her atm card. assume that the bank can provide each of these services at zero marginal cost. refer to scenario 17-5. if the bank is unable to use tying, what is the profit-maximizing price to charge for a checking account

Answers: 3

continue

Business, 22.06.2019 20:30, Picklehead1166

Data for hermann corporation are shown below: per unit percent of sales selling price $ 125 100 % variable expenses 80 64 contribution margin $ 45 36 % fixed expenses are $85,000 per month and the company is selling 2,700 units per month. required: 1-a. how much will net operating income increase (decrease) per month if the monthly advertising budget increases by $9,000 and monthly sales increase by $20,000? 1-b. should the advertising budget be increased?

Answers: 1

continue

Business, 22.06.2019 23:00, dededese2403

Which of the following represents an unlimited queue? a. toll booth serving automobiles on the interstateb. drive through lane at a fast food restaurantc. faculty office with limited seating during office hoursd. restaurant with no outside seating and limited capacity due to fire departments restrictionse. small barbershop with only 5 chairs for waiting customers

Answers: 3

continue

Business, 23.06.2019 00:00, Brandon4188

Which example would the government consider as intellectual property? a. product design that contains a hologram of the logo of the company b. a copy of a famous artist’s painting in a new medium c. a plant species discovered in the united states for the first time d. a method of production that is common to an entire industry e. a discount structure offered to the customer at a store

Answers: 3

continue

You know the right answer?

Income Statement, Statement of Owner's Equity, and Balance SheetPaulson's Pet Store completed the Ad...