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PROBLEM
Le Bere Office Supplies Company Work Sheet For the Year Ended September 30, 19x4
Account Name
Trial Balance
Adjustments
Income Statement
Balance Sheet
Debit
Credit
Cash
Accounts Receivable
21,150'
74,490
21,150 74,490
Merchandise Inventory
214,200
266,700
Store Supplies
11,400
(a) 9,750
1,650
Prepaid Insurance
14,400
(b) 7,200
7,200
Store Equipment
253,900
Accumulated Depreciation Store Equipment
76,500
(c) 15,000
91,500
Accounts Payable
116,850
(e) 300
117,150
Grace Le Bere, Capital
484,050
Grace Le Bere, Withdrawals
72,000
Sales
1,225,750
Sales Returns and Allowances
25,440
Purchases
754,800
Purchases Returns and Allowances
18,150
FreisEht In
31,200
Sales Salaries Expense
193,800
(d) 1,950
195,750
Rent Expense
144,000
Other Selling Expenses
98,730
Utilities Expense
11,790
12,090
L921,300
1,921,300
Store Supplies Expense
9,750
Insurance Expense
Depreciation Expense, Store Equipment
15,000
Sales Salaries Payable
1,950
34,200
1,508,160
1,510,600
697,090
694,650
Net Income
1. Complete the totals in columns 5 through 8 of the worksheet.
2. Prepare a detailed Income Statement [see the format on page 281 (Exhibit 10) and 291 (Exhibit 16) of the textbook as an example]. Prepare both Exhibits for your quiz.
3. Compute 'the Gross Profit (GP) ratio and the Inventory Turnover. See pgs 340 - 344 (Chp 7). (a) GP =Net Sales - COGS (pages 265 & 282). GP ratio = "Gross Profit' / "Net Sales" .
4. Prepare the closing entries (assume periodic inventory). See pages 291 - 292. [ Bonus; 6 pts
NOTE: The Merchandise Inventory amounts in the Income Statement and Balance Sheet of the worksheet ; $214,200 (Beg Inv.) and $266,700 (End Inv). See pages 289-292 of textbook.
Verified Expert
I have completed the assignment of worksheet of Le Bere office company for the year ended September 30, 19x4 on my best knowledge and skill and palagrism free. In this assignment I have completed the total column worksheet, compute the Gross profit and Inventory turnover Ratio and Prepared detailed Income and statement along with closing entries.
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