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The accounts and their balances in the ledger of Viaduct Co. on December 31, 2006, are as follows:
Cash
$ 18,000
Sales
$815,000
Accounts Receivable
82,500
Sales Returns and Allowances
11,900
Merchandise Inventory
165,000
Sales Discounts
7,100
Prepaid Insurance
9,700
Cost of Merchandise Sold
476,200
Store Supplies
4,250
Sales Salaries Expense
76,400
Office Supplies
2,100
Advertising Expense
25,000
Store Equipment
157,000
Depreciation Expense-
Accumulated Depreciation-
40,300
Store Supplies Expense
Office Equipment
50,000
Miscellaneous Selling Expense
1,600
Office Salaries Expense
34,000
17,200
Rent Expense
16,000
Accounts Payable
66,700
Insurance Expense
Salaries Payable
Unearned Rent
1,200
Note Payable
Office Supplies Expense -
(final payment due 2016)
105,000
Miscellaneous Administrative
Robbin Jaeger, Capital
134,600
Expense
1,650
Robbin Jaeger, Drawing
30,000
Rent Revenue
Income Summary
Interest Expense
11,600
The data needed for year-end adjustments on December 31 are as follows:
Physical merchandise inventory on December 31
$157,500
Insurance expired during the year
4,000
Supplies on hand on December 31
Store supplies
1,100
Office supplies
600
Depreciation for the year:
Store equipment
4,500
Office equipment
2,800
Salaries payable on December 31:
Sales salaries
$2,850
Office salaries
800
3,650
Unearned rent on December 31
400
Instructions
1. Prepare a work sheet for the fiscal year ended December 31, 2006. List all ac-counts in the order given.
2. Prepare a multiple-step income statement.
3. Prepare a statement of owner's equity.
4. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $15,000.
5. Journalize the adjusting entries.
6. Journalize the closing entries.
Financial Statement Analysis and Preparation
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