work sheet, Financial Accounting

Assignment Help:
Q : The Trial Balance of Dephane Main Fashion Center contained the following accounts at November, 30 the end of the company fiscal year.

Dephane Main Fashion Center

Trial Balance

November 30, 2007

Debit ($) Credit ($)

Cash 26700

Accounts Receivables 33700

Merchandise Inventory 45000

Store Supplies 5500

Store Equipment 85000

Accumulated Depreciation-Store

Equipment 18000

Delivery Equipment 48000

Accumulated Depreciation-

Delivery Equipment 6000

Notes Payable 51000

Accounts Payable 48500

Common Stock 90000

Retained Earnings 8000

Sales 757200

Sales Return and allowances 4200

Cost of Goods Sold 497400

Salary Expenses 140000

Advertising Expenses 26400

Utilities Expenses 14000

Repair Expenses 12100

Delivery Expenses 16700

Rent Expenses 24000

Adjustment Data:

I. Store supplies on hand totaled $3500.

II. Depreciation is $9000 on store equipment, and $7000 on the delivery equipment.

III. Interest of $11000 is accrued on notes payable at November 30th.

Other Data:

a. Salary Expenses is 70 % selling and 30% is advertisement.

b. Rent Expenses and Utilities expense are 80% selling and 20% administrative.

c. $30000 of notes payable are due for payment next year.

d. Repair Expenses is 100% administrative.

Instructions:

1. Journalize the adjusting entries. (10 marks)

2. Prepare an adjusted trial balance. (5 marks)

3. Prepare a 10 column worksheet. (10 marks)

4. Prepare retained earnings statement. (5 marks)

5. Prepare post closing trial balance. (10 marks)

Related Discussions:- work sheet

the rate of interest on the gold is too high or too low, Suppose you are ...

Suppose you are a financial manager of Yuen Cheong Manufacturng Company. Due to the rising demand of product X, Yuen Cheong Manufacturng Company decides to open a new production pl

Expense during 2013 on patent, In January, 2008, Sanford Corporation purcha...

In January, 2008, Sanford Corporation purchased a patent for a new product for $1,200,000. The patent was valid for fifteen years but it was estimated to have a useful life of ten

Determine balance sheet, Determine balance sheet: Income Statements ...

Determine balance sheet: Income Statements Year Ended December 31, 20X8   Insure Co. Go-med Co. Sales $3,900,000

Small business stock, Small Business Stock -No corporate investors can excl...

Small Business Stock -No corporate investors can exclude up to 50 percent of the GAIN they realize on disposition of qualified small business stock issued after Aug. 10, 1993 and h

Explain r and r-squared- f-test and interpret its value, To decide in what ...

To decide in what zone should be placed a store which sells video-cassettes, the manager of a firm which sells and rents cassettes makes a study to estimate the demand for each sto

State the role of accounting information, State the role of Accounting info...

State the role of Accounting information Accounting information has a significant role to play in reporting the extent to which different groups have benefited from the busines

Break-even point, am trying to figure out the break-even point in units usi...

am trying to figure out the break-even point in units using the mathmatical equation. the numbers i have are unit selling price $520, the variable costs per unit are $312 and fina

measure the initial investment outlay, Home Inc. is considering buying a n...

Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to make a new line of product.  The company suppose

Ratios, what is the profitability of

what is the profitability of

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd