Description
ACCOUNTING CONCEPTS – ACC 241
ACCOUNTING CYCLe
NAME:
_________________________________
DATE: _________
- Complete the attached worksheet for 2011 for
Green Company, given the
following information:
|
Physical count of inventory on hand on |
$189,000 |
|
|
Insurance expired during the accounting |
5,000 |
|
|
Count of supplies on hand on December 31: |
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|
Store |
1,300 |
|
|
Office |
750 |
|
|
Depreciation for the accounting period: |
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|
Store |
4,500 |
|
|
Office |
2,800 |
|
|
Salaries earned, but not paid as of |
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|
Sales |
$3,850 |
|
|
Office |
1,150 |
5.000 |
|
Unearned rent on December 31 |
400 |
- Prepare an income statement, statement of owner’s
equity, and balance sheet using the forms below
|
Trial Balance |
Adjustments |
Adj. Trial Balance |
Income Statement |
Balance Sheet |
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|
dr |
Cr |
dr |
cr |
dr |
cr |
dr |
cr |
dr |
cr |
|
|
Cash |
28,500 |
|||||||||
|
Accounts Receivable |
132,500 |
|||||||||
|
Merchandise Inventory |
195,000 |
|||||||||
|
Prepaid Insurance |
9,700 |
|||||||||
|
Store Supplies |
4,250 |
|||||||||
|
Office Supplies |
2,100 |
|||||||||
|
Store Equipment |
157,000 |
|||||||||
|
Accum. Depr. – Store Equipment |
40,800 |
|||||||||
|
Office Equipment |
50,000 |
|||||||||
|
Accum. Depr. – Office Equipment |
17,200 |
|||||||||
|
Accounts Payable |
66,700 |
|||||||||
|
Salaries Payable |
||||||||||
|
Unearned Rent |
1,200 |
|||||||||
|
Note Payable |
105,000 |
|||||||||
|
S. Klaus, Capital |
224,600 |
|||||||||
|
S. Klaus, Drawing |
30,000 |
|||||||||
|
Sales |
915,000 |
|||||||||
|
Sales Returns and Allowances |
11,900 |
|||||||||
|
Sales Discounts |
7,100 |
|||||||||
|
Cost of Merchandise Sold |
576,200 |
|||||||||
|
Sales Salaries Expense |
76,400 |
|||||||||
|
Advertising Expense |
25,000 |
|||||||||
|
Depr. Expense – Store Equipment |
||||||||||
|
Store Supplies Expense |
||||||||||
|
Miscellaneous Selling Expense |
1,600 |
|||||||||
|
Office Salaries Expense |
34,000 |
|||||||||
|
Rent Expense |
16,000 |
|||||||||
|
Insurance Expense |
||||||||||
|
Depr Expense – Office Equipment |
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|
Office Supplies Expense |
||||||||||
|
Misc. Administrative Expense |
1,650 |
|||||||||
|
Rent Revenue |
||||||||||
|
Interest Expense |
11,600 |
|||||||||
|
|
1,370,500 |
1,370,500 |
|
|
|
|
|
|
|
|
|
Net Income |
|
____________________________________ |
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|
Income |
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|
__________________________________________ |
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|
Sales |
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|
Cost of Merchandise Sold |
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|
Operating Expenses |
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|
Net Income |
|
________________________________ |
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|
Statement of Owners’ |
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|
_____________________________________ |
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|
S. Klaus, Capital – January 1, 2011 |
|||
|
S. Klaus, Capital – December 31, 2011 |
$ – |
|
___________________________ |
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|
Balance Sheet |
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|
_______________________________________ |
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|
Assets |
|||
|
Current Assets |
|||
|
Total Current Assets |
$ – |
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|
Long-Term Assets |
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|
Total Assets |
$ – |
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|
Liabilities |
|||
|
Current Liabilities |
|||
|
Total Liabilities |
$ – |
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|
Owners’ Equity |
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|
Total Liabilities and Owners’ Equity |
$ – |
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