Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

accounting Hootan Store prepared the following list of accounts at its year-end of April 30, 2021. All accounts have a normal balance. The company is

accounting
image text in transcribed
image text in transcribed
image text in transcribed
Hootan Store prepared the following list of accounts at its year-end of April 30, 2021. All accounts have a normal balance. The company is owned and managed by Dion Hootan. Account Titles Balance Accounts Payable $6,200 Accounts Receivable $5,700 Accumulated Depreciation $2,400 Bank Loan $9,000 Cash $14,2001 Cost of Goods Sold $19,400 Depreciation Expense 52,400 Equipment $40,500 Hootan, Capital $49,690 Hootan, Withdrawals $1,200 Merchandise Inventory $6,700 Prepaid Insurance $21,300 D Rent Expense $7,800 Sales Discounts $1,8001 Sales Returns B Allowances $1.600 Sales Revenue 562110 Uneamed Revenue $5,300 to search Hootan, Withdrawals $1,200 Merchandise Inventory $6,700 Prepaid Insurance $21,300 Rent Expense $7,800 Sales Discounts $1,800 Sales Returns & Allowances $1,600 Sales Revenue $62,110 Uneamed Revenue $5,300 Utilities Expense $1,200 Wages Expense $10.900 Notes. Assume the balance of owner's equity is the opening balance. The bank loan is payable over 9 years and 51.000 will be paid by April 30 2022. Required Calculate the following values. Do not enter dollar signs or commas in the input boxes. Net Income (Loss) $ LA Current Assets $ LA $ Current Liabilities $ Hootan, Capital as at April 30, 2021 $ Net Sales Revenue $ Gross Profit Total Operating Expenses S

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Practical Auditing Techniques For ISO/TS 16949

Authors: Raymond Ness

1st Edition

978-0595273126

More Books

Students also viewed these Accounting questions