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Accounts Receivable 16,250 Accumulated depreciation: Office equipment 25,000 Cash 25,300 Land 58,500 Merchandise inventory 25,250 Office equipment 41,000 Office supplies 4,410 Prepaid rent 1,800 Cost
Accounts Receivable | 16,250 |
Accumulated depreciation: Office equipment | 25,000 |
Cash | 25,300 |
Land | 58,500 |
Merchandise inventory | 25,250 |
Office equipment | 41,000 |
Office supplies | 4,410 |
Prepaid rent | 1,800 |
Cost of Goods Sold | 112,575 |
Depreciation expense: office equipment | 2,750 |
Income tax expense | 9,000 |
Insurance expense | 1,900 |
Office supplies expense | 520 |
Rent expense | 5,700 |
Salaries expense | 98,095 |
Utilities expense | 5,650 |
Accounts Payable | 35,600 |
Bonds Payable (due Dec 31, 2021 | 25,750 |
Deferred income taxes | 5,750 |
Note payable (due Dec 31, 2010) | 4,750 |
Premium on bonds payable | 8,900 |
Sales taxes payable | 5,850 |
Additional paid-in capital (common stock) | 7,000 |
Common Stock (1,800 shares, $10 par value) | 18,000 |
Dividends declared | 5,000 |
Preferred stock (250 shares, $20 par value) | 5,000 |
Retained earnings (Jan 2018) | 24,650 |
Treasury stock (200 common shares at cost) | 2,250 |
Sales | 253,000 |
Sales returns and allowances | 3,300 |
Beginning Inventory | 32,000 |
Beginning Accounts Receivable | 22,000 |
Use this data to create a Trial Balance. | |
Then Create a multiple-step income statement, statement of retained | |
earnings, and a classified balance sheet. | |
Provide the following ratios | |
Current ratio | |
Acid test ratio | |
Accounts receivable turnover | |
Inventory | |
Days' sales uncollected | |
Days' Sales in inventory | |
Debt-to-equity ratio | |
Profit Margin |
Can someone create the trial balance, multi-step income statement, statement of retained earnings, and the classified balance sheet with labels? I don't know what all of those mean to a point where I'm fully comfortable. Also, please show work for the ratios! Thank you!
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