Activity One: Schedules: Sales = $58,000 Sales Discounts = $1,200 Sales Returns and Allowances = $540 COGS = $39,960 Ending Inventory = $3,500 Operating Expenses = $11,650 Calculate the Net Sales, Gross Profit, and Net Income (Loss): (SHOW ALL WORKINGS ON WORKING PAPERS) Activity Two: Adjustments and the Worksheet The owner of Tuckamore Interiors, Ruby Tuckamore, in St. John's has asked you to finish the worksheet for the year ended December 31, 2019 Use the worksheet on the next page to fill in your adjustments. The accounts you need are already entered in the proper order. a) A physical count of inventory on December 31, $6,400 Office Supplies used up, $500 Rent expired, $1,000 Depreciation expense of office equipment, $1,250 Accrued salaries, $1,800 Insurance expired, $400 f) Extend your totals to the: Adjusted Trial Balance columns Income Statement columns Balance Sheet columns Activity Three: Financial Statements Based on the partial worksheet, prepare the following financial statements: Income Statement Statement of Owner's Equity Balance Sheet 1. D. Fashions Work Sheet For Year Ended December 31, 2019 Income Statement Balance Sheet Account DR CR DR CR Cash 93,000 Accounts Receivable 12,350 Merchandise Inventory 12,900 Supplies 2,010 Prepaid Insurance 2,000 Prepaid Rent 13,000 Store Equipment 28,000 Acc Deprec, Store Equipment 8,000 Vehicle 20,000 Acc Deprec. Vehicle 5,000 Accounts Payable 3,600 Wages Payable 19,000 Mortgage Payable 67,000 Ima Designer, Capital 67,000 Ima Designer, Withdrawals 19,000 Rental Income 25,000 Sales 78,000 Sales Returns & Allowances 2,500 Sales Discounts 1,560 Cost of Goods Sold 22,000 Supplies Expense 3,500 Rent Expense 18,000 Deprecation Exp. Store Equipment 2,000 Deprecation Exp, Vehicle 2,500 Wages Expense 15,000 Insurance Expense 1,080 Advertising Expense 700 Utilities Expense 1,500 NOTE: 5,000 of the Mortgage is due this year. Rental Income is another source of revenue not directly related to the business. Activity Four: Closing Entries: Using the information below journalize your closing entries on the General Journal form. Purrfect Relaxations General Ledger Balances For Year Ended December 31, 2019 Balances Account DR CR Cash 110,000 Accounts Receivable 16,450 Merchandise Inventory 12,000 Supplies 6,500 Prepaid Insurance 1,800 Spa Equipment 20,000 Acc. Deprec, Spa Equipment 5,000 Accounts Payable 8,500 Wages Payable 1,500 Martin Sharpe, Capital 189,000 Martin Sharpe, Withdrawals 38,000 Income Summary Sales 169,400 Rental Income 45,000 Sales Returns & Allowances 6,000 Sales Discounts 3,050 Cost of Goods Sold 128,200 Wages Expense 45,000 Advertising Expense 1,000 Rent Expense 18,000 Deprec Exp, Spa Equipment 10,000 Supplies Expense 1,500 Insurance Expense 900 418,400 418,400