{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T09:05:45-04:00", "answer_date": "2024-06-28 09:05:45", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4279741", "url": "\/study-help\/questions\/at-the-end-of-the-hope-stores-fiscal-year-on-4279741", "question_creation_date_js": "2024-06-28T09:05:45-04:00", "question_creation_date": "Jun 28, 2024 09:05 AM", "meta_title": "[Solved] At the end of the Hope Store's fiscal yea | SolutionInn", "meta_description": "Answer of - At the end of the Hope Store's fiscal year on November 30, 2019, the following accounts appeared in its trial balance. | SolutionInn", "meta_keywords": "end,hope,store,s,fiscal,year,november,30,2019,accounts,appeared,trial", "question_title_h1": "At the end of the Hope Store's fiscal year on November 30, 2019, the following accounts appeared in its trial balance. Unadjusted Accounts payable 25,200", "question_title": "At the end of the Hope Store's fiscal year on November 30,", "question_title_for_js_snippet": "At the end of the Hope Store's fiscal year on November 30, 2019, the following accounts appeared in its trial balance Unadjusted Accounts payable 25,200 Accumulated Depr Equip 22,000 Cash 25,212 Cost of Goods Sold 507,000 Dividends 8,000 Equipment 154,300 Freight out 6,500 Interest expense 6,100 Interest revenue 7,964 Inventory 26,000 Miscellaneous expense 452 Notes payable 37,000 Notes receivable 31,300 Prepaid insurance 10,500 Rent expense 15,000 Retained earnings 61,700 Salaries and wages expense 96,000 Sales commissions expense 6,500 Sales returns and allowances 9,000 Sales revenue 706,000 Share capital ordinary 50,000 Utilities expense 8,000 Other data 1 Depreciation expense for the month 11,000 2 Insurance expired for November 7,000 3 Property tax payable not yet recorded 3,500 4 Sales commission payable not yet recorded 7,000 5 Cash balance per bank, November 30 25,121 6 November bank service charge not recorded by the depositor 28 7 Deposits in transit, November 30 1,500 8 Bank collected 800 note for the company in November, plus interest 36, less fee 20 The collection has not been recorded by the company and no interest has been accrued 9 Outstanding checks, November 30 621 10 Inventory on December 1, 2018 20,000 11 From an internal audit it is known that for the inventory, the same person perform ordering items, receiving the items, and receiving the invoice Instructions 1 Prepare a bank reconciliation at November 30 2 Journalize all the adjusting entries at November 30 needed on the books of the company 3 Prepare an income statement 4 Prepare a retained earnings statement 5 Prepare a classified statement of financial position Notes payable are due in 2023 6 Journalize the closing entries that are necessary 7 Compute Inventory turnover and Days in inventory Explain your analysis 8 Explain the weakness found in the company's internal control ", "question_description": "

At the end of the Hope Store's fiscal year on November 30, 2019, the following accounts appeared in its trial balance. <\/p>

<\/strong><\/p>

Unadjusted <\/strong><\/p>

Accounts payable 25,200<\/p>

Accumulated Depr.Equip. 22,000<\/p>

Cash 25,212<\/p>

Cost of Goods Sold 507,000<\/p>

Dividends 8,000<\/p>

Equipment 154,300<\/p>

Freight-out 6,500<\/p>

Interest expense 6,100<\/p>

Interest revenue 7,964<\/p>

Inventory 26,000<\/p>

Miscellaneous expense 452<\/p>

Notes payable 37,000<\/p>

Notes receivable 31,300<\/p>

Prepaid insurance 10,500<\/p>

Rent expense 15,000<\/p>

Retained earnings 61,700<\/p>

Salaries and wages expense 96,000<\/p>

Sales commissions expense 6,500<\/p>

Sales returns and allowances 9,000<\/p>

Sales revenue 706,000<\/p>

Share capital - ordinary 50,000<\/p>

Utilities expense 8,000<\/p>

<\/p>

<\/p>

Other data: <\/strong><\/p>

1.Depreciation expense for the month: 11,000 <\/p>

2.Insurance expired for November: 7,000 <\/p>

3.Property tax payable not yet recorded: 3,500 <\/p>

4.Sales commission payable not yet recorded: 7,000 <\/p>

5.Cash balance per bank, November 30: 25,121 <\/p>

6.November bank service charge not recorded by the depositor: 28 <\/p>

7.Deposits in transit, November 30: 1,500 <\/p>

8.Bank collected 800 note for the company in November, plus interest 36, less fee 20. The collection has not been recorded by the company and no interest has been accrued. <\/p>

9.Outstanding checks, November 30: 621<\/p>

10.Inventory on December 1, 2018: 20,000 <\/p>

11.From an internal audit it is known that for the inventory, the same person perform ordering items, receiving the items, and receiving the invoice. <\/p>

<\/p>

Instructions: <\/strong><\/p>

1.Prepare a bank reconciliation at November 30. <\/p>

2.Journalize all the adjusting entries at November 30 needed on the books of the company. <\/p>

3.Prepare an income statement <\/p>

4.Prepare a retained earnings statement <\/p>

5.Prepare a classified statement of financial position. Notes payable are due in 2023. <\/p>

6.Journalize the closing entries that are necessary. <\/p>

7.Compute Inventory turnover and Days in inventory. Explain your analysis. <\/p>

8.Explain the weakness found in the company's internal control. <\/p>

<\/strong><\/p>

<\/strong><\/p>

<\/strong><\/p>", "transcribed_text": "", "related_book": { "title": "Fundamentals Of Statistics", "isbn": "978-032184460, 032183870X, 321844602, 9780321838704, 978-0321844606", "edition": "4th Edition", "authors": "Michael Sullivan III", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/445.jpg", "uri": "\/textbooks\/fundamentals-of-statistics-4th-edition-445", "see_more_uri": "" }, "free_related_book": { "isbn": "1642257788", "uri": "\/textbooks\/always-trust-your-cape-how-i-lived-the-american-dream-1st-edition-978-1642257786-303489", "name": "Always Trust Your Cape How I Lived The American Dream", "edition": "1st Edition" }, "question_posted": "2024-06-28 09:05:45", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/riverwood-tanning-salon-bought-three-tanning-beds-in-a-19000", "description": "Riverwood Tanning Salon bought three tanning beds in a $19,000 lump-sum purchase. 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