Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone help me solve this problem entirely please. I'll appreciate it, thank you 1 PROBLEM 2:25 POINTS 2 3 The below is the adjusted

image text in transcribed

can someone help me solve this problem entirely please. I'll appreciate it, thank you

1 PROBLEM 2:25 POINTS 2 3 The below is the adjusted trial balnce of Ra Distributing Company 4 5 R&M DISTRIBUTING COMPANY Adjusted Trial Balance December 31, 2019 6 7 8 9 10 11 $31,500 12,500 1.350 19,500 6,200 1,750 80,000 12 13 14 16,500 4,700 2,200 23,000 17,000 9,500 2,500 2.500 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Cash Accounts receivable Employee advances Merchandise Inventory, January 1, 2018 Prepaid Insurance Supplies Delivery Truck Accumulated Depreciation-Trucks Office equipment Accumulated Depreciation Office Equipment Computer equipment Accumulated Depreciation-Computer Equipment Accumulated Depreciation equipment Deposits Accounts payable Salaries and wages payable Payroll taxes payable Pension contribution Payable Sales Taxes Payable Long Term Notes Payable Common Stock Retained Earnings January 1, 2018 Divident paid Sales Sales Return Sales Discount Purchase Purchase Discount Purchase Return Transportation in Salaries and wages Rent 12,500 9,600 1,750 2,500 2,350 17.000 20.000 10,000 5,000 550.000 3,750 3,200 380.000 2,000 5,500 1,700 37,500 40 8,950 41 Autos and trucks 7,250 42 Payroll taxes 2,500 43 Insurance 2,850 44 3,500 45 Depreciation Pension contribution Telephone 46 7,500 1,500 47 48 5,000 1,500 Utilities Advertising Office supplies Repairs and maintenance 49 1,700 50 7.250 51 1.750 673,150 52 53 54 55 56 57 Interest Income Total 673,150 Ending merchandise inventory as of December 31, 2019 is $ 27,000. Instruction: 1. Prepare multistep Income statement, Statement of Stock holder's equity and Balance sheet for 2019 2. Prepare closing journal entries for 2019

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

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

6th edition

978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163

More Books

Students also viewed these Accounting questions