comprehensive problem fabulous furnishings ch 12 Scott nobles

ANCIAL STATEMENTS, CLOSING ENTRIES. AND REVERSING ENTRIES 575 a $250,000 sotal assets $140,000 noncurrent assets $1 10,000 current assets $130,000 total liabilaties-$80,000 long term liabilities liabilities s110.000 current assets $50,000 current liabilaties $60,000 working 110,000 current assets 2.20 current ratio b. S5000currentTiabilities Comprehensive Review Problem You are to record transactions completed by Fabulous Furnishings during February of this year. Beginning balances for the accounts listed below have been provided in your Working Papers. This company is located in Dallas. To gain practice in completing the steps in the accounting cycle, assume that the fiscal period consists of one month.Peachtree OR QB CHART OF ACCOUNTS Assets (100-199) IlI Cash 112 Petty Cash Fund 113 Accounts Receivable 114 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 122 Equipment 123 Accumulated Depreciation, Equipment513 Purchases Discounts Revenue (400-499) 411 Sales 412 Sales Returns and Allowances Cost of Goods Sold (500-599) 511 Purchases 512 Purchases Returns and Allowances Liabilities (200-299) 221 Accounts Payable 226 Employees' Income Tax Payable 227 FICA Tax Payable 228 State Unemployment Tax Payable Expenses (600-699) 611 Salary Expense 612 Payroll Tax Expense 613 Rent Expense 229 Federal Unemployment Tax Payable614 Utilities Expense 616 Supplies Expense 617 Insurance Expense 618 Depreciation Expense, 230 Salaries Payable Owner's Equity (300-399) 311 M. L Langdon, Capital 312 M. L. Langdon, Drawing Equipment 619 Miscellaneous Expense 313 Income Summary Continued) ANCIAL STATEMENTS, CLOSING ENTRIES. AND REVERSING ENTRIES 575 a $250,000 sotal assets $140,000 noncurrent assets $1 10,000 current assets $130,000 total liabilaties-$80,000 long term liabilities liabilities s110.000 current assets $50,000 current liabilaties $60,000 working 110,000 current assets 2.20 current ratio b. S5000currentTiabilities Comprehensive Review Problem You are to record transactions completed by Fabulous Furnishings during February of this year. Beginning balances for the accounts listed below have been provided in your Working Papers. This company is located in Dallas. To gain practice in completing the steps in the accounting cycle, assume that the fiscal period consists of one month.Peachtree OR QB CHART OF ACCOUNTS Assets (100-199) IlI Cash 112 Petty Cash Fund 113 Accounts Receivable 114 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 122 Equipment 123 Accumulated Depreciation, Equipment513 Purchases Discounts Revenue (400-499) 411 Sales 412 Sales Returns and Allowances Cost of Goods Sold (500-599) 511 Purchases 512 Purchases Returns and Allowances Liabilities (200-299) 221 Accounts Payable 226 Employees' Income Tax Payable 227 FICA Tax Payable 228 State Unemployment Tax Payable Expenses (600-699) 611 Salary Expense 612 Payroll Tax Expense 613 Rent Expense 229 Federal Unemployment Tax Payable614 Utilities Expense 616 Supplies Expense 617 Insurance Expense 618 Depreciation Expense, 230 Salaries Payable Owner's Equity (300-399) 311 M. L Langdon, Capital 312 M. L. Langdon, Drawing Equipment 619 Miscellaneous Expense 313 Income Summary Continued)