Question
ComputerGeeks. com is a retail store that sells computers, laptops, supplies, and other electronic devices. The adjusted account data is given below from the year
ComputerGeeks. com is a retail store that sells computers, laptops, supplies, and other electronic devices. | ||
The adjusted account data is given below from the year ended December 31, 2019 | ||
Accounts Payable | 14,140 | |
Accounts Receivable | 19,250 | |
Accumulated Depreciation - Building | 13,000 | |
Accumulated Depreciation - Delivery Equipment | 3,600 | |
Accumulated Depreciation - Office Equipment | 2,500 | |
Accumulated Depreciation - Warehouse Equipment | 2,300 | |
Allowance for Doubtful Accounts | 2,250 | |
Bruce Zaro, Capital | 60,940 | |
Bruce Zaro, Drawing | 24,000 | |
Building | 48,500 | |
Cash | 12,200 | |
Delivery Equipment | 16,400 | |
Delivery Wages Expense - Sales | 26,900 | |
Depreciation ExpenseBuilding | 3,000 | |
Depreciation ExpenseDelivery Equipment - sales | 2,440 | |
Depreciation ExpenseOffice Equipment | 1,020 | |
Depreciation ExpenseWarehouse Equipment | 1400 | |
Freight In | 2,200 | |
Income Summary | 33,125 | 35,400 |
Insurance Expense | 1,500 | |
Interest Expense | 1,600 | |
Interest Income | 462 | |
Interest Payable | 240 | |
Land | 7,642 | |
Loans Payable, long-term | 4,000 | |
Merchandise Inventory | 35,400 | |
Mortgage Payable | 15,950 | |
Notes Payable | 4,000 | |
Notes Receivable - due 2020 | 3,200 | |
Office Equipment | 6,000 | |
Office Supplies | 780 | |
Office Supplies Expense | 1,150 | |
Payroll Taxes Expense | 15,250 | |
Petty Cash Fund | 100 | |
Prepaid Insurance | 2,200 | |
Property Taxes Expense | 1,750 | |
Purchases | 179,600 | |
Purchases Discounts | 2,350 | |
Purchases Returns and Allowances | 2,520 | |
Salaries ExpenseOffice | 15,900 | |
Salaries ExpenseSales | 67,200 | |
Sales | 429,800 | |
Sales Returns and Allowances | 3,150 | |
Telephone Expense | 1,380 | |
Travel and Entertainment Expense - Sales | 6,300 | |
Uncollectible Accounts Expense | 1,050 | |
Utilities Expense | 2,400 | |
Warehouse Equipment | 8,000 | |
Warehouse Supplies | 775 | |
Warehouse Supplies Expense | 1,790 | |
Warehouse Wages Expense | 38,900 | |
TOTALS | 593,452 | 593,452 |
REQUIRED FOR POINTS: | ||||||||
1 | Prepare a classified income statement for the year ended December 31, 2019. | |||||||
The expense accounts are classified into sales, warehouse, and administrative expenses. | ||||||||
Calculate the Gross profit percentage on the income statement. | ||||||||
2 | Prepare a statement of owner's equity for the year ended December 31, 2019 | |||||||
No additional investments were made by the owner during 2019. | ||||||||
3 | Prepare a classified balance sheet as of December 31, 2019. | |||||||
The mortgage payable extends for more than one year. | ||||||||
Calculate the current ratio on the balance sheet. | ||||||||
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