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has anyone finished all the parts to the question Programs Plus is a retail firm that sells computer programs for home and business use. On
has anyone finished all the parts to the question Programs Plus is a retail firm that sells computer programs for home and business use. On December 31, 2019, its general ledger contained the accounts and balances shown below: Only finding bits and pieces on here. College accounting
Programs Plus is a retail firm that sells computer programs for home and business use. On December 31, 2019, its general ledger contained the accounts and balances shown below:
ACCOUNTS | BALANCES | ||
Cash | $ | 15,280 | Dr. |
Accounts Receivable | 26,600 | Dr. | |
Allowance for Doubtful Accounts | 95 | Cr. | |
Merchandise Inventory | 62,375 | Dr. | |
Supplies | 6,740 | Dr. | |
Prepaid Insurance | 2,380 | Dr. | |
Equipment | 34,000 | Dr. | |
Accumulated DepreciationEquipment | 10,100 | Cr. | |
Notes Payable | 7,264 | Cr. | |
Accounts Payable | 6,500 | Cr. | |
Social Security Tax Payable | 560 | Cr. | |
Medicare Tax Payable | 130 | Cr. | |
Yasser Tousson, Capital | 93,620 | Cr. | |
Yasser Tousson, Drawing | 50,000 | Dr. | |
Sales | 514,980 | Cr. | |
Sales Returns and Allowances | 9,600 | Dr. | |
Purchases | 319,430 | Dr. | |
Freight In | 3,600 | Dr. | |
Purchases Returns and Allowances | 7,145 | Cr. | |
Purchases Discounts | 5,760 | Cr. | |
Rent Expense | 14,500 | Dr. | |
Telephone Expense | 2,164 | Dr. | |
Salaries Expense | 92,000 | Dr. | |
Payroll Taxes Expense | 7,300 | Dr. | |
Interest Expense | 185 | Dr. | |
The data needed for the adjustments on December 31 are as follows:
a.-b. Ending merchandise inventory, $67,850.
- Uncollectible accounts, 0.5 percent of net credit sales of $245,000.
- Supplies on hand December 31, $1,020.
- Expired insurance, $1,190.
- Depreciation ExpenseEquipment, $5,600.
- Accrued interest expense on notes payable, $325.
- Accrued salaries, $2,100.
- Social Security Tax Payable (6.2 percent) and Medicare Tax Payable (1.45 percent) of accrued salaries.
Required:
- Prepare a worksheet for the year ended December 31, 2019.
- Prepare a classified income statement. The firm does not divide its operating expenses into selling and administrative expenses.
- Prepare a statement of owners equity. No additional investments were made during the period.
- Prepare a classified balance sheet. All notes payable are due within one year.
- Journalize the adjusting entries.
- Journalize the closing entries.
- Journalize the reversing entries.
Analyze: By what percentage did the owners capital account change in the period from January 1, 2019, to December 31, 2019?
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By what percentage did the owners capital account change in the period from January 1, 2019, to December 31, 2019?
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