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Jennie Financial Accounting Problem 2 Aria Publishers Company's selected accounts at November 30, 2019 are as follows: $ 18,400 Inventory 36,800 Cash Selling expenses 42,000 Fumiture 36,500 Sales returns and allowances 3,100 Note payable 19,900 Salary payable 1,200 Accumulated depreciation 22,800 Cost of goods sold Common stock 23,500 46,000 Sales revenue 113,400 Sales discounts 2,200 13,600 General expenses Accounts payable 9,400 Problem 2 Requirements 1. Prepare a multi-step income statement, statement of retained earnings and balance sheet for they year ended November 30, 2019. 2. Prepare closing entries for the year. Aria Publishers Company Income Statement Year Ended November 30, 2019 Revenues: Sales revenue Less: Sales discounts Sales returns and allowances Accounting Jennie Problem 2 Cost of goods sold Gross profit Operating expenses Selling expenses Net income Prepare the statement of retained earnings Aria Publishers Company Statement of Retained Earnings Year Ended November 30, 2019 Retained earnings (deficit), December 1, 2019 Add Less: Retained earnings (deficit) November 30, 2019 Problem 2 Prepare the balance sheet (in accounts, format comectiy) Aria Publishers Company Balance Sheet November 30, 2019 ASSETS Current assets: Cash Inventory Total current assets Plant assets Total assets LIABILITIES Current lablities: Accounts payable Total current liabilities Long-term labilities Note payable, long term Total labilities STOCOHOLDERS EQUITY Common stock Retained earnings Total stockholders' equity Total lubilities and stockholders' equity Accounting Jennie Problem 2 Requirement 2 Prepare closing entries for the year. Begin by closing the revenue accounts. Journal Entry Credit Date November 30 Accounts Debit Next, dose the expense and contra revenue accounts Journal Entry Accounts Debit Credit Date November 30 Now close the income summary acount. Journal Entry Date Accounts Debit Credit November 30 Financial Accounting Problem 2 4. Aria Publishers Company's selected accounts at November 30, 2019 are as follows: 6. 7. $ 18,400 Inventory 36,800 Cash 3,100 Note payable Selling expenses 42,000 9. Fumiture 36,500 10 Sales returns and allowances 19,900 11 Salary payable 1,200 Accumulated depreciation 22,800 12 Cost of goods sold Sales discounts General expenses 13 Common stock 23,500 46,000 14 Sales revenue 113,400 2,200 15 Accounts payable 13,600 9,400 16 17 18 19 Problem 2 Requirements 1. Prepare a multi-step income statement, statement of retained earnings and balance sheet for they year ended November 30, 2019. 2. Prepare closing entries for the year. 20 21 22 Aria Publishers Company Income Statement 18 Problem 2 Requirements 1. Prepare a multi-step income statement, statement of retained earnings and balance sheet for they 19 20 21 22 03 24 year ended November 30, 2019. 2. Prepare closing entries for the year. Aria Publishers Company 25 Income Statement 26 Year Ended November 30, 2019 27 28 Revenues: Sales revenue 29 Sales discounts Less: 30 Sales returns and allowances 31 32 Cost of goods sold 33 Gross profit Operating expenses 34 35 Selling expenses 36 37 Net income 38 39 Prepare the statement of retained earnings 40 41 Aria Publishers Company 42 Statement of Retained Earnings Year Ended November 30, 2019 43 44 %3B Sheet1 Saved to Dropbox P Type here to search hp 39 Prepare the statement of retained earnings 40 41 Aria Publishers Company Statement of Retained Earnings Year Ended November 30, 2019 42 43 44 Retained earnings (deficit), December 1, 2019 Add: 45 46 47 Less: 48 Retained earnings (deficit) November 30, 2019 49 50 51 Prepare the balance sheet (fill in accounts, format correctly) 52 Aria Publishers Company 53 Balance Sheet 54 November 30, 2019 55 ASSETS 56 Current assets: 57 Cash 58 Inventory 59 Total current assets 60 Plant assets: 61 62 63 Total assets 64 65 Sheet1 Saved to Dropbox P Type here to search H. D. Aria Publishers Company Balance Sheet November 30, 2019 ASSETS Current assets: Cash Inventory Total current assets Plant assets: Total assets LIABILITIES Current liabilities: Accounts payable Total current liabilities Long-term liabilities Note payable, long-term Total liabilities STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 3. Sheet1 2 o Dropbox O Type here to search 1O Tell me what you want to Help View Review Data Insert Home File 18 H. B. Prepare closing entries for the year. Begin by closing the revenue accounts. Journal Entry Credit Debit Accounts Date November 30 Next, close the expense and contra revenue accounts. Journal Entry Credit Debit Accounts Date November 30 Now close the income summary account. Journal Entry Credit Debit Accounts Date November 30 Sheet1 3. aved to Dropbox -P Type here to search hp