Question
Here is the information in English: I. Determine the status of each of the following accounts. Type IS for Income Statement, RE for Retained Earnings
Here is the information in English:
I. Determine the status of each of the following accounts. Type IS for Income
Statement, RE for Retained Earnings Statement and BS for Balance Sheet.
- Sales Discounts
- Accounts Receivable
- Dividends
- Rent Expense
- Accounts Payable
- Cost of Goods Sold
- Interest Income
- Common Stock
- Long Term Investments
- Salaries Expense
- Retained Earnings
- Cash
- Depreciation Expense
- Bonds Payable
- Notes Payable
- Buildings
- Discount on Notes Payable
- Supplies
- Supplies Expense
- Preferred Stock
- Advertising Expense
- Inventories
- Rent Revenue
- Interest Expense
- Prepaid Insurance
- Sales Returns and Allowances
- Truck Expense
- Interest Payable
- Income Tax Payable
- Treasury Stock
- Unearned Rent Revenue
- Land
- Allowance for Bad Debts
- Additional Paid In Capital
- Sales
- Salaries Payable
- Accumulated Depreciation
- Insurance Expense
- Income Tax Expense
- Equipment
II. Classify the accounts from the previous list. Use CA for current assets, NCA for Non-current assets, CL for current liabilities, NCL for non-current liabilities, SE for stockholders' equity, R for income, E for expenses.
III. Using Marion Corporation's list of accounts, prepare a verification balance sheet for the 31 August 2020.
- Sales Revenue 755,200
- Utilities Expense 14,000
- Salaries and Wages Expense 140,000
- Cash 8,700
- Retained Earnings-31/08/2019 90,000
- Inventory 44,700
- Sales Discounts 8,800
- Common Stock 80,000
- Accounts Payable 28,500
- Advertising Expense 34,400
- Accounts Receivable 30,700
- Cost of Goods Sold 527,400
- Delivery Expense 36,700
- Supplies 6,200
- Notes Payable 51,000
- Equipment 133,000
- Dividends 12,000
- Rent Expense 24,000
- Accumulated Depreciation-Equipment 28,000
- Repairs Expense 12,100
Register the adjustment entries for Marion Corp as at 31 August 2020, using the following information.
Hand-held materials are $2,000.
The team's depreciation is $11,500.
There's interest accruing for the notes payable of $4,000.
The current inventory balance is $44,400.
Prepare a corporate balance sheet after adjustments.
Prepare an income statement
Prepare a retained earnings statement
Prepare a balance sheet.
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