Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed

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.

  1. Sales Discounts
  2. Accounts Receivable
  3. Dividends
  4. Rent Expense
  5. Accounts Payable
  6. Cost of Goods Sold
  7. Interest Income
  8. Common Stock
  9. Long Term Investments
  10. Salaries Expense
  11. Retained Earnings
  12. Cash
  13. Depreciation Expense
  14. Bonds Payable
  15. Notes Payable
  16. Buildings
  17. Discount on Notes Payable
  18. Supplies
  19. Supplies Expense
  20. Preferred Stock
  21. Advertising Expense
  22. Inventories
  23. Rent Revenue
  24. Interest Expense
  25. Prepaid Insurance
  26. Sales Returns and Allowances
  27. Truck Expense
  28. Interest Payable
  29. Income Tax Payable
  30. Treasury Stock
  31. Unearned Rent Revenue
  32. Land
  33. Allowance for Bad Debts
  34. Additional Paid In Capital
  35. Sales
  36. Salaries Payable
  37. Accumulated Depreciation
  38. Insurance Expense
  39. Income Tax Expense
  40. 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.

  1. Sales Revenue 755,200
  2. Utilities Expense 14,000
  3. Salaries and Wages Expense 140,000
  4. Cash 8,700
  5. Retained Earnings-31/08/2019 90,000
  6. Inventory 44,700
  7. Sales Discounts 8,800
  8. Common Stock 80,000
  9. Accounts Payable 28,500
  10. Advertising Expense 34,400
  11. Accounts Receivable 30,700
  12. Cost of Goods Sold 527,400
  13. Delivery Expense 36,700
  14. Supplies 6,200
  15. Notes Payable 51,000
  16. Equipment 133,000
  17. Dividends 12,000
  18. Rent Expense 24,000
  19. Accumulated Depreciation-Equipment 28,000
  20. 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.

1.Determine en que estado se reporta cada una de las siguientes cuentas. Escriba IS para Income Statement(Estado de ingresos), RE para Retained Earnings Statement(Estado de Beneficios Retenidos) y BS para Balance Sheet(Estado de Situacin). II. Clasifique las cuentas del listado anterior. Utilice CA para current assets(activos corrientes), NCA para Non current assets(activos no corrientes), CL para current liabilities(pasivos corrientes), NCL para non current liabilities(pasivos no corrientes), SE para stockholders' equity(capital), R para revenues(ingresos), E para expenses(gastos). III. Utilizando ei listado de cuentas de Marion Corporation, prepare un balance de comprobacin para el Registre las entradas de ajuste para Marion Corp al 31 de agosto de 2020 , utilizando la siguiente informacin. Los materiales a mano son de $2000. La depreciacin del equipo es de $11,500 Hay intereses acumulados por las notas a pagar de $4,000. El balance actual del inventario es de $44,400. Prepare un balance de corporacin despus de ajustes. Prepare un estado de ingresos. Prepare un estado de beneficios retenidos. Prepare un estado de situacin

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Strayer University

1st Edition

0470603526, 978-0470603529

More Books

Students also viewed these Accounting questions

Question

Why was it not followed up?

Answered: 1 week ago