Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help with required A T account charts. please label so its easy for me to follow and set up charts like mine. i

i need help with required A T account charts. please label so its easy for me to follow and set up charts like mine.
i also need help with required A inc stmt chart. please set up like my chart so i can follow it easily.
lastly i need help with required A stmt stkholder equity chart.
please only help if you are sure.
instructions-1st pic
second and third pictures are required A T accounts
fourth pic is required A inc stmt
fifth picture is stkholder equity chart
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
if it is too much information please just answer required A T account charts. and set it up like mine.
image text in transcribed
image text in transcribed
i dont know how to provide a balance sheet if you can just refer to the pictures and compare yours to mine. thank you
Problem 7-26A Comprehensive accounting cycle problem (uses percent of revenue allowance method) LO 7-1,7-3, 7-5, 7-6 The following trial balance was prepared for Tile, Etc., Inc., on December 31, Year 1, after the closing entries were posted: Account Title Debit Credit Cash $175,000 Accounts Receivable 138.000 Allowance for Doubtful Accounts $ 24,500 Inventory 451,000 Accounts Payable 108,000 Common stock 515,000 Retained Earnings 116.500 Totals $764,000 $764,000 Tile, Etc. had the following transactions in Year 2: 1. Purchased merchandise on account for $645,000 2. Sold merchandise that cost $485,000 for $1,020,000 on account 3. Sold for $310,000 cash merchandise that had cost $186,000 4 Sold merchandise for $255,000 to credit card customers. The merchandise had cost $122,000. The credit card company charges a 3 percent fee. 5. Collected $750,000 cash from accounts receivable. 6. Paid $675,000 cash on accounts payable 7. Paid $158,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4) 9 Loaned $63,000 to J. Parks. The note had an 8 percent interest rate and a one-year term to maturity 10. Wrote off $8,800 of accounts as uncollectible 11. Made the following adjusting entries: (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account (b) Recorded seven months of accrued interest on the note at December 31, Year 2 (see item 9) Required a. Prepare general Journal entries for these transactions, post the entries to T-accounts and prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2 b. Compute the net realizable value of accounts receivable at December 31, Year 2 c. If Tile, Etc. used the direct write-off method, what amount of uncollectible accounts expense would it report on the income statement? Complete this question by entering your answers in the tabs below. Required A General Required AT Required A Required A accounts Stmt Journal Inc Stmt Stkholder Ea Prepare a T-accounts. Required A Bal Sheet Required A Stmt of Cash Required B Flows Required C Cash Accounts Payable Beg. Bal Beg Bal End. Bal End. Bal Accounts Recelvable Common Stock Beg Bal Beg. Bal. End. Bal End. Bal Allowance for Doubtful Accounts Retained Earnings Beg Ba Beg. Bal End. Bal End. Bal Merchandise Inventory Sales Revenue Beg BM Beg Bal End. Bal. End. Bal Notes Receivable Cost of Goods Sold Beg. Bat. Beg. Bal Merchandise Inventory Sales Revenue Beg Bal Beg Bal End. Bal End. Bal Cost of Goods Sold Notes Receivable Beg Bal Beg. Bal End. Bal End. Bat. Credit Card Expense Interest Receivable Beg Bal Beg Bal End. Bal End Bal Selling and Administrative Expenses Beg Bal End. Bal. Uncollectible Accounts Expense Beg Ball End. Bal Interest Revenue Bog. Bat. End. Bal statement Complete this question by entering your answers in the tabs below. Required A Bal Sheet Required A Stmt Stkholder Ea Required A Stmt of Cash Required B Flows Required c Required A General Required AT Required A Inc Stmt accounts Journal Prepare an income statement TILE, ETC., INC. Income Statement For the Year Ended December 31, Year 2 0 Operating expenses 0 Total operating expenses 0 Non-operating items $ Complete this question by entering your answers in the tabs below. Required A Bal Sheet Required A Stmt of Cash Required B Flows Required C Required A Required AT Required A Required A General Stmt accounts Inc Stmt Journal Stkholder Ea Prepare a statement of changes in stockholders' equity. TILE, ETC., INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 0 0 0 Total stockholders' equily Complete this question by entering your answers in the tabs below. Required A Stmt Stkholder Eo Required A Bal Sheet Required A General Required AT Required A accounts Inc Stmt Joumal Prepare a T-accounts. Required A Stmt of Cash Required B Flows Required C Cash Accounts Payable Beg. Bal Beg. Bal End. Bal. End. Bat Accounts Recelvable Common Stock Beg. Bal Beg. Bat. End. Bal End. Bal. Allowance for Doubtful Accounts Retained Earnings Beg. Bal Beg Bal End. Bal End, Bal Merchandise Inventory Sales Revenue Beg Bal Beg Bal End, Bal End. Bal Notes Receivable Cost of Goods Sold Beg. Bal Beg. Bal Merchandise Inventory Sales Revenue Beg Bal Beg Bal End. Bal End. Bal Cost of Goods Sold Notes Receivable Beg Bal Beg. Bal End Bal End, Bal Credit Card Expense Interest Recevable Beg Bat Beg. Bal End. Bal End Bal Selling and Administrative Expenses Beg Bal, End. Bal. Uncollectible Accounts Expense Beg Bal End. Bal Interest Revenue Beg Bal End. Bal

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_2

Step: 3

blur-text-image_3

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

Accounting Ethics Education Making Ethics Real

Authors: Alberto J. Costa, Margarida M. Pinheiro

1st Edition

1032019999, 9781032019994

More Books

Students also viewed these Accounting questions

Question

Why won't chegg answer my question

Answered: 1 week ago

Question

Discuss the objectives of discipline and appeals systems

Answered: 1 week ago