Merchandise inventory in the end of the year

Part Two-Completing Financial Statements partial adjusted trial balance for Par Golf Carts for the year ended December 37 of the current year shown below Directions: 1. On page 171 of this test prepare an income statement down to the gross profit line. Prepare a vertical analysis for (a) cost of merchandise sold and (b) gross profit. Round percentage calculations to the nearest 0.1% 2. Prepare a statement of stockholders' equity on page 172 of this text. The company has 10.000 shares of $10.00 common stock outstanding and did not see any shares of stock during the year. 3. Prepare the Assets portion of the balance sheet in report form on page 173 of this test. Par Golf Carts Adjusted Trial Balance December 31, 20 COUNTE BET CREDIT Cash Petty Cash Accounts Receivable Allowance for Uncollectible Accounts Merchandise Inventory Supplies Office SuppliesStore Prepaid Insurance Notes Receivable Interest Receivable Office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated DepreciationStore Equipment 26 21ooloo 30 000 32 10 000 280 000 158|olololo 80 000 12lololo 200000 90000000 1 ooloo 326 0000 1280000 49 60000 22 90 000 Capital Stock Retained Earnings Dividends Income Summary Sales Sales Discount Sales Returns and Allowances Purchases Purchases Discount Purchases Returns and Allowances 10000000 162 40000 40|0|0|0|00 480 000 614900,00 6 1 ololoo 860000 304 901000 42 0000 840000 Federal Income Tax Expense Interest Income Totals 31 50 000 48000 1753 11 00100 753 10000 170 Chapter 16 Test A Part Two-Completing Financial Statements partial adjusted trial balance for Par Golf Carts for the year ended December 37 of the current year shown below Directions: 1. On page 171 of this test prepare an income statement down to the gross profit line. Prepare a vertical analysis for (a) cost of merchandise sold and (b) gross profit. Round percentage calculations to the nearest 0.1% 2. Prepare a statement of stockholders' equity on page 172 of this text. The company has 10.000 shares of $10.00 common stock outstanding and did not see any shares of stock during the year. 3. Prepare the Assets portion of the balance sheet in report form on page 173 of this test. Par Golf Carts Adjusted Trial Balance December 31, 20 COUNTE BET CREDIT Cash Petty Cash Accounts Receivable Allowance for Uncollectible Accounts Merchandise Inventory Supplies Office SuppliesStore Prepaid Insurance Notes Receivable Interest Receivable Office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated DepreciationStore Equipment 26 21ooloo 30 000 32 10 000 280 000 158|olololo 80 000 12lololo 200000 90000000 1 ooloo 326 0000 1280000 49 60000 22 90 000 Capital Stock Retained Earnings Dividends Income Summary Sales Sales Discount Sales Returns and Allowances Purchases Purchases Discount Purchases Returns and Allowances 10000000 162 40000 40|0|0|0|00 480 000 614900,00 6 1 ololoo 860000 304 901000 42 0000 840000 Federal Income Tax Expense Interest Income Totals 31 50 000 48000 1753 11 00100 753 10000 170 Chapter 16 Test A