Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 31, 2020, WJM Depot finished its second year of operations. During the year, Mary Tyler invested an additional $30,000 in the business and

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On December 31, 2020, WJM Depot finished its second year of operations. During the year, Mary Tyler invested an additional $30,000 in the business and $28,000 of the long-term not payable is due July 31, 2021. WJM Depot's accountant has finalized the company's records and provided the following adjusted account balances. Note: all accounts have normal balance. me company SteCOTUS dll provi $ Balance Account $ 21,270 Office Equipment 26,200 Office salaries expense 1,400 Office supplies expense Balance 9,200 25,300 1,100 Account Accounts Payable Accounts Receivable Accumulated depreciation, office equipment Accumulated depreciation, store equipment Advertising expense 6,000 Prepaid Insurance 3,300 6,000 Cash 12,000 16,500 Rent expense, office space 38,200 Rent expense, selling space 218,800 Rent Revenue 700 Salaries Payable 9,000 6,000 3,000 Sales 359,300 Cost of goods sold Depreciation expense, office equipment Depreciation expense, store equipment Insurance expense Land not currently used in operations Interest expense 2,100 3,200 4,800 Sales discounts 160,000 Sales returns and allowances 480 Sales salaries expense 28,500 46 28,500 1.450 es salaries expense Long-term Note 120.000 Store supplies expense Payable, due July 1 2026 Mary Tyler, Capital 188,660 Store Equipment Mary Tyler, Withdrawals 12,000 Supplies Merchandise Inventory 35,000 Trademark REQUIRED: Using the above information, calculate each of the following: 11. Current assets 1. Net Sales 24 points 40,000 3.800 60,000 8 01:43:44 12. Non-current investments 2. Gross profit from sales 3. Total selling expenses 13. Book value of the Store Equipment 14. Property, plant, and equipment 4. Total general & administrative expenses 15. Intangibles 5. Total operating expenses 16. Total Assets 12. Non current investments 2. Gross profit from sales 6 13. Book value of the Store Equipment 3. Total selling expenses 14. Property, plant, and equipment 4. Total general & administrative expenses 1:43:25 15. Intangibles 5. Total operating expenses 16. Total Assets 6. Profit from operations 17. Current liabilities 7. Total other revenue & expenses 18. Non-current liabilities 8. Profit 19. Total liabilities 9. Beginning capital 10. Ending capital 20. Total liabilities and equity

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

Fire Extinguisher Log Book

Authors: Arahan Khan

1st Edition

B09TZKR5Z4, 979-8428924282

More Books

Students also viewed these Accounting questions

Question

What amount is 0.075% of $1650?

Answered: 1 week ago