Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Programs Plus is a retail firm that selis computer programs for home and business use. Programs Plus operates in a state with no sales tax

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Programs Plus is a retail firm that selis computer programs for home and business use. Programs Plus operates in a state with no sales tax On December 31, 20x1, its general ledger contained the accounts and balances showri below The data needed for the adjustments on December 31 are as follows 6.-b. Ending merchandise inventory, $69350 c. Uncollectbie accounts, 05 percent of net oredit sales of $260.000 d. Supplies on hand December 31,51770 . e. Expred insurance. 52.690 t. Depreciotion Expense-Equipment, $11600. 9. Accrued interest expense on notes payable, 51,825 . h. Accrued salanes, 55,100 1. Social 5ecurity Tax Poyabie (62. percent) and Medicare Tax Poyable (1.45 percent) of accuecd saiaries: The following accounts had zero basances. - Solanes Payabie - Interes Piyobie - yecome Siummary - Supplies Eppense - Insurance txperse - Depreciation Experse Lquapromin - Uncoliectibie Accounts fixperice Analyze: By what percentage did the owner's capital account change in the period from January 1, 20X1, to December 31,20X1 ? Complete this question entering your answers in the tabs below. By what percentage did the owner's capital account change in the period from January 1, 20x1, to December 31 , 20x1? (Enter your answer in 1 decimal place.) Complete this question entering your answers in the tabs below. By what percentage did the owner's capital account change in the period from January 1,201, to December 31 , 20x1? (Enter your answer in 1 decimal place.) The data needed for the adjustments on December 31 are as follows: a.-b. Ending merchandise inventory, $69,350. c. Uncollectible accounts, 0.5 percent of net credit sales of $260,000. d. Supplies on hand December 31,$1,770. e. Expired insurance, $2,690. f. Depreciation Expense-Equipment, $11,600. g. Accrued interest expense on notes payable, $1.825. h. Accrued salarles, $5,100. I. Soclal Security Tax Payoble (6.2 percent) and Medicare Tox Payoble (1.45 percent) of accrued sala The following accounts had zero balances: - Salaries Payable - Interest Payable - Income Summary - Supplies Expense - Insurance Expense - Depreciation Expense-Equipment - Uncollectible Accounts Expense

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

Business Accounting Uk Gaap Volume 2

Authors: Alan Sangster, Frank Wood

1st Edition

0273718800, 9780273718802

More Books

Students also viewed these Accounting questions