Question 1 On November 1, 2017, Shamrock, Inc. had the following account balances. The company uses the perpetual inventory method. Credit Debit $1,080 $9,720 Accumulated Depreciation-Equipment Cash 3,672 2,419 Accounts Payable Accounts Receivable 4,320 929 Unearned Service Revenue Supplies 1,836 27,000 Salaries and Wages Payable Equipment $40,068 Common Stock 21,600 7,560 Retained Earnings $40,068 During November, the following summary transactions were completed. Paid $3,834 for salaries due employees, of which $1,998 is for November and $1,836 is for October. Received $2,052 cash from customers in payment of account. Nov. 8 10 Purchased merchandise on account from Dimas Discount Supply for $8,640, terms 2/10, n/30. Sold merchandise on account for $5,940, terms 2/10, n/30. The cost of the merchandise sold was $4,320. 11 12 Received credit from Dimas Discount Supply for merchandise returned $324. 15 Received collections in full, less discounts, from customers billed on sales of $5,940 on November 12. 19 Paid Dimas Discount Supply in full, less discount. 20 Received $2,484 cash for services performed in November 22 Purchased equipment on account $5,400. 25 Purchased supplies on account $1,836. 27 Paid creditors $3,240 of accounts payable due. 28 Paid November rent $405 29 Paid salaries $1,404. 29 Performed services on account and billed customers $756 for those services. 29 Received $729 from customers for services to be performed in the future. 29 ps://edunen wilevnlus.com/edumen/tilmain.uni Return to Blackboard Dividends Expenses LUS 8e Gross Profit Income Before Income Taxes Income From Operations Net Income / (Loss) RCES Try again. Net Sales Operating Expenses Other Expenses and Losses nt for November. Other Revenues and Gains INC. Statement Retained Earnings, November 1 Retained Earnings, November 30 vember 30, 2017: Study Revenues Total Expenses 7560 Total Revenues Total Operating Expenses 3434 Net Income / (Loss) Add 10994 Revenues Your answer is partially correct. Try again. Assets in order of liquidity.) Prepare a classified balance sheet at November 30. (List Current SHAMROCK, INC. Balance Sheet November 30, 2017 Assets Current Assets 3773 Cash 1123 Accounts Receivable 3830 Inventory 1728 Supplies 10454 Total Current Assets Property, Plant and Equipment S - Return to Blackboard Kimmel,Financial Accounting, 8e Help System Announcements LUS JRCES Try again. Dividends 2 nt for November. Expenses Gross Profit INC. s Statement wember 30, 2017 Income Before Income Taxes Income From Operations Net Income / (Loss) y Study Net Sales 7560 Operating Expenses Other Expenses and Losses Other Revenues and Gains 3434 Retained Earnings, November 1 Retained Earnings, November 30 10994 Revenues Total Expenses Total Revenues Total Operating Expenses Your answer is partially correct. Try again. Prepare a classified balance sheet at November 30. (List Current Assets in order of Iiquidity.) immel, Financial Accounting, 8e Help System Announcements Retained Earnings 7,560 11/1 Bal. 3434 11/30 11/30 Bal. 10994 Service Revenue 7587 11/22 2,484 11/30 756 11/29 4,347 Adj Depreciation Expense 270 270 Adj 11/30 x X Supplies Expense 1,037 Adj 1037 11/30 Bal. Income Summary 10093 13527 11/30 11/30 11/30 3434 Salaries and Wages Expense Salaries and Wages Expense 3942 1,998 1/8 11/30 1,404 11/29 5401 Adj Rent Expense 405 405 11/29 11/30 Sales Revenue 5,940 11/12 5940 11/30 Bal. Cost of Goods Sold 4,320 4320 11/30 11/12 Sales Discounts 119 11/19 119 11/30 Bal. D D
