Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is an alphabetical list of Bridgeport's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021 Accounts

image text in transcribed

The following is an alphabetical list of Bridgeport's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021 Accounts payable Accounts receivable Accumulated depreciation-building Accumulated depreciation equipment Building B. Hachey, capital B. Hachey, drawings Cash Depreciation expense Equipment Freight in Freight out Insurance expense Interest expense Land $32.410 Merchandise Inventory 13.770 Mortgage payable 61,200 Prepaid insurance 19,880 Property tax expense 175,000 Purchases 104,480 Purchase discounts 12,800 Purchase returns and allowances 14.710 Rent revenue 14400 Salaries expense 57.000 Salaries payable 5.130 Sales 8.200 Sales discounts 9.000 Sales returns and allowances 5,300 Unearned revenue 85.000 Utilities expense $34,360 106,000 4,500 3.500 628,700 6,900 13,315 3,300 121.000 8,500 872.000 8,270 9,845 3,000 20,500 82000 Gebound SO 200 Additional information: 1. Bridgeport's Bakery uses a periodic inventory system. 2. Of the mortgage payable, $9.400 is due on March 31, 2022. 3. A physical count determined that merchandise inventory on hand at November 30, 2021, was $37,360. 4. The owner made no capital contributions during the year. Prepare a multiple-step income statement for the November 30,2021, year end. (Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses es. (45) Prepare a statement of owner's equity for the November 30, 2021. year end. (List items that increase owner's equity first.) Prepare a classified balance sheet for the November 30, 2021. year end. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land Buildings and Equipment) Prepare the closing journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Post closing entries to the Merchandise Inventory and capital accounts. Check that the balances in these accounts are the same as the amounts on the balance sheet. (Post entries in the order of Journal entry presented in the previous part)

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

Audit Findings Of RAC MAC HAC And PSI Review Process

Authors: Mrs. Jyoti Sharma

1st Edition

1511689609, 978-1511689601

More Books

Students also viewed these Accounting questions