University of Phoenix ACC/291 Principles of Accounting II Week 5 Test.

Wk. 5-Apply: Exercise i Saved Help Save & Exit Submit 2 The Artisan Wines is a retail store selling vintage wines. On December 31, 2019, the firm's general ledger contained the accounts and balances below. All account balances are normal. Artisan wines Worksheet Year Ended December 31, 2019 5 Trial Balance Adjustments Debit Adjusted Trial Balance Debit 28,686.00 points Account Name Debit Credit Credit Cash Accounts Receivable Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 2020 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Arroyo, Capital Credit 28,686.00 530.00 530.00 eBook 660.00 338.e 15, 300.00 26,5ea.ee 220.00 215.00 440.00 115.00 12,300.ee 26,500.00 References 12,30e.ee 15, 300.00 3,300.ee 3,200.00 6,5ee.ee 5, . 5,300.ee 1,530.e0 21,50e.ee 3,ee5.ee 1,030.00 2,560.00 21,50e.00 3,00s.00 s00.e0 500.ee 31.00 31.00 7.25 7.25 6,900.00 4,600.00 2, 300.ee 107.5e 107.5e 32,e7e.ee 32,070.ee vincent Anroun Desina 1A A10 0a 14 410 aa Wk. 5- Apply: Exercise i Saved Help Save & Exit Submit 2 ntage wines. On December 31, 2019, the firm's general ledger contained the accounts and ormal, Artisan Wines Worksheet Year Ended December 31. 2019 5 Trial Balance Debit $ 28,686.00 Adjustments Debit Adjusted Trial Balance: Debit $ 28,686.0e 530.00 Income Statement Balance Sheet points Credit Credit Credit Debit Credit Debit Credit $28,686.00 530.00 440.00 115.00 12,300.00 26,500.00 530.ee 660.00 220.00 eBook 440.00 330.0 215.00 115.00 15,300.e0 26,500.00 References 12,300.ee 15,3ee.ee 12,300.00 26,se0.ee 3, . 3,200.ee 6,500.e0 6,500.00 5,300.ee 5,300.00 5,300.e0 1,530.00 21,500.ee 3,005.e0 1,030.ee 2,560.e0 21,500.e0 3,005.ee 2,560.00 21,500.00 3,005.ee see.ee 31.00 5e0.00 500.00 31.00 31.00 7.25 7.25 7.25 6,900.00 4,600.ee 2,300.ee 107.50 2, 3.e 107.50 32,070.00 107.5e 32,07e.ee 32,070.ee 11 A1a aa 1A11a aa 1A A1a aa S Continental Finance... 2on- Login myPay Web Site Login to MyADP Wk. 5- Apply: Exercise i Saved Help Save & Exit Submit Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees Interest Payable Vincent Arroyo, Capital Vincent Arroyo, Drawing Income Summary Sales Sales Discounts Seminar Fee Income Purchases Purchases Returns and Allowances Freight In Rent Expense Wages Expense Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Advertising Expense Supplies Expense Interest Expense Totals 3,e05.ee 3,e05.ee see.ee 31.00 7.25 2 5ee.e0 31.e0 7.25 6,900.ee 4,60.ee 2,3.00 107.50 32,070.ee 107.5e 32,070.ee 14,41e.ee 14,410.0e 15,30e.ee 5 15, . 12, . 12,. 156,970.ee 15, points 156,970.ee 230.00 230.00 4,600.00 4,600.00 92,see.ee 92,5ee.ee 92, eBook 1,0.e 1,030.ee 255.0e 255.00 References 13,s00.ee 24, . 3,624.00 13,5ee.ee 24,800.e0 3,662.25 13 Se0.ee 38.25 24, 3 3,200. 3,200.ee 1,030.00 220.e0 3 1,030.ee 220.00 1 215.00 215.00 180.e0 107.50 287.50 $226, 385.ee $226, 305.ee $37,510.75 $37,510.75 $243,480.75 $243,488.75 $155 Net Income 19 $174, LYCO P O WU ile Uyu HD! Wk. 5 - Apply: Exercise Saved Help Save & Exit Submit points eBook 3,885.ee 3,805.ee 3,005.ee 500.00 500.ee 500.00 31.ee 31.00 31.ee 7.25 7.25 7.25 6,9ee.ee 4,600.00 2,3ee.ee 2,300.00 107.50 107.50 107.50 32,070.ee 32, eze.ee 32,070.ee 14,410.00 14,410.00 14,410.ee 15,300.00 12,300.00 15,300.ee 12,300.00 15,300.00 12,300.00 156,970.ee 156,978.ee 156,970.00 230.ee 230.00 232.ee 4,60e.ee 4,600.ee 4,600.00 92,5ee.ee 92,5ee.ee 92,5ee.ee 1, e3e.ee 1,030.00 1,630.00 255.ee 255.ee 255.00 13,500.ee 13, see.ee 13,560.ee 24,300.ee 5ee.ee 24,800.00 24,800.00 3,624.ee 38.25 3,662.25 3,662.25 3,200.00 3,200.ee 3,200.ee 1,630.ee 1,030.ee 1,238.00 22e.ee 220.00 220.00 215.00 215.ee 215.00 182.ee 107.5e 287.50 287.50 $226,305.ee $226,305.00 $37,510.75 $37,510.75 $243, 480.75 $243,480.75 $155, 199.75 $174,900.00 $88, 281.68 $68,588.75 19,700.25 19,700.25 $174,900.00 $174,900.00 $88, 281.00 $88,281.00 References Wk. 5- Apply: Exercisei Saved Help Sove & Exit Submit Interest Expense 180.ee $226, 305.00 $226,305.ee $37, 510.75 $37,510.75 $243,480.75 $243,480.75 $155, 107.5e 287.50 Totals 2 Net Income $174 Required: 1. Prepare a classified income statement for the year ended December 31, 2019. The company does not classify its operating expenses as selling expenses and general and administrative expenses. 2. Prepare a statement of owner's equity for the year ended December 31, 2019. No additional investments were made during the points ear 3. Prepare a classified balance sheet as of December 31, 2019. eBook References Analyze: What is the inventory turnover for Artisan Wines? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Analyze MyADP Login Wk. 5- Apply: Exercise Help Save & Exit Submit panes 2 Required 1 Required 2 Required 3 Analyze Prepare a classified income statement for the year ended December 31, 2019. The company does not classify its operating expenses as selling expenses and general and administrative expenses. (Round your answers to 2 decimal places.) 5 ARTISAN WINES points Income Statement Operating revenue eBook References Net sales Cost of goods sold Merchandise inventory, January 1, 2019 Delivered cost of purchases Wk. 5 - Apply: Exercise i Saved Delivered cost of purchases w Net delivered cost of purchases Goods available for sale wwww. . .... WWWWWWWWWWWWWWWWWWWWWWWWWWW ..... Cost of goods sold points Operating expenses wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww eBook References www.www .wwwwwww Total operating expenses Income from operations Wk. 5-Apply: Exercise Saved Help Total operating expenses 2 Income from operations Other income Other expenses points eBook Net nonoperating income References equired 1 Required 2 > Wk. 5-Apply: Exercise i Saved Help Save Required 1 Required 2 Analyze Required 3 2 Prepare a classified balance sheet as of December 31, 2019. (Round your answers to 2 decimal places.) ARTISAN WINES Balance Sheet points Assets Current assets eBook References Total current assets Plant and equipment Store equipment Saved Help Save & Wk. 5 - Apply: Exercise 0 LE Total current assets Plant and equipment: Store equipment Office equipment points Total plant and equipment Total assets Liabilities and Owner's Equity Current liabilities: eBook References Wk. 5-Apply: Exercise i Saved Help Save & Ex Liabilities and Owner's Equity 2 Current liabilities: points eBook References Total current liabilities Owner's equity: Total liabilities and owner's equity Saved Wk. 5 - Apply: Exercise i Help Save & Analyze: What is the inventory turnover for Artisan Wines? Complete this question by entering your answers in the tabs below. points Required 1 Required 2 Required 3 Analyze What is the inventory turnover for Artisan Wines? (Round your answer to 2 decimal places.) eBook Inventory turnover times References Wk. 5-Apply: Exercise i Saved Help Save Required 1 Required 2 Analyze Required 3 2 Prepare a classified balance sheet as of December 31, 2019. (Round your answers to 2 decimal places.) ARTISAN WINES Balance Sheet points Assets Current assets eBook References Total current assets Plant and equipment Store equipment Saved Help Save & Wk. 5 - Apply: Exercise 0 LE Total current assets Plant and equipment: Store equipment Office equipment points Total plant and equipment Total assets Liabilities and Owner's Equity Current liabilities: eBook References Wk. 5-Apply: Exercise i Saved Help Save & Ex Liabilities and Owner's Equity 2 Current liabilities: points eBook References Total current liabilities Owner's equity: Total liabilities and owner's equity Saved Wk. 5 - Apply: Exercise i Help Save & Analyze: What is the inventory turnover for Artisan Wines? Complete this question by entering your answers in the tabs below. points Required 1 Required 2 Required 3 Analyze What is the inventory turnover for Artisan Wines? (Round your answer to 2 decimal places.) eBook Inventory turnover times References