Question
Zinco Corp is a sporting goods store located in Washington State. At the end of the companys calendar year on December 31, 2019, the following
Zinco Corp is a sporting goods store located in Washington State. At the end of the companys calendar year on December 31, 2019, the following accounts appeared in two of its trial balances.
Unadjusted | Adjusted | |
Accounts Payable | $79,300 | $80,300 |
Accounts Receivable | $50,300 | $50,300 |
Accumulated Depr.Buildings | $42,100 | $52,500 |
Accumulated Depr.Equipment | $29,600 | $42,900 |
Buildings | $290,000 | $290,000 |
Cash | $23,800 | $23,800 |
Cost of Goods Sold | $412,700 | $412,700 |
Depreciation Expense | $23,700 | |
Equipment | $110,000 | $110,000 |
Insurance Expense | $7,200 | |
Interest Expense | $3,000 | $12,000 |
Interest Payable | $9,000 | |
Interest Revenue | $4,000 | $4,000 |
Inventory | $75,000 | $75,000 |
Mortgage Payable | $80,000 | $80,000 |
Owners Capital | $176,600 | $176,600 |
Owners Drawings | $28,000 | $28,000 |
Prepaid Insurance | $9,600 | $2,400 |
Property Tax Expense | $4,800 | |
Property Taxes Payable | $4,800 | |
Salaries and Wages Expense | $108,000 | $108,000 |
Sales Commissions Expense | $10,200 | $14,500 |
Sales Commissions Payable | $4,300 | |
Sales Returns and Allowances | $8,000 | $8,000 |
Sales Revenue | $728,000 | $728,000 |
Utilities Expense | $11,000 | $12,000 |
Instructions
(a) Prepare a multiple-step income statement, an owners equity statement, and a classified balance sheet. $25,000 of the mortgage payable is due for payment next year.
(b) Journalize the adjusting entries that were made.
(c) Journalize the closing entries that are necessary.
No formats were given, just what I posted above
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