The accounts and their balances in the ledger of Quality Sports Co. on December 31, 2010, are
Question:
The accounts and their balances in the ledger of Quality Sports Co. on December 31, 2010, are as follows:
The data needed for year-end adjustments on December 31 are as follows:
Instructions
1. Prepare an end-of-period spreadsheet (work sheet) for the fiscal year ended December 31, listing all accounts in the order given.
2. Prepare a multiple-step income statement.
3. Prepare a statement of owner's equity.
4. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $25,000.
5. Journalize the adjusting entries.
6. Journalize the closingentries.
Transcribed Image Text:
$ 18,000 42,500 $ 7,100 557,000 Sales Discounts Cash Accounts Receivable Cost of Merchandise Sold Merchandise Inventory Prepaid Insurance Store Supplies Office Supplies Store Equipment Sales Salaries Expense Advertising Expense Depreciation Expense Store Equipment Delivery Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Depreciation Expense 218,000 101,400 8,000 4,200 45,000 2,100 282,000 6,000 Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable 70,300 60,000 1,600 64,000 25,200 17,200 26,700 Office Equipment Office Supplies Expense Unearned Rent. 2,500 Note Payable (final payment, 2018) Rosario Noe, Capital Rosario Noe, Drawing 175,000 286,450 Miscellaneous Administrative Expense 1,650 10,000 Rent Revenue Interest Expense Sales 900,000 10,500 13,900 Sales Returns and Allowances
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (17 reviews)
1 A B C D E F G H I J K 1 QUALITY SPORTS CO 2 EndofPeriod Spreadsheet Work Sheet 3 For the Year Ended December 31 2010 4 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Ba...View the full answer
Answered By
Grace Igiamoh-Livingwater
I am a qualified statistics lecturer and researcher with an excellent interpersonal writing and communication skills. I have seven years tutoring and lecturing experience in statistics. I am an expert in the use of computer software tools and statistical packages like Microsoft Office Word, Advanced Excel, SQL, Power Point, SPSS, STATA and Epi-Info.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
The accounts and their balances in the ledger of Sunshine Sports Co. on December 31, 2006, are as follows: The data needed for year-end adjustments on December 31 are as follows: Instructions 1....
-
The accounts and their balances in the ledger of Rack Saver Co. on December 31, 2010, are as follows: The data needed for year-end adjustments on December 31 are as follows: Instructions 1. Prepare...
-
The accounts and their balances in the ledger of Stones Co. on December 31, 2008, are as follows: The data needed for year-end adjustments on December 31 are as follows: Instructions 1. Prepare an...
-
A group of fraud examiners is coordinating an investigation at a local law firm. Several lawyers at the firm are suspected of overbilling clients, possibly creating fake client accounts, and then...
-
Suppose that the design specifications for hydraulic cylinder are 10.00 0.10 centimeters, and that the Taguchi loss function is estimated to be L(x) = 1,400 (x - T) 2 . (a) Determine the estimated...
-
Describe the different types of assurance engagements that an internal auditor, government auditor, forensic auditor, and public accountant could provide for a hospital.
-
On January 2, 2010, Bright Lights purchased showroom fixtures for $10,000 cash, expecting the fixtures to remain in service for five years. Bright Lights has depreciated the fixtures on a...
-
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to...
-
Suppose you have an insurance contract stipulating that you (the insured) have a $500 deductible. After that, insurance will cover 90% of the medical expenses incurred; you (the insured) will pay...
-
Explain the concept of hop count in RIP. Can you explain why no hop is counted between N1 and R1 in Figure 20.15? Figure 20.15 Hop counts in RIP NI N2 N3 N4 Source Destination RI R2 R3 1 hop (N4) 2...
-
South Coast Boards Co. is a merchandising business. The account balances for South Coast Boards Co. as of July 1, 2010 (unless otherwise indicated), are as follows: During July, the last month of the...
-
(a) Name and describe the five elements of internal control. (b) Is any one element of internal control more important than another?
-
The dynamic programming algorithm of Algorithm 14.11 computes only shortest-path distances, not actual paths. Describe a version of this algorithm that outputs the set of all shortest paths between...
-
Dan's Products, Inc., reported net income of \(\$ 80,000\), depreciation expense of \(\$ 2,000\), and cash flow from operations of \(\$ 60,000\). Compute the quality of income ratio. What does the...
-
The industry standard for balanced voltages in three phase systems is 2%. When the output data is taken on a VFD, the voltages are not easily read. What should be the current imbalance based on a...
-
Suppose your company sells services for \(\$ 300\) cash this month. Your company also pays \(\$ 100\) in wages, which includes \(\$ 20\) that was payable at the end of the previous month and \(\$...
-
A DC motor-drive system has a comparator. The comparators job is to compare the existing speed of the motor with the requested speed. The motor speed is transmitted from a tachometer on the outboard...
-
Photosynthesis, as it occurs in the leaves of a green plant, involves the transport of carbon dioxide \(\left(\mathrm{CO}_{2} ight)\) from the atmosphere to the chloroplasts of the leaves. The rate...
-
For the velocity-versus-time graph of Figure P2.5: a. Draw the corresponding position-versus-time graph. Assume that \(x=0 \mathrm{~m}\) at \(t=0 \mathrm{~s}\). b. What is the object's position at...
-
Solve each problem. Find the coordinates of the points of intersection of the line y = 2 and the circle with center at (4, 5) and radius 4.
-
Most railroad cars are owned by individual railroad companies. When a car leaves its home railroads tracks, it becomes part of a national pool of cars and can be used by other railroads. The rules...
-
Which of the following activities should be expensed currently as R & D costs? (a) Testing in search for or evaluation of product or process alternatives. (b) Engineering follow-through in an early...
-
Which of the following activities should be expensed currently as R & D costs? (a) Testing in search for or evaluation of product or process alternatives. (b) Engineering follow-through in an early...
-
Indicate the proper accounting for the following items. (a) Organization costs. (b) Advertising costs. (c) Operating losses.
-
Cabinaire Inc. is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it assembles filing cabinets in an Assembly Department. Assume the following...
-
Complete the code to show the result of the 10 factorials. Do not change anything on the codes. Just add the missing parts on line 5 and line 8. Line 1: f = 1 Line 2: m = 1 Line 3: while m
-
a = [1,2,3,4] b= a -1 print(b) What is the output? The code does not make errors. Q3. (10 pts) What is the output? The code does not make errors. n=3 for k in range (n) : for m in range (k):...
Study smarter with the SolutionInn App