Warning: Trying to access array offset on value of type bool in /home/topgsnkq/myessaydesk.com/wp-content/themes/enfold/framework/php/function-set-avia-frontend.php on line 637
Easy Accounting project, accounting homework help
Project Data
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines
Order Paper NowThe adjusted trial balance for Mowgli Corporation contained the following accounts at December 31, 2015 the end of the company’s fiscal year:
|
Dr. |
Cr. |
|
|
Cash |
$26,000 |
|
|
Accounts Receivable |
$80,000 |
|
|
Inventory (beginning) |
$25,000 |
|
|
Land |
$9,000 |
|
|
Office equipment |
$22,000 |
|
|
Accumulated Depreciation-equip. |
|
$20,000 |
|
Building |
$233,000 |
|
|
Accumulated Depreciation-Bldg. |
|
$94,000 |
|
Patent |
$16,000 |
|
|
Accounts Payable |
|
$50,000 |
|
Interest Payable |
|
$14,000 |
|
Unearned Revenue |
|
$30,000 |
|
Notes Payable |
|
$100,000 |
|
Capital |
|
$60,000 |
|
Drawings |
$9,000 |
|
|
Sales |
|
$170,200 |
|
Sales Returns and Allowances |
$2,500 |
|
|
Sales Discounts |
$1,100 |
|
|
Purchases |
$66,000 |
|
|
Purchases Returns and Allowances |
|
$1,000 |
|
Purchase Discounts |
|
$500 |
|
Freight-in |
$300 |
|
|
Insurance Expense |
$6,000 |
|
|
Interest Expense |
$8,000 |
|
|
Repair Expense |
$5,000 |
|
|
Salaries Expense |
$17,600 |
|
|
Advertising Expense |
$1,200 |
|
|
Depreciation Expense |
$11,000 |
|
|
Utilities Expense |
$1,000 |
|
|
$539,700 |
$539,700 |
Other Information:
- Inventory on hand at December 31, 2015 is $40,000 (Hint: this is ending inventory).
- Administrative expenses include the following: Insurance expense, Repair Expense, Utilities expense, and Depreciation expense.
- Selling expenses include the following: Advertising expense and Salaries expense.
- $20,000 of the Notes Payable is payable next year (Hint: classified as current).
Instructions
Prepare a classified balance sheet (20pts), multiple step income statement (20pts), statement of owners’ equity (5pts), and closing entry (5pts).
"Looking for a Similar Assignment? Order now and Get 15% Discount! Use Code "FIRST15"
