Question

In: Accounting

PLEASE MAKE SURE ALL NUMBERS MATCH UP AND ARE CORRECTLY CALCULATED The following unadjusted trial balance...

PLEASE MAKE SURE ALL NUMBERS MATCH UP AND ARE CORRECTLY CALCULATED

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.  

NELSON COMPANY
Unadjusted Trial Balance
January 31, 2018
Debit Credit
Cash $ 1,000
Merchandise inventory 12,500
Store supplies 5,800
Prepaid insurance 2,400
Store equipment 42,900
Accumulated depreciation—Store equipment $ 15,250
Accounts payable 10,000
Common stock 5,000
Retained earnings 27,000
Dividends 2,200
Sales 111,950
Sales discounts 2,000
Sales returns and allowances 2,200
Cost of goods sold 38,400
Depreciation expense—Store equipment 0
Salaries expense 35,000
Insurance expense 0
Rent expense 15,000
Store supplies expense 0
Advertising expense 9,800
Totals $ 169,200 $ 169,200

  
Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system.
  
Additional Information:

  1. Store supplies still available at fiscal year-end amount to $1,750.
  2. Expired insurance, an administrative expense, for the fiscal year is $1,400.
  3. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year.
  4. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end.

Required:
1.
Using the above information prepare adjusting journal entries:
2. Prepare a multiple-step income statement for fiscal year 2018.
3. Prepare a single-step income statement for fiscal year 2018.

Solutions

Expert Solution



Related Solutions

Please answer it correctly. Here is a short problems. Please solve all problems correctly. Make sure...
Please answer it correctly. Here is a short problems. Please solve all problems correctly. Make sure the answers are correct. I would really appreciate your effort. Thanks. 1). The Oriole Products Co. currently has debt with a market value of $275 million outstanding. The debt consists of 9 percent coupon bonds (semiannual coupon payments) which have a maturity of 15 years and are currently priced at $1,429.26 per bond. The firm also has an issue of 2 million preferred shares...
Please answer it correctly. Here is a short problems. Please solve all problems correctly. Make sure...
Please answer it correctly. Here is a short problems. Please solve all problems correctly. Make sure the answers are correct. I would really appreciate your effort. Thanks. 1). The Oriole Products Co. currently has debt with a market value of $275 million outstanding. The debt consists of 9 percent coupon bonds (semiannual coupon payments) which have a maturity of 15 years and are currently priced at $1,429.26 per bond. The firm also has an issue of 2 million preferred shares...
The following ledger balances make up a company’s trial balance:
The following ledger balances make up a company’s trial balance:Sales K76, 700Purchases K 26,800Non-current assets K31, 400Payables K18, 200Receivables K32, 300Cash at bank K14, 200Capital K9, 800What is the total of the debit column of the trial balance?Explain your answer
PLEASE MAKE SURE ALL THE NUMBERS ARE CORRECT. After the success of the company’s first two...
PLEASE MAKE SURE ALL THE NUMBERS ARE CORRECT. After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2018, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2018) follows. No. Account Title Debit Credit 101 Cash $ 39,164 106 Accounts receivable 13,118 126 Computer supplies 2,645 128 Prepaid insurance 1,980 131 Prepaid rent 2,960 163 Office equipment 8,900 164 Accumulated depreciation—Office equipment $ 0 167...
1. (a) From the Following unadjusted trial balance details Draw up Multiple step Income Statement for...
1. (a) From the Following unadjusted trial balance details Draw up Multiple step Income Statement for the year ended 31st December 2019. ( 3 marks) (table ) Trial Balance Debit RO CreditRO Sales 225,000 Sales returns 5,000 Cost of goods sold 85,000 *Selling expenses xxxxx Advertisement 7,000 Administrative expenses 12,000 Interst earned 25,000 Interst owed 5,000 Utilties expenses 9,000 Rent -Office 10,000 Depreciation- Office 9,000 Note: *Selling expenses amount will be taken your College ID Number (For Example Your College...
4. Prepare an unadjusted trial balance as of July 31, 2019. PS Music UNADJUSTED TRIAL BALANCE...
4. Prepare an unadjusted trial balance as of July 31, 2019. PS Music UNADJUSTED TRIAL BALANCE July 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Office Equipment 6 Accounts Payable 7 Unearned Revenue 8 Peyton Smith, Capital 9 Peyton Smith, Drawing 10 Fees Earned 11 Wages Expense 12 Office Rent Expense 13 Equipment Rent Expense 14 Utilities Expense 15 Music Expense 16 Advertising Expense 17 Supplies Expense 18 Miscellaneous Expense 19...
Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31,...
Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31, 2019. The Colby Group Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash 18,590 Accounts Receivable 33,280 Supplies 4,370 Prepaid Insurance 4,700 Equipment 106,000 Notes Payable 43,900 Accounts Payable 9,440 Terry Colby, Capital 67,850 Terry Colby, Drawing 23,100 Fees Earned 348,400 Wages Expense 205,925 Rent Expense 40,700 Advertising Expense 17,200 Miscellaneous Expense 11,200 465,065 469,590 The debit and credit totals are not...
Which of the following correctly lists the trial balance worksheet sequence? a.)1. Trial balance is prepared....
Which of the following correctly lists the trial balance worksheet sequence? a.)1. Trial balance is prepared.    2. Adjusting entries are made.    3. Income statement is prepared on the worksheet.    4. Balance sheet is prepared on the worksheet.    5. Closing entries are made to close out temporary accounts and determine net income       or net loss for the period.    6. Adjusted trial balance is prepared. b.)1. Trial balance is prepared.    2. Adjusting entries are made.   ...
ollowing is the Unadjusted Trial Balance of Dawes Delivery - a proprietorship. This trial balance was...
ollowing is the Unadjusted Trial Balance of Dawes Delivery - a proprietorship. This trial balance was prepared at the close of business on December 31, 2019, the company's year-end: Dawes Delivery Unadjusted Trial Balance December 31, 2019 Account Debits Credits Cash 9,590 Prepaid Insurance 1,500 Office Supplies 250 Office Equipment 5,000 Accumulated Depreciation - Office Equipment 2,000 Building 50,000 Accumulated Depreciation - Building 10,000 Vehicle-Truck 30,000 Accumulated Depreciation - Truck 6,000 Accounts Payable 2,105 Unearned Revenue 2,400 D. Dawes, Capital...
How do you come up with the total of the debit side of the unadjusted trial balance?
Consider the following information from a company’s unadjusted trial balance at December 31, 2018. All accounts have normal balances.Accounts Receivable$4,800Accounts Payable665Cash1,730Service Revenue5,890Common Stock4,300Equipment5,200Insurance Expense415Land4,100Notes Payable, Due 20214,300Notes Receivable, Matures 20191,230Prepaid Insurance415Rent Expense1,415Retained Earning, January 1, 20187,880Salaries and Wages Expense3,730How do you come up with the total of the debit side of the unadjusted trial balance?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT