Detolla's Tennis Boutique Adjusted Trial Balance 31-Dec-18 Cash $41,650 Accounts Receivable $15,000 Merchandise Inventory $60,000 Prepaid...

Detolla's Tennis Boutique
Adjusted Trial Balance
31-Dec-18
Cash	$41,650
Accounts Receivable	$15,000
Merchandise Inventory	$60,000
Prepaid Rent	$5,000
Tennis Supplies	$2,200
Tennis Equipment	$80,000
Accumulated Depreciation: Tennis Equipment		$10,000
Accounts Payable		$7,500
Sales Tax Payable		$1,200
Capital Stock		$100,000
Retained Earnings		$55,000
Dividends	$15,000
Sales		$125,000
Sales Returns & Allowances	$1,250		47-3005107
Cost of Goods Sold	$49,500
Purchase Discount Lost	$250
Utilities Expense	$750
Tennis Supply Expense	$600
Depreciation Expense: Tennis Equipment	$1,000
Rent Expense	$6,000
Insurance Expense	$500
Salaries Expense	$8,000
Income Tax Expense	$12,000
	$298,700	$298,700

Required: Financial Statements should be prepared in Excel!
a. Prepare an Income Statement in good form.







Remember to include proper headings, $-signs, sub-totals, and totals in your financial statements.

Expert Solution


Detolla's Tennis Boutique
Income Statement
31-Dec-18
Sales	$125,000
Less : Sales Return and allowances	$1,250
Net Sales		$123,750
Less : Cost of Goods Sold	$49,500
Purchase Discount Cost	$250	$49,750
Gross Margin		$74,000
Less : Operating Expenses
Utilities Expense	$750
Tennis Supply Expense	$600
Depreciation Expense: Tennis Equipment	$1,000
Rent Expense	$6,000
Insurance Expense	$500
Salaries Expense	$8,000
Total Operating Expenses		$16,850
Income Before taxes		$57,150
Less : Income Tax Expense		$12,000
Net Income		$45,150
Dividend		$15,000
Addition to Retained Earnings		$30,150

Detolla's Tennis Boutique
Balance Sheet
31-Dec-18
ASSETS
Current Assets
Cash		$41,650
Accounts Receivable		$15,000
Merchandise Inventory		$60,000
Prepaid Rent		$5,000
Tennis Supplies		$2,200
Total Current Assets		$123,850

Fixed Assets
Tennis Equipment	$80,000
Accumulated Depreciation: Tennis Equipment	$10,000	$70,000

Total Assets		$193,850

LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities
Accounts Payable		$7,500
Sales Tax Payable		$1,200
Total Current Liabilities		$8,700

Shareholders Equity
Capital Stock		$100,000
Retained Earnings		85150	(55000+30150)
Total Shareholders Equity		$185,150

Total Liabilities and Shareholders Equity		$193,850

ekkarill92 answered 3 years ago

Stockton Company Adjusted Trial Balance December 31 Cash 5,069 Accounts Receivable 2,127 Prepaid Expenses 670 Equipment...

Stockton Company Adjusted Trial Balance December 31 Cash 5,069 Accounts Receivable 2,127 Prepaid Expenses 670 Equipment 14,334 Accumulated Depreciation 2,046 Accounts Payable 1,548 Notes Payable 4,392 Common Stock 1,000 Retained Earnings 10,316 Dividends 717 Fees Earned 7,216 Wages Expense 2,185 Rent Expense 849 Utilities Expense 321 Depreciation Expense 172 Miscellaneous Expense 74 Totals 26,518 26,518 Determine the total assets. $26,518 $20,154 $22,200 $11,316

Sawyer Tax Service Trial Balance December 31, 19xx $ $ Cash 1,628 Accounts Receivable 986 Prepaid...

Sawyer Tax Service Trial Balance December 31, 19xx $ $ Cash 1,628 Accounts Receivable 986 Prepaid Insurance 240 Office Supplies 782 Office Equipment 4,100 Accumulated Depreciation, Office Equipment 210 Copier 2,800 Accumulated Depreciation, Copier 360 Accounts Payable 635 Unearned Tax Fees 219 Dorothy, Sawyer, Capital 5,394 Dorothy, Sawyer, Withdrawals 6,000 Fees Revenue 21,286 Offices Salaries Expense 8,300 Advertising Expense 650 Rent Expense 2,400 Telephone Expense 218 28,104 28,104 Dorothy Sawyer made no investments in her business during the year. The...

Adjusted Trial Balance Debit Credit Cash $40,000 Accounts receivable 38,000 Supplies 1,000 Prepaid Insurance 5,200 Property,...

Adjusted Trial Balance Debit Credit Cash $40,000 Accounts receivable 38,000 Supplies 1,000 Prepaid Insurance 5,200 Property, Plant & Equipment 909,000 Accumulated depreciation $250,000 Accounts payable 22,000 Salaries payable 20,000 Utilities payable 1,500 Deferred revenue 6,000 Notes payable (due in 5 yrs) 100,000 Common stock 300,000 Retained earnings 250,000 Dividends 50,000 Service revenue-new construction 356,000 Service revenue-remodeling 574,000 Salaries expense 750,200 Depreciation expense 50,000 Interest expense 8,000 Supplies expense 2,600 Utilities expense 24,000 Service fee expense 1,500 Total $1,879,500 $1,879,500 Identify...

GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 Accounts Receivable...

GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 Accounts Receivable 2,000 Inventory 5,000 Prepaid insurance 2,400 Prepaid rent 1,600 Supplies (Office) 300 Supplies (Racing) 200 Equipment (Bikes) 12,000 Equipment (Kayaks) 21,000 Accumulated depreciation 8,000 Accounts payable 2,800 Income tax payable 14,000 Interest payable 750 Notes payable 30,000 Common stock ($1.00 par - 1,000,000 shares authorized,10,000 shares issued and outstanding) 10,000 Paid-in Capital in Excess of Par-Common 10,000 Dividends 4,000 Merchandise Sales Revenue 27,500 Sales...

Ryan Company Trial Balance December 31, 2017 Debit Credit Cash 21,800 Accounts Receivable 18,800 Prepaid Insurance...

Ryan Company Trial Balance December 31, 2017 Debit Credit Cash 21,800 Accounts Receivable 18,800 Prepaid Insurance 1,000 Equipment 5,000 Accumulated Depreciation-Equipment 9,600 Accounts Payable 11,600 Salaries and Wages Payable 2,200 Unearned Rent Revenue 1,600 Common Stock 20,000 Retained Earnings 11,000 Dividends 5,600 Service Revenue 69,200 Rent Revenue 26,200 Salaries and Wages Expense 36,200 Supplies Expense 4,000 Rent Expense 21,600 Insurance Expense 3,000 Depreciation Expense 2,400 151,400 151,400 Prepare the income and statement of changes in stockholders' equity statements for the...

HANSON PRODUCTS COMPANY Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 14,400 Accounts receivable...

HANSON PRODUCTS COMPANY Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 14,400 Accounts receivable 35,000 Allowance for doubtful accounts 800 Merchandise inventory 50,400 Office supplies 900 Prepaid Insurance 1,200 Equipment 60,000 Accumulated depreciation – equipment 25,000 Accounts payable 12,000 Notes payable 10,000 Common stock 40,000 Retained earnings 22,250 Dividends 21,000 Net Sales 320,300 Cost of goods sold 205,000 Sales salaries expense 32,500 Depreciation expense – equipment 7,500 Office supplies expense 1,300 Interest expense 600 Bad Debts Expense 200...

Northridge LLC Trial Balance April 30, 20XX Debit Credit Cash $58,791 Accounts receivable 18,495 Merchandise inventory...

Northridge LLC Trial Balance April 30, 20XX Debit Credit Cash $58,791 Accounts receivable 18,495 Merchandise inventory 85,221 Office Supplies 2250 Store Supplies' 885 Prepaid Insurance 1659 Office equipment 2500 Accumulated depreciation-Office Equipment $658 Store equipment 16580 Accumulated depreciation-Store Equipment 2,268 Accounts Payable 50921 J. Spark, Capital 132,534 Totals $186,381 $186,381 Using the information from the Excel workbook from Week 3’s submission, complete a worksheet using the following information for accounting adjustments. Complete the columns for the below adjusting entries, income...

Prepare a Post-Closing Trial Balance Cash – 1,270,676 Accounts Receivable – 190,300 Prepaid Insurance – 17,400...

Prepare a Post-Closing Trial Balance Cash – 1,270,676 Accounts Receivable – 190,300 Prepaid Insurance – 17,400 Land – 75,000 Short-term Investments – 167,000 Fair value adjustment (Trading) – (8,000) Allowance for doubtful accounts – 25,000 LT (Debt) investments (HTM) – 177,824 Bonds Payable – 1,600,000 Premium on Bonds Payable – 118,630 Building – 150,000 Accumulated depreciation: building – 5,400 Equipment – 50,000 Accumulated depreciation: equipment – 29,359 Patent – 37,500 Accounts Payable – 65,340 Notes Payable – 236,175 Income Taxes...

The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000;...

The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $59,000; Owner, Withdrawals, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare closing entry #4 by selecting the account names and dollar amounts from the drop-down menus.

Trial balance Debit Credit Cash 15300 Accounts receivable 10800 Inventory 1/1/20 3800 Prepaid insurance 2000 Equipment...

Trial balance Debit Credit Cash 15300 Accounts receivable 10800 Inventory 1/1/20 3800 Prepaid insurance 2000 Equipment 37000 Accumulated depreciation 5600 Notes payable 1500 Accounts payable 6100 Unpaid salaries 3600 Share capital 3000 Retained earnings 10600 Dividends 5300 Sale 81000 Purchase of inventory 24600 Market cost 4600 Insurance 3500 Salaries 18000 Total 124900 124900 The inventory costing was 1500. Notes payable was taken at the beginning of 2018 to five years, 5% interest, the interests are paid at the beginning of...

Question