In: Accounting
The Arti Wines is a retail store selling vintage wines. On
December 31, 2019, the firm’s general ledger contained the accounts
and balances below. All account balances are normal.
Cash | $ | 38,916 | |
Accounts Receivable | 560 | ||
Prepaid Advertising | 840 | ||
Supplies | 360 | ||
Merchandise Inventory | 15,600 | ||
Store Equipment | 25,600 | ||
Accumulated Depreciation—Store Equipment | 3,600 | ||
Office Equipment | 5,600 | ||
Accumulated Depreciation—Office Equipment | 1,800 | ||
Notes Payable, due 2020 | 26,000 | ||
Accounts Payable | 2,765 | ||
Wages Payable | |||
Social Security Tax Payable | |||
Medicare Tax Payable | |||
Unearned Seminar Fees | 9,600 | ||
Interest Payable | |||
Vincent Arroyo, Capital | 33,300 | ||
Vincent Arroyo, Drawing | 14,710 | ||
Income Summary | |||
Sales | 156,970 | ||
Sales Discounts | 260 | ||
Seminar Fee Income | |||
Purchases | 91,600 | ||
Purchases Returns and Allowances | 1,600 | ||
Freight In | 255 | ||
Rent Expense | 13,800 | ||
Wages Expense | 24,000 | ||
Payroll Taxes Expense | 3,324 | ||
Depreciation Expense—Store Equipment | |||
Depreciation Expense—Office Equipment | |||
Advertising Expense | |||
Supplies Expense | |||
Interest Expense | 210 | ||
ADJUSTMENTS:
a.–b. Merchandise inventory at December 31, 2019, was counted and determined to be $12,600.
Required:
Analyze:
What was the amount of revenue earned by conducting seminars during
the year ended December 31, 2019