Principles of Accounting I project
Question Description
Project Data
Mowgli Corporation adjusted trial balance for fiscal year ending December 31, 2019.
|
Dr. |
Cr. |
|
|
Cash |
$21,000 |
|
|
Accounts Receivable |
$102,000 |
|
|
Inventory (beginning) |
$20,000 |
|
|
Estimated Returns Inventory |
$5,000 |
|
|
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 |
$73,000 |
|
|
Customer Refunds Payable |
$2,000 |
|
|
Interest Payable |
$14,000 |
|
|
Unearned Revenue |
$22,000 |
|
|
Notes Payable |
$100,000 |
|
|
Capital |
$80,000 |
|
|
Drawings |
$29,000 |
|
|
Sales |
$206,600 |
|
|
Purchases |
$106,000 |
|
|
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 |
|
|
$613,100 |
$613,100 |
Other Information:
- Inventory on hand at December 31, 2019 is $55,000 (Hint: this is ending inventory).
- Estimated Returns Inventory increased $2,000 (Hint: Include in COGS and Closing Entry).
- Administrative expenses include: Insurance, Repair, Utilities, and Depreciation.
- Selling expenses include: Advertising and Salaries.
- $50,000 of the Notes Payable is payable next year (Hint: classified as current).
Instructions
Prepare a (1) multiple step income statement (20pts), (2) statement of owners’ equity (5pts), (3) classified balance sheet (20pts), and (4) closing entry (5pts).
Get your college paper done by experts
Do my questionPlace an order in 3 easy steps. Takes less than 5 mins.
Leave a Reply
Want to join the discussion?Feel free to contribute!