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    Problem 19-7

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    Problem 19-7

    Uploaded by

    api-250474715
    191 views3 pages

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    copy of problem 19-7

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    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    191 views3 pages

    Problem 19-7

    Uploaded by

    api-250474715

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

    101 Cash in Bank 1,360,300


    115 Accts. Receivable 541,800
    125 Merchandise Inventory 82,763
    130 Supplies 252,200
    135 Prepaid Insurance 135,000
    140 Store Equipment 26769.00
    201 Accounts Payable
    207 Federal Corporate Income Tax Payable
    210 Employees' Federal Income Tax Payable
    211 Employees' State Income Tax Payable
    212 Social Security Tax Payable
    213 Medicare Tax Payable
    215 Sales Tax Payable
    216 Federal Unemployment Tax Payable
    217 State Unemployement Tax Payable
    301 Capital Stock
    305 Retained Earnings
    310 Income Summary
    401 Sales Tax Payable
    405 Sales Discounts
    410 Sales Returns and Allowances
    501 Purchases
    505 Transportation In
    510 Purchases Discounts
    515 Purchases Returns and Allowances
    601 Advertising Expense
    605 Bankcard Fees Expense
    620 Federal Corporate Inocme Tax Expense
    630 Insurance Expense
    640 Maintenance Expense
    645 Miscellaneous Expense
    647 Payroll Tax Expense
    650 Rent Expense
    655 Salaries Expense
    660 Supplies Expense
    670 Utilities Expense
    Net Income
    Shutterbug Cameras
    Worksheet
    For the Year Ended December 31, 2010
    ACCT NO. ACCOUNT NAME
    TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
    Income:
    Sales
    Less: Sales Discounts
    Sales Returns and Allowances
    Net Sales
    Cost of Merchandise Sold:
    Merchandise Inventory, January 1, 2010
    Purchases
    Plus: Transportation In
    Cost of Delivered Merchandise
    Less: Purchases Discounts
    Purchases Returns and Allowances
    Net Purchases
    Cost of Merchandise Available
    Merchandise Inventory, December 31, 2010
    Cost of Merchandise Sold
    Gross Profit on Sales
    Operating Expenses
    Advertising Expense
    Bankcard Fees Expense
    Insurance Expense
    Maintenance Expense
    Miscellaneous Expense
    Payroll Tax Expense
    Rent Expense
    Salaries Expense
    Supplies Expense
    Utilities
    Total Operating Expenses
    Operating Income
    Less: Federal Corporate Income Tax Expense
    Net Income
    For the year ended December 31, 2010
    Income Statement
    Sunset Surfwear
    Retained Earnings, January 1, 2010
    Net Income -
    Retained Earnings, December 31, 2010 -
    Cash in Bank
    Accounts Receivable
    Merchandise Inventory
    Supplies
    Prepaid Insurance
    Store Equipment
    Total Assets -
    Accounts Payable
    Fed. Corporate Income Tax Payable
    Employees' Fed Income Tax Payable
    Employees' State Income Tax Payable
    Social Security Tax payable
    Medicare Tax Payable
    Fed. Unemployment Tax Payable
    State Unemployment Tax Payable
    Sales Tax Payable
    Total Liabilities -
    Capital Stock
    Retained Earnings
    Total Stockholders' Equity -
    Total Liabilities and Stockholders Equity -
    Assets
    Liabilities
    Stockholders' Equity
    Sunset Surfwear
    Statement of Retained Earnings
    For the year ended December 31, 2010
    Sunset Surfwear
    Balance Sheet
    December 31, 2010

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