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    Judith Rivera Tarea 2.2 Acco 1050

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    Judy Rivera
    The document contains financial statements and journal entries for Clairemont Co.: - The income statement shows revenues of $11.3M and expenses of $10.4M, resulting in net income of $943,400. - The statement of owner's equity shows initial capital of $3.4M, an increase of $843,400 from net income, and withdrawals of $100,000, bringing equity to $4.3M. - The balance sheet lists assets of $5M including $2.9M in current assets and $2.1M in property/equipment, and liabilities of $707,500 including $457,500 in current liabilities and a long-term note

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    Judith Rivera Tarea 2.2 Acco 1050

    Uploaded by

    Judy Rivera
    2K views4 pages
    The document contains financial statements and journal entries for Clairemont Co.: - The income statement shows revenues of $11.3M and expenses of $10.4M, resulting in net income of $943,400. - The statement of owner's equity shows initial capital of $3.4M, an increase of $843,400 from net income, and withdrawals of $100,000, bringing equity to $4.3M. - The balance sheet lists assets of $5M including $2.9M in current assets and $2.1M in property/equipment, and liabilities of $707,500 including $457,500 in current liabilities and a long-term note

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    tarea 2.1 acco 1050

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    The document contains financial statements and journal entries for Clairemont Co.: - The income statement shows revenues of $11.3M and expenses of $10.4M, resulting in net income of $943,400. - The statement of owner's equity shows initial capital of $3.4M, an increase of $843,400 from net income, and withdrawals of $100,000, bringing equity to $4.3M. - The balance sheet lists assets of $5M including $2.9M in current assets and $2.1M in property/equipment, and liabilities of $707,500 including $457,500 in current liabilities and a long-term note

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2K views4 pages

    Judith Rivera Tarea 2.2 Acco 1050

    Uploaded by

    Judy Rivera
    The document contains financial statements and journal entries for Clairemont Co.: - The income statement shows revenues of $11.3M and expenses of $10.4M, resulting in net income of $943,400. - The statement of owner's equity shows initial capital of $3.4M, an increase of $843,400 from net income, and withdrawals of $100,000, bringing equity to $4.3M. - The balance sheet lists assets of $5M including $2.9M in current assets and $2.1M in property/equipment, and liabilities of $707,500 including $457,500 in current liabilities and a long-term note

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    The document presents financial statements and journal entries for Clairemont Co. for the period ending May 31, 2016.

    The financial statements presented are the income statement, statement of owner's equity, and balance sheet.

    The net income for the period is $943,400.

    Judith Rivera

    Tarea 2.2 Acco 1050 11 septiembre 2016

    a. PR 6-5A (pg.311) Preparacin de estados financieros: Estado de Situacin, Estado


    de Resultados y Estado de Capital. (36 puntos)

    Clairemont Co.
    Income Statement
    May 31, 2016
    Sales
    Cost of Merchandise Sold
    Gross Profit
    Operating expenses:
    Selling expense:
    Sales salaries expense
    Advertising expense
    Depreciation expense-store equipment
    Miscellaneous selling expense
    Total selling expense
    Administrative expenses:
    Office salarie expense
    Rent expense
    Depreciation expense-office equipment
    Insurance expense
    Office supplies expense
    Mescellaneous administrative expense
    Total administrative expense
    Total operating expenses
    Income from operations
    Other income and expense
    Interest expense
    Net income

    $11,343,000
    7,850,000
    3,493,000

    $916,000
    550,000
    140,000
    38,000
    $1,644,000
    650,000
    94,000
    50,000
    48,000
    28,100
    14,500
    884,600
    2,528,600
    $964,400
    21,000
    $943,400

    Clairemont Co.
    Statement of Owners Equity
    May 31, 2016
    Kristina Marble, Capital
    Net income
    Less withdrawals
    Increase in owners equity
    Kristina Marble, Capital, May 31, 2016

    $3,449,100
    $943,400
    100,000
    843,400
    $4,292,500

    Clairemont Co.
    Balance Sheet
    May 31, 2016
    Assets
    Current assets:
    Cash
    Accounts receivable
    Merchandise inventory
    Office supplies
    Prepaid insurance
    Total current assets
    Property, plant, and equipment:
    Store equipment
    Less accumulated depreciation
    Office equipment
    Less accumulated depreciation
    Total property, plant, and equipment
    Total assets
    Liabilities
    Current liabilities:
    Accounts payable
    Note payable (current portion)
    Salaries payable
    Total current liabilities
    Long-term liabilities:
    Note payable (final payment due 2022)
    Total liabilities
    Owners Equity
    Kristina Marble, Capital
    Total liabilities and owners equity

    $240,000
    966,000
    1,712,500
    13,500
    8,000
    $2,940,000
    $3,600,000
    1,820,000
    830,000
    550,000

    1780,000
    280,000
    2,060,000
    $5,000,000

    $366,000
    50,000
    41,500
    $457,500
    250,000
    $707,500
    4,292,500
    $5,000,000

    La diferencia entre ambas hojas de balance (blance sheet) es su formato. El blance


    sheet se prepara hacia abajo y el balance sheet se prepara hacia al lado.
    La diferencia entre el income statement de multiples entradas y el income
    statement single-step es que en el primero proporciona una informacin ms
    detallada, mientras que el single-step provee informacin ms generalizada.

    b. PR 6-6A (pg.311) Preparacin de estados financieros y de asientos de cierre (36


    puntos)

    Clairemont Co.
    Income Statement
    May 31, 2016
    Revenues:
    Sales
    Total revenues
    Expenses:
    Cost of merchandise sold
    Selling expenses
    Administrative expense
    Interest expense
    Total expenses
    Net income

    $11,343,000
    $11,343,000
    $7,850,000
    1,644,000
    884,600
    21,000
    10,399,600
    $934,400

    Clairemont Co.
    Statement of Owners Equity
    May 31, 2016
    Kristina Marble, Capital
    Net income
    Less withdrawals
    Increase in owners equity
    Kristina Marble, Capital, May 31, 2016

    $3,449,100
    $943,400
    100,000
    843,400
    $4,292,500

    Clairemont Co.
    Balance Sheet
    May 31, 2016
    Assets
    Current Assets:
    Cash
    Accounts receivable
    Merchandise inventory
    Office supplies
    Prepaid insurance
    Property, plant, and equipment:
    Store equipment
    Less accumulated depreciation
    Office equipment
    Less accumulated depreciation

    Liabilities

    Current liabilities
    Accounts payable
    Note payable (current portion)
    Salaries payable
    Long-term liabilities
    Note payable (final payment due 2022)
    Total liabilities

    $240,000
    966,000
    1,712,500
    13,500
    8,000
    3,600,000
    $1,820,000
    830,000
    550,000

    Ownerss Equity
    Kristina Marble, Capital

    Total assets

    $5,000,000

    Total liabilities and owners equity

    Closing Entries
    May

    31
    31

    31
    31

    Sales
    Income Summary
    Income Summary
    Cost of merchandise sold
    Sales salaries expense
    Advertising expense
    Depreciation expense-store equipment
    Miscellaneous selling expense
    Office salaries expense
    Rent expense
    Depreciation expense-office equipment
    Insurance expense
    Office supplies expense
    Miscellaneous administrative expense
    Interest expense
    Income summary
    Kristina Marble, Capital
    Kristina Marble, Capital
    Kristina Marble, Drawing

    $11,343,000
    10,399,600

    943,400
    100,000

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