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    ACC 111 - Merchandising - Worksheet and FS

    Uploaded by

    Kyle Ruiz

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    ACC 111 - Merchandising - Worksheet and FS

    Uploaded by

    Kyle Ruiz
    7 views9 pages

    Original Title

    ACC-111_merchandising_worksheet-and-FS

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    7 views9 pages

    ACC 111 - Merchandising - Worksheet and FS

    Uploaded by

    Kyle Ruiz

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 9

    NAME:_______________________________________________ SCORE: _____________________

    Dores Marie Pateno Hobby Shop


    Worksheet
    December 31, 2018

    Unadjusted Trial Balance Adjustments Income Statement Balance Sheet

    Cash 100,000 100,000


    Accounts Receivable 500,000 500,000
    Merchandise Inventory 700,000 700,000 500,000 500,000
    Prepaid Rent 300,000 100,000 200,000 Net Sales
    Shop Equipment 1,600,000 1,600,000 Less: COS
    Accum. Depreciation 200,000 200,000 400,000 Gross Profit
    Accounts Payable 400,000 400,000 Add: Other Income
    Pateno, Capital 1,300,000 1,300,000 Less: OE
    Pateno, Withdrawal 100,000 100,000 Net Profit
    Sales 2,900,000 2,900,000
    Sales Discounts 100,000 100,000
    Purchases 800,000 800,000 MI, beg
    Purchase ret. & allow. 200,000 200,000 Add: NCP*
    Transportation In 100,000 100,000 TGAS
    Salaries Expense 400,000 30,000 430,000 Less: MI, end
    Advertising Expense 150,000 150,000 COS
    Utilities Expense 100,000 100,000
    Supplies Expense 50,000 50,000
    Total 5,000,000 5,000,000
    Salaries Payable 30,000 30,000
    Rent Expense 100,000 100,000
    Depreciation Expense 200,000 200,000
    330,000 330,000 2,730,000 3,600,000 3,000,000 2,130,000
    Net Profit - 870,000 870,000
    3,600,000 3,600,000 3,000,000 3,000,000

    Adjusting Entries include the following: Required: Income Summary 700,000


    a. Salaries Expense 30,000 b. Rent Expense 100,000 Merchandise Inventory 700,000
    Salaries Payable 30,000 Prepaid Rental 100,000
    c. Depreciation Expense 200,000 d. Income Summary 700,000 Merchandise Inventory 500,000
    Accumulated Depreciation 200,000 Merchandise Inventory 700,0 Income Summary 500,000
    2.3 Statement of Financial Position (15 points)
    beginning balance ending balance

    Required:

    I. Prepare the following financial statements:


    a. Income Statement
    b. Statement of Changes in Owner's Equity
    c. Statement of Financial Position (use account form)

    II. Prepare the necessary closing entries.


    a. income accounts
    b. expense accounts
    c. profit
    d. drawing

    GOOD LUCK & GOD BLESS!


    Dores Marie Pateno Hobby Shop
    Income Statement
    For the year ended December 31, 2018

    Net Sales
    Sales 2,900,000
    Less: Sales Discount 100,000
    Net Sales 2,800,000
    Less: Cost of Sales
    MI, beg 700,000
    Add: Net Cost of Purchases
    Purchases 800,000
    Less: PRA 200,000
    600,000
    Add: Trans In 100,000 700,000
    Total Goods Available for Sale 1,400,000
    Less: MI, end 500,000
    Cost of Sales 900,000
    Gross Profit 1,900,000
    Less: Operating Expenses
    Salaries Expense 430,000
    Advertising Expense 150,000
    Utilities Expense 100,000
    Supplies Expense 50,000
    Rent Expense 100,000
    Depreciation Expense 200,000
    Total Expenses 1,030,000
    Net Profit 870,000
    Income Summary 2,730,000
    Merchandise Inventory, beg 700,000
    Sales Discount 100,000
    Purchases 800,000
    Transportation In 100,000
    Salaries Expense 430,000
    Advertising Expense 150,000
    Utilities Expense 100,000
    Supplies Expense 50,000
    Rent Expense 100,000
    Depreciation Expense 200,000

    Merchandise Inventory, end 500,000


    Sales 2,900,000
    Purchase returns and allowances 200,000
    Income Summary 3,600,000

    Income Summary 870,000


    Pateno, Capital 870,000

    Pateno, Capital 100,000


    Pateno, Withdrawal 100,000
    Debit Credit

    Cash 100,000
    Accounts Receivable 500,000
    Merchandise Inventory 500,000
    Prepaid Rent 200,000
    Shop Equipment 1,600,000
    Accum. Depreciation 400,000
    Accounts Payable 400,000
    Salaries Payable 30,000
    Pateno, Capital 2,070,000
    Total 2,900,000 2,900,000
    Pateno, Capital
    1,300,000
    100,000 870,000
    100,000 2,170,000
    ###
    Dores Marie Pateno Hobby Shop
    Statement of Changes in Owner's Equity
    For the year ended December 31, 2018

    Pateno, Capital - Jan. 1, 2018 1,300,000


    Add: Profit 870,000
    Total 2,170,000
    Less: Withdrawals 100,000
    Pateno, Capital - Dec. 31, 2018 2,070,000
    Dores Marie Pateno Hobby Shop
    Statement of Financial Position
    As of December 31, 2018

    ASSETS

    Current Assets
    Cash 100,000
    Accounts Receivable 500,000
    Merchandise Inventory 500,000
    Prepaid Rent 200,000
    Total Current Assets 1,300,000
    Non-Current Assets
    Shop Equipment 1,600,000
    Less: Accum. Depreciation 400,000
    Total Non-Current Assets 1,200,000
    TOTAL ASSETS 2,500,000

    LIABILITIES & OWNER'S EQUITY

    Liabilities
    Current Liabilities
    Accounts Payable 400,000
    Salaries Payable 30,000
    Total Liabilities 430,000

    Owner's Equity
    Pateno, Capital 2,070,000
    TOTAL LIABILITIES & OWNER'S EQUITY 2,500,000
    -

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