05-2A_9e - Problem 5-2A Enter the appropriate amount or...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Problem 5-2A Name: Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear next to an incorrect amount in the outlined cells. 1. MAGIC VINYL CO. Income Statement For the Year Ended March 31, 2008 Revenues: Net sales $1,488,000 Expenses: Cost of merchandise sold $930,000 Selling expenses 270,000 Administrative expenses 162,000 Interest expense 6,000 Total expenses 1,368,000 Net income $120,000 2. MAGIC VINYL CO. Statement of Retained Earnings For the Year Ended March 31, 2008 Retained earnings, April 1, 2007 $489,900 Net income for the year $120,000 Less dividends 42,000 Increase in retained earnings 78,000 Retained earnings, March 31, 2008 $567,900
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
3. MAGIC VINYL CO. Balance Sheet March 31, 2008 Assets Liabilities Current assets: Current liabilities: Cash $184,500 Accounts payable $66,720 Accounts receivable 145,200 Notes payable (current portion) 9,000 Merchandise inventory 210,000 Salaries payable 2,880 Office supplies 6,720 Total current liabilities
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

05-2A_9e - Problem 5-2A Enter the appropriate amount or...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online