L10-Solutions - 5 0 0 00 Total Assets 33 7 0 8 16 Accounts...

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% OF SALES 7 2 0 0 00 100.0% 7 5 0 00 4 7 5 00 12 1 2 5 00 9 2 8 3 5 0 00 2 7 7 5 00 38.5% 4 4 2 5 00 61.5% 2 7 7 00 1 2 00 1 0 0 00 3 5 00 5 0 0 00 1 3 7 7 00 1 9 0 00 2 9 7 00 2 1 0 00 2 9 9 8 00 41.6% 1 4 2 7 00 19.9% Revenue Sales Total Cost of Merchandise Available for Sale Merchandise Inventory, Jan 1, 200 Cost of Merchandise Sold Purchases Credit Card Fee Expense Utilites Expense Total Expenses Net Income Insurance Expense Salary Expense Miscellaneous Expense Rent Expense Less Merchandise Inventory, Dec. 31, 200 Cost of Merchansdise Sold Gross Profit on Sales Advertising Expense Expenses Income Statement Children's Capers Joan Caldwell 50% of Net Income 7 1 3 50 Stacy Hall 50% of Net Income 7 1 3 50 Net Income 1 4 2 7 00 Distribution of Net Income Children's Capers Supplies Expense— Office Supplies Expense— Store 2007 For the Year Ended December 31, For the Year Ended December 31, 2007 7 7
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Cash 21 5 7 3 16 Petty Cash 2 0 0 00 Accounts Receivable 8 5 0 00 Merchandise Inventory 9 3 5 0 00 Office Supplies 7 2 2 00 Store Supplies 5 1 3 00 Prepaid Insurance
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Unformatted text preview: 5 0 0 00 Total Assets 33 7 0 8 16 Accounts Payable 1 1 2 5 00 Employee Income Tax Payable 1 2 1 00 FICA Tax Payable 1 1 0 16 Health Insurance Premiums Payable 1 5 00 Sales Tax Payable 3 6 0 00 Total Liabilites 7 3 1 16 Joan Caldwell, Capital 19 9 1 3 50 Stacy Hall, Capital 12 0 6 3 50 Total Owner's Equity 31 9 7 7 00 33 7 0 8 16 1 Balance Sheet Children's Capers Assets Liabilities Owner's Equity Total Liabilities and Owner's Equity Joan Caldwell Capital, Jan. 1, 2007 20 0 0 0 00 Share of Net Income 7 1 3 50 Less Withdrawals 8 0 0 00 Net Decrease in Capital 8 6 50 Capital, Dec. 31, 2007 19 9 1 3 50 Stacy Hall 12 0 0 0 00 Share of Net Income 7 1 3 50 Less Withdrawals 6 5 0 00 Net Increase in Capital 6 3 50 Capital, Dec. 31, 2007 12 0 6 3 50 Total Owner's Equity, Dec. 31, 2007 31 9 7 7 00 Capital, Jan. 1, 2007 Owners' Equity Statement Children's Capers For the Year Ended December 31, 2007 December 31, 2007...
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This note was uploaded on 10/12/2009 for the course ACCTG Accounting taught by Professor Messier during the Spring '09 term at Santa Monica.

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L10-Solutions - 5 0 0 00 Total Assets 33 7 0 8 16 Accounts...

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