ACCHAPTER 44 - 4-39(continued)A= L+...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 4-39(continued)A= L+ SEAccruedWages,WagesVacation, andandBenefitsPayroll TaxesExpensef.Wages to be paid=+30-30Journal entry:Wages and benefits expense30Accrued wages, vacation,and payroll taxes302.Air traffic liability (236 + 2 - 1) = $237 million4-40(15-25 min.)1.COLDWATER CREEKStatement of Income and Retained EarningsFor the Year Ended February 1, 2003(In Thousands)Net sales$473,172Cost of sales284,406*Gross profit188,766Selling, general, and admin. expenses173,330**Income from operations15,436Other income, net170Income before income taxes15,606 Provision for income taxes6,249Net income9,357 Retained earnings, beginning of year49,873Retained earnings, end of year$ 59,230*473,172 188,766 = 284,406**188,766 15,436 = 173,3302.Gross profit Sales = 188,766 473,172 = 39.9%Net income Sales = 9,357 473,172 = 2.0%3.Net income Average common stockholders' equity = 9,357 100,445 = 9.3%4-42(35-40 min.) This is a challenging problem. Some instructors prefer to assign it later in the course. The journal entries are followed by the ledger accounts. Amounts are in Euros.1.Cash140,000Unearned subscription revenue140,000To record collections of subscriptions in advance of delivery of magazines....
View Full Document

This note was uploaded on 06/20/2010 for the course FINA 6266 taught by Professor Burt during the Spring '10 term at University of Arkansas for Medical Sciences.

Page1 / 7

ACCHAPTER 44 - 4-39(continued)A= L+...

This preview shows document pages 1 - 4. Sign up to view the full document.

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