Chapter 5 review questions

Chapter 5 review questions - Chapter5

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Chapter 5 The adjusted trial balance for the year ended December 31, 2010, for Dykstra Company is shown below.  DYKSTRA COMPANY Adjusted Trial Balance For the Year Ended December 31, 2010 Dr. Cr. Cash $ 14,500 Accounts Receivable 11,100 Merchandise Inventory 29,000 Prepaid Insurance 2,500 Store Equipment 95,000 Accumulated Depreciation   $ 18,000 Notes Payable   25,000 Accounts Payable   10,600 Common Stock   70,000 Retained Earnings   11,000 Dividends 12,000 Sales   536,800 Sales Returns and Allowances 6,700 Sales Discounts 5,000 Cost of Goods Sold 363,400 Freight-out 7,600 Advertising Expense 12,000 Store Salaries Expense 56,000 Utilities Expense 18,000 Rent Expense 24,000 Depreciation Expense 9,000 Insurance Expense 4,500 Interest Expense 3,600 Interest Revenue   2,500 $673,900 $673,900 Prepare a multiple-step income statement for Dykstra Company. Assume a tax rate of 30 percent.
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DYKSTRA COMPANY Income Statement For the Year Ended December 31, 2010 Sales revenues     Sales   $536,800 Less: Sales returns and allowances
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Chapter 5 review questions - Chapter5

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