Bonus 2 - Add Net Income 13,200 Deduct Dividends 1,000...

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To: Dick Kochanek From: Anthony Cavallaro (1562523) 1. Unadjusted Trial Balance: $101,200 2. Depreciation Expense – Equipment 4,800 Accumulated Depreciation – Equipment 4,800 Unearned Sales Revenue 700 Sales Revenue 700 Salary Expense 1,200 Salary Payable 1,200 Rent Expense 6,000 Prepaid Rent 6,000 3. Financial Statements HUSKY COMPANY Income Statement For the Year Ended December 31, 2009 Sales Revenue $41,700 Deduct: Sales Discounts 500 Net Sales Revenue $41,200 Cost of Goods Sold: Merchandise Inventory, January 1, 2009 $ 4,000 Purchases $ 9,800 Transportation – In 300 Gross Delivered Cost of Purchases $10,100 Deduct: Purchases Returns $ 100 Net Cost of Purchases 10,000 Cost of Goods Available For Sale 14,000 Deduct: Merchandise Inventory, December 31, 2009 6,000 Cost of Goods Sold 8,000 Gross Margin on Sales $33,200 Deduct: Salary Expense 9,200 Rent Expense 6,000 Depreciation Expense – Equipment 4,800 20,000 Net Income $13,200 HUSKY COMPANY Statement of Owners' Equity For the Year Ended December 31, 2009 Common Stock $17,000 Retained Earnings, January 1, 2009 $ 9,200
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Unformatted text preview: Add: Net Income 13,200 Deduct: Dividends 1,000 Retained Earnings, December 31, 2009 21,400 Owners’ Equity, December 31, 2009 $38,400 HUSKY COMPANY Balance Sheet For the Year Ended December 31, 2009 Assets Current Assets Cash $17,225 Accounts Receivable 12,175 Prepaid Rent 4,000 Ending Inventory 6,000 Total Current Assets $39,400 Property, Plant and Equipment Land $11,200 Equipment 27,000 Deduct: Accumulated Depreciation – Equipment 8,800 Total Property, Plant and Equipment 38,200 Total Assets $68,800 Liabilities Current Liabilities Accounts Payable $ 6,500 Salary Payable 1,200 Unearned Revenue 200 Total Current Liabilities $ 7,900 Long-term Liabilities Long-Term Debt 22,500 Total Liabilities $30,400 Owners’ Equity Common Stock $17,000 Retained Earnings 21,400 Total Owners’ Equity $38,400 Total Liabilities and Owners’ Equity $68,800 Signature _____________________________________________________ Date __________________...
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This note was uploaded on 11/16/2011 for the course ACCT 2001 taught by Professor Kochanek during the Spring '09 term at UConn.

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Bonus 2 - Add Net Income 13,200 Deduct Dividends 1,000...

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