64023354-SUA-Final-Solution

64023354-SUA-Final-Solution - Solution - Main Transaction...

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Solution - Main Transaction Set - Transactions List A The next 23 pages (pages 56-78) are the solutions to the Systems Understand Aid main transaction set for transactions list A . Additional transaction sets are provided later in this manual . See page 234 for the document solutions summary page. Illustrations of completed documents for the main transaction set for transactions list A are included on pages 235-242. See page 259 for a description of the filing system. 2009 2008 CURRENT ASSETS Cash $103,141.67 $11,025.19 Accounts receivable - net 42,506.08 7,814.19 Inventory 192,593.00 101,681.00 Marketable securities 24,000.00 0.00 Total current assets 362,240.75 120,520.38 FIXED ASSETS - Net of accumulated depreciation 215,921.00 239,105.50 Total assets $578,161.75 $359,625.88 CURRENT LIABILITIES Accounts payable $8,767.15 $11,279.35 Payroll taxes withheld and payable 4,262.22 3,284.54 Federal income taxes payable 51,429.77 29,797.00 Interest payable 201.37 0.00 Total current liabilities 64,660.51 44,360.89 NOTE PAYABLE 70,000.00 0.00 Total liabilities 134,660.51 44,360.89 STOCKHOLDERS' EQUITY Common stock 225,000.00 225,000.00 Retained earnings 218,501.24 90,264.99 Total stockholders' equity 443,501.24 315,264.99 Total liabilities and stockholders' equity $578,161.75 $359,625.88 SOLUTION - MAIN TRANSACTION SET TRANSACTIONS LIST A WAREN SPORTS SUPPLY LIABILITIES & STOCKHOLDERS' EQUITY ASSETS AT DECEMBER 31, 2009 AND 2008 BALANCE SHEET 56
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Solution - Main Transaction Set - Transactions List A REVENUE Sales $1,592,545.00 Less: Sales returns and allowances 61,111.00 Sales discounts taken 15,405.82 Net sales 1,516,028.18 COST OF GOODS SOLD Beginning inventory 101,681.00 Net purchases 1,094,252.80 Freight-in 24,680.94 Goods available for sale 1,220,614.74 Less: Ending inventory 192,593.00 Cost of goods sold 1,028,021.74 GROSS MARGIN 488,006.44 OPERATING EXPENSES Rent expense 57,600.00 Advertising expense 22,155.00 Office supplies expense 5,621.45 Depreciation expense 35,109.50 Wages and salaries 141,563.97 Payroll taxes 11,562.27 Bad debt expense 6,064.11 Other operating expense 29,287.75 Total operating expenses 308,964.05 Operating income 179,042.39 OTHER INCOME - Miscellaneous income 825.00 OTHER EXPENSE - Interest expense 201.37 INCOME BEFORE TAXES 179,666.02 FEDERAL INCOME TAXES 51,429.77 NET INCOME 128,236.25 RETAINED EARNINGS - Beginning of year 90,264.99 RETAINED EARNINGS - End of year $218,501.24 WAREN SPORTS SUPPLY STATEMENT OF INCOME AND RETAINED EARNINGS For the Year Ended December 31, 2009 57
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Solution - Main Transaction Set - Transactions List A CUST AMOUNT AGE IN DAYS NO. CUSTOMER DUE CURRENT 31-60 61-90 OVER 90 408 Branch College 1,200.00 $1,200.00 409 Univ. of S. Iowa 17,924.00 17,924.00 410 E. Wisconsin Univ. 28,297.00 8,392.00 19,905.00 0.00 TOTAL $47,421.00 $26,316.00 $19,905.00 $0.00 $1,200.00 NF VEND. AMOUNT NO. NAME PAYABLE 253 Chicago Office Supply $5,117.15 261 Gillett Consulting 3,650.00 TOTAL $8,767.15 NF ACCUM. NET ASSET COST DEPREC. BOOK VALUE Office furniture $50,750.00 $50,750.00 $0.00 Delivery trucks 69,255.00 34,627.50 34,627.50 Inventory handling system 200,660.00 30,099.00 170,561.00 High-speed copier 7,367.00 736.70 6,630.30 Computers 4,558.00 455.80 4,102.20 TOTALS $332,590.00 $116,669.00 $215,921.00 NF DECEMBER 31, 2009 ACCOUNTS PAYABLE TRIAL BALANCE DECEMBER 31, 2009 WAREN SPORTS SUPPLY FIXED ASSET TRIAL BALANCE WAREN SPORTS SUPPLY ACCOUNTS RECEIVABLE AGED TRIAL BALANCE DECEMBER 31, 2009 WAREN SPORTS SUPPLY 60
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Solution - Main Transaction Set - Transactions List A ACCT. NO. ACCOUNT TITLE DEBIT CREDIT ASSETS 10100 Cash 103,141.67 10200 Accounts receivable 47,421.00 10300 Allowance for doubtful accounts 4,914.92 10400 Inventory 192,593.00 10600 Marketable securities 24,000.00 10800 Fixed assets 332,590.00 10900 Accumulated depreciation 116,669.00 11000 Notes receivable LIABILITIES 20100 Accounts payable 8,767.15 20300 Federal income taxes withheld 1,824.44 20400 State unemployment taxes payable 92.17 20500
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64023354-SUA-Final-Solution - Solution - Main Transaction...

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