Bonus 2 - Beginning Balance 9,200 Net Income 13,600 Owners...

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TO: Dick Kochanek FROM: Brittany-Ann Mac Allister 1586296 1. $ 91,200 2. A. Depreciation Expense 2500 Accumulated Depreciation 2500 B. Unearned Sales Revenue 500 Sales Revenue 500 C. Salaries Expense 900 Salaries Payable 900 D. Rent Expense 2000 Prepaid Rent 2000 3. A. Income Statement Sales Revenue 36,500 Sales Discounts (500) Net Sales 36,000 Cost of Goods Sold Beginning Inventory 4,000 Purchases 9,800 Transportation In 300 Purchases Returns (100) Net Cost of Purchases 10,000 Goods Available 14,000 Ending Inventory (5,000)
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Cost of Goods Sold 9,000 Gross Margin 27,000 Expenses Salary Expense 8,900 Rent Expense 2,000 Depreciation Expense 2,500 Net Income 13,600 B. Statement of Owner’s Equity Common Stock 17,000 Retained Earnings
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Unformatted text preview: Beginning Balance 9,200 Net Income 13,600 Owners Equity 39,800 C. Balance Sheet Assets Current: Accounts Receivable 8,175 Cash 16,225 Prepaid Rent 8,000 Merchandise Inventory 4,000 Property and Plant: Land 7,200 Equipment 27,000 Accumulated Depreciation (2,500) Total Assets: 69,100 Liabilities Current: Accounts Payable 5,500 Unearned Revenue 400 Salaries Payable 900 Long-Term: Long-term debt 22,500 Total Liabilities: 29,300 Owners Equity Common Stock 17,000 Retained Earnings Beginning Balance 9,200 Net Income 13,600 Owners Equity 39,800 Total Liabilities and Owners Equity 69,100...
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Bonus 2 - Beginning Balance 9,200 Net Income 13,600 Owners...

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