Ngactivities 893400 cashflowsfrominvestingactivities

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Unformatted text preview: ,000 E.B. E.B. (1 2 ) B.B. B.B. (1 1 ) (3 ) 100,000 9,060 E.B. 20,000 APIC: Preferred Stock B.B. B.B. (1 b ) (1 a ) 0 0 100,000 750,000 (4 ) 15,000 E.B. E.B. 100,000 765,000 APIC: Common Stock (1 b ) (1 a ) 100,000 (4 ) (c4) 750,000 2,000 E.B. 2,000 Dividends 0 E.B. (1 1 ) 0 B.B. 775,000 0 0 728,140 B.B. Retained Earnings B.B. B.B. Common Stock E.B. (c4) 100,000 25,000 100,000 E.B. 0 Sales Cost of Goods Sold Miscellaneous Expenses B.B. B.B. (c3) 0 B.B. 0 (6 a ) 2,050,000 (6 b ) 875,000 0 628,140 (1 0 ) E.B. 575,000 E.B. 1,365,000 880,000 (c2) (c1) (d ) 2,930,000 500,000 (9 a ) 75,000 0 E.B. E.B. E.B. E.B. E.B. 0 0 0 0 1,460 (b ) Bad Debt Expense 0 0 140,000 (c) 0 0 Insurance Expense B.B. 0 (e ) 20,000 (c2) (c2) 70,400 1,460 20,000 0 0 Depreciation Expense B.B. B.B. (a ) 490,000 (c2) Interest Expense B.B. B.B. (1 2 ) (9 b ) (c2) E.B. Loss on Inv. Write­down 0 Unrealized loss on Mkt. Sec. B.B. 0 (f) 25,000 (c2) (c2) 70,400 5,000 140,000 25,000 (c2) E.B. 0 5,000 P14–19 Continued b. Closing entries (c1) Sales Income Summary Closed revenues into Income Summary. 2,930,000 2,930,000 (c2) Income Summary Miscellaneous Expenses Cost of Goods Sold Interest Expense Bad Debt Expense Depreciation Expense Insurance Expense Loss on Inventory Write­down Unrealized Loss on Marketable Securities Closed expenses into Income Summary. 2,201,860 575,000 1,365,000 1,460 70,400 140,000 20,000 5,000 25,000 (c3) Income Summary Retained Earnings Closed Income Summary into Retained Earnings. 728,140 Retained Earnings Dividends Closed Dividends into Retained Earnings. 100,000 (c4) 728,140 100,000 c. Mick’s Photographic Equipment Income Statement For the Year Ended December 31, 2011 Sales revenue Cost of goods sold Gross profit 1,565,000 Operating expenses: Depreciation expense Bad debt expense Insurance expense Miscellaneous expenses Total operating expenses 805,400 Income from operations 759,600 Interest expense (1,460) Loss on write­down of inventory (5,000) Unrealized loss on marketable securities (25,000) Net income 728,140 $ 2,930,000 1,365,000 $ $ 140,000 70,400 20,0...
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