Rent expense 5750 Supplies Expense 1200 Wages Expense 15500 Totals 249128

Rent expense 5750 supplies expense 1200 wages expense

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Rent expense 5,750 Supplies Expense 1200 Wages Expense 15,500 Totals 249,128 249,128 5 a Fido's Food Mart Income Statement For the Month Ending December 31, 2018 REVENUES: Sales Revenue 132,725 Total Revenue 132,725 EXPENSES: Operating Expense 34,840 Depreciation Expense 0 Insurance Expense 160 Rent Expense 5,750 Supplies Expense 1,200 Wages Expense 15,500 Total Expenses $57,450 NET INCOME: $75,275 b Fido's Food Mart Statement of Retained Earnings For the Month Ending December 31, 2018 Beginning Retained Earnings (12/1/18) $ - Add: Net Income $75,275 Less: Dividends $ - Ending Retained Earnings (12/31/18) $75,275
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c Fido's Food Mart Classified Balance Sheet 12/31/2018 ASSETS: Curent Assets: Cash $ 50,938 Accounts Receivable 12,250 Inventory 84,720 Supplies 650 Prepaid Insurance 320 Total Current Assets ### Non-current Assets: Equipment 30,550 Vehicles 12,250 Total Assets 42,800 ### LIABILITIES: Current Liabilities: Accounts Payable 62,128 Deferred Revenue 275 Total Current Liabilities 62,403 Non-current Liabilities: Bonds Payable 12,000 Total Liabilities 74,403 STOCKHOLDERS' EQUITY: Common Stock 42,000 Retained Earnings 75,275 Total Stockholders' Equity 117,275 TOTAL LIABILITIES + STOCKHOLDERS' EQUITY ###
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Expense Per Month 160 ds @ $25 each $100
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1 a ASSETS = LIABILITIES + STOCKHOLDERS' EQUITY Cash +1960 Sales Revenue +2000 Sales Discount -40 Inventory - COGS - b 12/31/2019 Cash 1960 Discount =(40 bags Sales R&A 40 Cash = (40 bags Sales Revenue 2000 COGS 1000 Inventory 1000 Cash (+A) Sales Discount (+xR) COGS BB 50,938 BB 0 12/31 BB 0 12/31 1,960 12/31 40 12/31 1,000 EB 52,898 EB 40 EB 1,000 Inventory (+A) Sales Rev (+R, +SE) BB 85,720 1,000 132,725 BB 12/31 2000 12/31 EB 83,720 134,725 EB 2 Cost of Goods Sold 40 bags sold at a cost of $25 each 1000 3 Fido's Food Mart Updated Adjusted Trial Balance At December 31, 2018 Account Title Debit Credit Cash 52,898 Accounts Receivable 12,250 Inventory 83,720 Supplies 650 Prepaid Insurance 320 Equipment 30,550 Vehicle 12,250 Accumulated Depreciation 0 Accounts Payable 62,128 Deferred Revenue 275 Bonds Payable (mature 12/31/2018) 12,000 Common Stock (200 shares @ $210/share, par $210) 42,000
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Retained Earnings 0 134,725 Less: sales discount 40 Cost of Goods Sold 1,000 Operating Expenses 34,840 Depreciation Expense 0 Insurance Expense 160 Rent expense 5,750 Supplies Expense 1200 Wages Expense 15,500 Totals 251,128 251,128 Sales Revenue
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* $50 price) * .02 40 s * $50 price) * .98 1960 S (+E)
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1 Quantity Cost/Item Cost BI 0 $ - $ - Sept 40 $ 25 $ 1,000 Total Available 3,579 Oct 349 $ 30 $ 10,470 EI 835 Nov 1,500 $ 20 $ 30,000 COGS 2,744 Dec 1,690 $ 25 $ 42,250 Total 3,579 $ 83,720 COGS 2 FIFO Inventory Costing 835 All 835 from Dec Cost of Goods Available for Sale $ 83,720 2744 All 40 from Sept Less: Ending Inventory $ 20,875 2704 All 349 from Oct COGS $ 62,845
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