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Category > Management Posted 04 Nov 2017 My Price 9.00

Headwinds Company

On April 30, 2008, the balances of the accounts appearing in the ledger of Headwinds Company are as follows:

Cash	$ 18,300	Sales Discounts	$ 9,375
Accounts Receivable	72,125	Purchases	536,500
Merchandise Inventory, May 1, 2007	87,725	Purchases Returns and Allowances	6,000
Office Supplies	3,025	Purchases Discounts	4,500
Prepaid Insurance	4,500	Transportation In	10,900
Land	35,000	Sales Salaries Expense	156,250
Store Equipment	170,775	Advertising Expense	55,000
Accumulated Depreciation—		Delivery Expense	9,000
Store Equipment	55,900	Depreciation Expense—
Office Equipment	78,500	Store Equipment	5,900
Accumulated Depreciation—		Miscellaneous Selling Expense	10,700
Office Equipment	16,250	Office Salaries Expense	100,000
Accounts Payable	27,825	Rent Expense	31,250
Salaries Payable	2,950	Insurance Expense	3,000
Unearned Rent	8,300	Office Supplies Expense	2,300
Notes Payable	12,500	Depreciation Expense—
Kasey Kurtz, Capital	190,050	Office Equipment	1,500
Kasey Kurtz, Drawing	18,750	Miscellaneous Administrative Expense	5,850
Sales	1,106,450	Rent Revenue	6,250
Sales Returns and Allowances	10,000	Interest Expense	750

Instructions

1. Does Headwinds Company use a periodic or perpetual inventory system? Explain.

2. Prepare a multiple-step income statement for Headwinds Company for the year ended April 30, 2008. The merchandise inventory as of April 30, 2008, was $94,100.

3. Prepare the closing entries for Headwinds Company as of April 30, 2008.

Answers

Maurice Tutor

(5)

Status NEW Posted 04 Nov 2017 07:11 PM My Price 9.00

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