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Category > Accounting Posted 11 Jul 2017 My Price 14.00

ZZZ Company sells beds and linens

I am having trouble figuring this out. Any help would be appreciated.

 

ZZZ Company sells beds and linens. There are 100,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, 2010:

 

Debit Credit

Cash $ 42,000

Accounts receivable 18,000

Inventory 65,000

Operational assets 50,000

Accumulated depreciation $ 21,000

Liabilities 30,000

Common stock 90,000

Retained earnings, January 1, 2009 11,600

Sales revenue 182,000

Sales returns and allowances 7,000

Cost of goods sold 98,000

Selling expense 17,000

Administrative expense 18,000

Interest expense 2,000

Extraordinary loss 8,000

Income tax expense (30% tax rate) 9,600

Totals $334,600 $334,600

 

 

Required:Prepare a multiple-step income statement. Hint: the extraordinary item needs to be shown below the income from operations and shown net of taxes. You will have to search outside of your textbook to find an example.

 

Connect Inc. uses the perpetual inventory system. On May 1, 2010 merchandise was sold on credit at an invoice price of $1,000, terms 3/10, n/30. The merchandise cost $600. Give the journal entries to record the following.

 

To record the sales:

 

Assumption 1: To record collection on May 7, 2010:

 

Assumption 2: To record collection on May 31, 2010:

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Jul 2017 11:07 PM My Price 14.00

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