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Category > Accounting Posted 22 Jul 2017 My Price 8.00

Comfort Mattress Sales

Current liabilities

The following transactions apply to Comfort Mattress Sales for 2010.

1. The business was started when the company received $30,000 from the issue of common stock.

2. Purchased mattress inventory of $200,000 on account.

3. Sold mattresses for $300,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $150,000.

4. Provided a six-month warranty on the mattresses sold. Based on industry estimates, the warranty claims would amount to 2 percent of mattress sales.

5. Paid the sales tax to the state agency on $250,000 of the sales.

6. On September 1, 2010, borrowed $30,000 from the local bank. The note had a 6 percent interest rate and matured on March 1, 2011.

7. Paid $4,600 for warranty repairs during the year.

8. Paid operating expenses of $96,000 for the year.

9. Paid $175,000 of accounts payable.

10. Record accrued interest on the note issued in transaction no. 6.

Required

a. Record the above transactions in a horizontal statements model like the following one.

   

Balance Sheet

    

Income Statement

  

Event

  

Assets

=

      

Liabilities

          

+

Equity

    

Rev.

-

Exp.

=

Net Inc.

Statemt. of
Cash Flows
 

Cash

+

  

Mdse.
Inv.

Acct.
Pay.

+

Sales Tax
Pay.

+

War.
Pay.

+

Int.
Pay.

+

Notes
Pay.

+

Com.
Stock

+

Ret.
Earn.

            
                                               

b. Prepare the income statement, balance sheet, and statement of cash flows for 2010.

c. What is the total amount of current liabilities at December 31, 2010?

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 08:07 PM My Price 8.00

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