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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
It is the end of a reporting period. Because there are more people than usual retiring this year, your manager has asked your accounting department to create 2 things:
Please add your file.
Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.
SECOND SECTION
Using the information below, do the following:
You may work together, or you may assign each group member a different financial statement or part of the assignment to work on.
Music Warehouse |
||
Adjusted Trial Balance |
||
December 31, 2008 |
||
 | ||
 |
Debit |
Credit |
Cash |
$24,675 |
 |
Accounts Receivable |
5,625 |
 |
Inventory |
65,980 |
 |
Land |
93,000 |
 |
Building |
289,000 |
 |
Accumulated Depreciation | Â |
75,000 |
Notes Payable | Â |
85,000 |
Accounts Payable | Â |
53,600 |
Interest Payable | Â |
4,750 |
Common Stock | Â |
10,000 |
Additional Paid-in Capital | Â |
120,000 |
Dividends |
10,000 |
 |
Retained Earnings | Â |
59,980 |
Sales | Â |
937,500 |
Sales Discounts |
22,675 |
 |
Cost of Goods Sold |
723,000 |
 |
Salaries |
81,000 |
 |
Utilities |
8,900 |
 |
Repairs & Maintenance |
5,225 |
 |
Telephone |
2,850 |
 |
Interest Expense |
4,400 |
 |
Depreciation Expense |
9,500 |
 |
 |  |  |
 |
$1,345,830 |
$1,345,830 |
The following is additional information needed for financial-statement preparation:
APA FORMAT WITH REFERENCES
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