Scribd Logo
Upload

Welcome to Scribd!

  • 938 views

    Answer of Kieso TM9 P5-5 5-1

    Uploaded by

    M Brighitta
    The document appears to be a trial balance, income statement, retained earnings statement, and statement of financial position for MR. Rosiak Fashion Center, LTD for the month ended November 30, 2017. It shows revenues of $755,200, costs of $497,580, expenses of $242,800 resulting in a net loss of $1,980. Retained earnings decreased from $38,000 to $28,020 after the loss and dividend payout of $8,000. Total assets were $181,520 including inventory of $44,520 and equipment of $133,000 less accumulated depreciation of $34,500.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Answer of Kieso TM9 P5-5 5-1

    Uploaded by

    M Brighitta
    938 views5 pages
    The document appears to be a trial balance, income statement, retained earnings statement, and statement of financial position for MR. Rosiak Fashion Center, LTD for the month ended November 30, 2017. It shows revenues of $755,200, costs of $497,580, expenses of $242,800 resulting in a net loss of $1,980. Retained earnings decreased from $38,000 to $28,020 after the loss and dividend payout of $8,000. Total assets were $181,520 including inventory of $44,520 and equipment of $133,000 less accumulated depreciation of $34,500.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document appears to be a trial balance, income statement, retained earnings statement, and statement of financial position for MR. Rosiak Fashion Center, LTD for the month ended November 30, 2017. It shows revenues of $755,200, costs of $497,580, expenses of $242,800 resulting in a net loss of $1,980. Retained earnings decreased from $38,000 to $28,020 after the loss and dividend payout of $8,000. Total assets were $181,520 including inventory of $44,520 and equipment of $133,000 less accumulated depreciation of $34,500.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    938 views5 pages

    Answer of Kieso TM9 P5-5 5-1

    Uploaded by

    M Brighitta
    The document appears to be a trial balance, income statement, retained earnings statement, and statement of financial position for MR. Rosiak Fashion Center, LTD for the month ended November 30, 2017. It shows revenues of $755,200, costs of $497,580, expenses of $242,800 resulting in a net loss of $1,980. Retained earnings decreased from $38,000 to $28,020 after the loss and dividend payout of $8,000. Total assets were $181,520 including inventory of $44,520 and equipment of $133,000 less accumulated depreciation of $34,500.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    closing entries

    sales revenue 755,200


    income summary 755,200
    supplies ex 4100
    supplies 4100 income summary 757,180
    depr exp 11500 sales return & allow 12,800
    accum depr 11500 cost of good sold 497,580
    interest ex 4000 salaries & wages exp 136,000
    interest pyb 4000 advertising exp 24,400
    COGS 180 utilities exp 14,000
    inventory 180 maintenace & repair exp 12,100
    Freight Out 16,700
    Rent Expense 24,000
    depreciation exp 11,500
    supplies exp 4,100
    interest exp 4,000

    retained earning 1,980


    income summary 1,980
    retained earning 8,000
    dividend 8,000

    Trial Balance Adjustments adj trial blc income stats stat of FP


    Accounts Dr Cr Dr Cr Dr Cr Dr Cr Dr
    cash 8,700 8,700 8,700
    account re 27,700 27,700 27,700
    inventory 44,700 180 44,520 44,520
    supplies 6,200 4,100 2,100 2,100
    Equipment 133,000 133,000 133,000
    Accum. Depr Equipt 23,000 11,500 34,500
    Notes Payable 51,000 51,000
    Account Payable 48,500 48,500
    Share cap-ordinary 50,000 50,000
    retained earning 38,000 38,000
    dividends 8,000 8,000 8,000
    sales revenue 755,200 755,200 755,200
    sales retur 12,800 12,800 12,800
    Cost of goo 497,400 180 497,580 497,580
    salaries & 136,000 136,000 136,000
    advertising 24,400 24,400 24,400
    utilities ex 14,000 14,000 14,000
    maintenace 12,100 12,100 12,100
    Freight Ou 16,700 16,700 16,700
    Rent Expen 24,000 24,000 24,000
    965,700 965,700
    supplies expense 4,100 4,100 4,100
    depreciation exp 11,500 11,500 11,500
    interest exp 4,000 4,000 4,000
    interest payable 4,000 4,000

    19,780 19,780 981,200 981,200 757,180 755,200 224,020


    1,980 1,980
    757,180 757,180 226,000

    cash 8,700
    account re 27,700
    inventory 44,520
    supplies 2,100
    Equipment 133,000
    Accum. Depr Equipt 34,500
    Notes Payable 51,000
    Account Payable 48,500
    interest payable 4,000
    Share cap-ordinary 50,000
    retained earning 28,020
    216,020 216,020
    MR. Rosiak Fashion Center, LTD
    Income Statement
    for the month ended november 30 2017
    sales reve 755,200
    sales retur 12,800
    net sales 742,400
    cost of good sold 497,580
    gross profit 244,820
    operating expenses
    salaries & 136,000
    advertising 24,400
    utilities ex 14,000
    maintenace 12,100
    Freight Ou 16,700
    Rent Expen 24,000
    depreciati 11,500
    supplies ex 4,100
    total operating exp 242,800
    income from ops 2,020
    interest expense 4,000
    net loss -1,980

    MR. Rosiak Fashion Center, LTD


    Cr Retained Earning Statement
    for the month ended november 30 2017
    retained earning 1/11 38,000
    net loss 1,980
    dividend 8,000
    retained earning 30/ 28,020
    34,500
    51,000 MR. Rosiak Fashion Center, LTD
    48,500 Statement of Financial Position
    50,000 november 30 2017
    38,000 current assets
    cash 8,700
    account re 27,700
    inventory 44,520
    supplies 2,100
    total current assets 83,020
    PPE
    equipment 133,000
    accum dep 34,500
    total PPE 98,500
    total assets 181,520
    equity & liabilities
    current liabilities
    interest pa 4,000
    account pa 48,500
    4,000 notes paya 6,000
    total current liabilitie 58,500
    226,000 non current liabilities
    notes payable 45,000
    226,000 equity
    share cap- 50,000
    retained e 28,020
    78,020
    total liabilities and eq 181,520
    July
    1 inventory 1620
    A/P 1620
    3 A/R 2200
    sales revenue 2200
    COGS 1400
    inventory 1400
    9 A/P 1620
    inventory 32.4
    cash 1587.6
    12 cash 2178
    sales disc 22
    A/R 2200
    17 A/R 1400
    sales revenue 1400
    COGS 1030
    inventory 1030
    18 inventory 1900
    A/P 1900
    inventory 125
    cash 125
    20 A/P 300
    inventory 300
    21 cash 1386
    sales disc 14
    A/R 1400
    22 A/R 2400
    sales revenue 2400
    COGS 1350
    inventory 1350
    30 A/P 1600
    cash 1600
    31 sales retur 200
    A/R 200
    inventory 120
    COGS 120

    You might also like