Accounting E3-7
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Title: Accounting E3-7

Essay Details:

Subject: Miscellaneous
Author: Debra E
Date: April 20, 2016
Level:
Grade: B
Length: 2 / 565

Essay text:

31, 2006 was $5,100. D) Unearned Revenue Dec. 31, 2006 = X; Unearned Revenue Jan. 31, 2007 = $750; Service Revenue Jan. 31, 2007 = $2,000; Amount received for services in Jan = $1,600 Equation: X - $1,600 - $2,000 = $750 X - $3,600 = $750 X = $4,350 The balance in Unearned Revenue at December 31, 2006 was $4,350. P3-4 (a-d) A) Nov 30 Supplies Expense $2,000 Store Supplies $2,000 Nov 30 Store Equip Depreciation Expense $9,000 Accumulated Depreciation – Store Equip $9,000 Nov 30 Delivery Equip Depreciation Expense $7,000 Accumulated Depreciation – Store Equip $7,000 Nov 30 Interest Expense 11,000 Interest Payable 11,000 B) DAPHNE MAIN FASHION CENTER Adjusted Trial Balance November 30, 2007 Debit Credit Cash $26,700 Accounts Receivable $33,700 Merchandise Inventory $45,000 Store Supplies $3,500 Store Equipment $85,000 Accumulated Depreciation – Store Equipment $27,000 Delivery Equipment $48,000 Accumulated Depreciation – Delivery Equipment $13,000 Notes Payable $51,000 Interest Payable $11,000 Accounts Payable $48,500 Common Stock $90,000 Retained Earnings $8,000 Sales $757,200 Sale Returns & Allowances $4,200 Cost of Goods Sold $497,400 Salaries Expense $140,000 Advertising Expense $26,400 Utilities Expense $14,000 Repair Expense $12,100 Delivery Expense $16,700 Rent Expense $24,000 Supplies Expense $2,000 Store Equipment Depreciation Expense $9,000 Delivery Equipment Depreciation Expense $7,000 Interest Expense $11,000 Total $1,005,700 $1,005,700 C) DAPHNE MAIN FASHION CENTER Income Statement November 30, 2007 Sales $757,200 Sales Returns and Allowances $(4,200) Net Sales $753,000 Cost of Goods Sold $(497,400) Gross Profit on Sales $255,600 Operating Expenses: Salaries Expense $98,000 Advertising Expense $26,400 Utilities Expense $11,200 Delivery Expense $16,700 Rent Expense $19,200 Supplies Expense $2,000 Store Equipment Depreciation Expense $9,000 Delivery Equip Depreciation Expense $7,000 Total Operating Expenses $189,500 Operating Income $66,100 Other Revenues and Expenses: Interest Expense $(11,000) Net Income $55,100 DAPHNE MAIN FASHION CENTER Statement of Retained Earnings For the Year Ended November 30, 2007 Retained Earnings, December 1 $8,000 Net Income $55,100 Dividends 0 Retained Earnings, November 30 $63,100 DAPHNE MAIN FASHION CENTER Balance Sheet As of November 30, 2007 Assets Current Assets: Cash $26,700 Accounts Receivable $33,700 Store Supplies $3,500 Merchandise Inventory $45,000 Total Current Assets $108,900 Property, Plant, Equipment: Store Equipment $85,000 Accumulated Depreciation – Store Equip $(27,000) Delivery Equipment $48,000 Accumulated Depreciation – Delivery Equipment $(13,000) Total Property, Plant, and Equipment $93,000 Total Assets $201,900 Liabilities & Stockholders’ Equity Current Liabilities: Accounts Payable $48,500 Long-Term Liabilities: Notes Payable $51,000 Interest Payable $11,000 Total Liabilities $110,500 Stockholders’ Equity: Common Stock $90,000 Retained Earnings $63,100 Total Stockholders’ Equity $153,100 Total Liabilities & Stockholders’ Equity $263,600

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