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    08.12.2017 Activity - Acfunda Lab

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    PatOcampo
    The document provides information from the adjusted trial balance of Ann Teak Store for the year ended December 31, 2016. It asks to prepare several accounting documents and calculations, including a statement of cost of goods sold, income statement, closing entries, statement of changes in owner's equity, and balance sheet using the information provided, as well as calculations for total operating expenses, cost of goods sold, and ending inventory based on additional data. It also provides income statement account balances and asks to prepare the closing entry. Finally, it provides sales, discount, and cost data for four situations and asks to calculate net sales and gross profit for each.

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    08.12.2017 Activity - Acfunda Lab

    Uploaded by

    PatOcampo
    41 views2 pages
    The document provides information from the adjusted trial balance of Ann Teak Store for the year ended December 31, 2016. It asks to prepare several accounting documents and calculations, including a statement of cost of goods sold, income statement, closing entries, statement of changes in owner's equity, and balance sheet using the information provided, as well as calculations for total operating expenses, cost of goods sold, and ending inventory based on additional data. It also provides income statement account balances and asks to prepare the closing entry. Finally, it provides sales, discount, and cost data for four situations and asks to calculate net sales and gross profit for each.

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    BASIC ACCOUNTING

    Original Title

    08.12.2017 Activity.acfunda Lab

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    The document provides information from the adjusted trial balance of Ann Teak Store for the year ended December 31, 2016. It asks to prepare several accounting documents and calculations, including a statement of cost of goods sold, income statement, closing entries, statement of changes in owner's equity, and balance sheet using the information provided, as well as calculations for total operating expenses, cost of goods sold, and ending inventory based on additional data. It also provides income statement account balances and asks to prepare the closing entry. Finally, it provides sales, discount, and cost data for four situations and asks to calculate net sales and gross profit for each.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views2 pages

    08.12.2017 Activity - Acfunda Lab

    Uploaded by

    PatOcampo
    The document provides information from the adjusted trial balance of Ann Teak Store for the year ended December 31, 2016. It asks to prepare several accounting documents and calculations, including a statement of cost of goods sold, income statement, closing entries, statement of changes in owner's equity, and balance sheet using the information provided, as well as calculations for total operating expenses, cost of goods sold, and ending inventory based on additional data. It also provides income statement account balances and asks to prepare the closing entry. Finally, it provides sales, discount, and cost data for four situations and asks to calculate net sales and gross profit for each.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Problem 1:

    Use the following adjusted trial balance and additional information to complete the requirements:
    Ann Teak Store
    Adjusted Trial Balance
    December 31, 2016

    Cash P19,000
    Merchandise inventory 52,000
    Store supplies 1,000
    Equipment 40,000
    Accumulated depreciation - equipment P16,500
    Accounts payable 8,000
    Salaries payable 1,000
    Ann Teak, Capital 69,000
    Ann Teak, Withdrawals 8,000
    Sales 320,000
    Sales discounts 20,000
    Purchases 147,000
    Purchase discounts 12,000
    Freight in 11,000
    Depreciation expense 5,500
    Salaries expense 60,000
    Insurance expense 12,000
    Rent expense 24,000
    Store supplies expense 6,000
    Advertising expense 21,000
    426,500 426,500

    A physical count shows that the cost of the years ending inventory is P50,000.

    Prepare the following requirements:


    1. Statement of Cost of Goods Sold
    2. Income Statement
    3. Closing entries
    4. Statement of Changes in Owners Equity
    5. Balance Sheet

    Problem 2:
    The following information appeared in a companys income statement:
    Sales P300,000
    Sales returns 15,000
    Sales discounts 4,500
    Beginning inventory 25,000
    Purchases 180,000
    Purchase returns and allowances 6,000
    Purchase discounts 3,600
    Freight in 11,000
    Gross profit from sales 105,000
    Net income 55,000
    REQUIRED:
    Compute the following:
    1. Total operating expenses _____________
    2. Cost of goods sold _____________
    3. Merchandise inventory, end _____________

    Problem 3:
    Given the following accounts with normal year-end balances, prepare the entry to close the income
    statement accounts that have debit balances:

    Merchandise inventory . . . . . . . . . . . . . P 34,800


    Jan Dean, capital . . . . . . . . . . . . . . . . . . . 115,300
    Jan Dean, withdrawals . . . . . . . . . . . . . . . . 4,000
    Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,200
    Sales returns and allowances . . . . . . . . . . . 3,500
    Sales discounts . . . . . . . . . . . . . . . . . . . . . . 1,700
    Purchases . . . . . . . . . . . . . . . . . . . . . . . . 102,000
    Purchases returns and allowances . . . . . . 8,100
    Purchases discounts . . . . . . . . . . . . . . . . . . 2,000
    Transportation-in . . . . . . . . . . . . . . . . . . . . 5,400
    Amortization expense . . . . . . . . . . . . . . . . 7,300
    Salaries expense . . . . . . . . . . . . . . . . . . . 29,500
    Miscellaneous expenses . . . . . . . . . . . . . . 1,900

    Refer to the information in QS 53. Prepare the entry to close the income statement accounts that have
    debit balances assuming the business uses the adjusting entry approach to record the change in
    merchandise inventory.

    Problem 4:
    Calculate net sales and gross profit in each of the following situations:

    a b c d
    Sales . . . . . . . . . . . . . . . . . . . . . P125,000 P505,000 P33,700 P256,700
    Sales discounts . . . . . . . . . . . . . . . . 3,200 13,500 300 4,000
    Sales returns and allowances . . . 19,000 3,000 6,000 600
    Cost of goods sold . . . . . . . . . . . . .67,600 352,700 22,300 123,900

    A company purchased merchandise that cost P165,000 during the year that just ended. Determine the
    companys cost of goods sold in each of the following four situations:
    a. There were no beginning or ending inventories.
    b. There was a beginning inventory of P35,000 and no ending inventory.
    c. There was a P30,000 beginning inventory and a P42,000 ending inventory.
    d. There was no beginning inventory but there was a P21,000 ending inventory

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