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    Merchandising Quiz 2

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    l m
    The document provides accounting data for two companies, Willis Co. and Russell Co., including asset, liability, equity, revenue, and expense accounts. It instructs to prepare a single-step income statement and statement of owner's equity for Willis Co., and an income statement, statement of owner's equity, and balance sheet for Russell Co. using the data provided.

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    Merchandising Quiz 2

    Uploaded by

    l m
    91 views2 pages
    The document provides accounting data for two companies, Willis Co. and Russell Co., including asset, liability, equity, revenue, and expense accounts. It instructs to prepare a single-step income statement and statement of owner's equity for Willis Co., and an income statement, statement of owner's equity, and balance sheet for Russell Co. using the data provided.

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    merchandising quiz 2

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    The document provides accounting data for two companies, Willis Co. and Russell Co., including asset, liability, equity, revenue, and expense accounts. It instructs to prepare a single-step income statement and statement of owner's equity for Willis Co., and an income statement, statement of owner's equity, and balance sheet for Russell Co. using the data provided.

    Copyright:

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

    Merchandising Quiz 2

    Uploaded by

    l m
    The document provides accounting data for two companies, Willis Co. and Russell Co., including asset, liability, equity, revenue, and expense accounts. It instructs to prepare a single-step income statement and statement of owner's equity for Willis Co., and an income statement, statement of owner's equity, and balance sheet for Russell Co. using the data provided.

    Copyright:

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

    1. Selected data from the ledger of Willis Co.

    after adjustment at June 30, 2005 the end of the


    fiscal year, are listed as follows:
    Accounts Receivable $ 39,120 Office Equipment $ 82,700
    Accumulated Depreciation 60,540 Prepaid Insurance 4,680
    Administrative Expenses 90,000 Note Payable 77,750
    Greg Willis, Capital 75,000 Salaries Payable 3,060
    Cost of Merchandise Sold 655,000 Sales (net) 900,000
    Greg Willis, Drawing 40,000 Selling Expenses 110,000
    Interest Revenue 10,000 Supplies 3,125

    Prepare an income statement, using the single-step form, and a statement of owner's equity.
    2.Prepare (a) a single-step income statement, (b) a statement of owner's equity, and (c) a
    balance sheet in report form from the following data for Russell Co., taken from the ledger
    after adjustment on December 31, 2005 the end of the fiscal year.
    Accounts Payable 47,200
    Accounts Receivable 64,300
    Accumulated Depreciation - Office Equipment 22,750
    Accumulated Depreciation - Store Equipment 62,100
    Administrative Expenses 75,500
    Al Russell, Capital 141,750
    Cash 39,700
    Cost of Merchandise Sold 545,000
    Al Russell, Drawing 42,000
    Interest Expense 9,000
    Merchandise Inventory 93,250
    Note Payable, Due 2006 50,000
    Office Equipment 49,750
    Prepaid Insurance 6,500
    Rent Revenue 7,500
    Salaries Payable 3,700
    Sales (net) 820,500
    Selling Expenses 101,500
    Store Equipment 125,000
    Supplies 4,000

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