Documente Academic
Documente Profesional
Documente Cultură
PROBLEM #1
Operating Expenses
Selling Expenses:
Sales Salaries Expense $9,600
Advertising Expense 1,200
Delivery Expense 1,400
Misc. Expense 300
Total Selling Expenses $12,500
Administrative Expenses:
Rent Expense 9,800
Office Salaries Expense 7,200
Supplies Expense 500
Insurance Expense 500
Depreciation Expense 1,300
Misc. Admin. Expense 200
Total Administrative Expenses 19,500
Total Operating Expenses 32,000
Income from Operations 5,016
Assets
Current Assets
Cash $55,416
A/R 25,600
Merchandise Inventory 117,000
Supplies 4,100
Prepaid Insurance 5,500
Total Current Assets $207,616
Long-Term Liabilities
Note Payable 24,000
Total Liabilities 54,900
Owner's Equity
Dolly, Capital 01/31/XX 227,016
Total Liabilities & Equity $281,916
PROBLEM #3
Date Accounts & Explanations Debit Credit
1/31 Sales 82,000
Rent Income 2,500
Income Summary 84,500
29-Oct 2 18.00 36
2 20.00 40 28 20.00 560
Problem 4 - LIFO
17-Oct 2 18.00 36
48 15.00 720 2 15.00 30