Corey Brown
New member
The following is an alphabetical list of Tse's Tater Tots' adjusted account balances at the end of the company's fiscal year on December 31, 2008:
Accounts payable$ 56,700
Inventory, Jan. 1, 2008$ 40,500
Accounts receivable19,400
Mortgage payable80,500
Accumulated amortization-building52,400
Property tax expense4,800
Property tax payable4,800
Purchase returns and allowances6,400
Accumulated amortization-equipment42,900
Purchase discounts4,450
Amortization expense23,400
Purchases442,200
Building190,000
Salaries expense123,300
Cash22,600
Salaries payable3,500
Equipment110,000
Sales624,400
Freight in6,100
Sales discounts6,200
H. Tse, capital178,600
Sales returns and allowances8,000
H. Tse, drawings28,500
Supplies1,200
Insurance expense7,200
Supplies expense2,000
Interest expense5,400
Unearned sales revenue2,300
Interest revenue1,850
Utilities expense18,000
Additional facts:
Merchandise inventory on December 31, 2008, is $76,800.
Of the mortgage payable, $8,000 is to be paid during the next year.
Prepare a multiple-step income statement, a statement of owner's equity, and a classified balance sheet.
Report the following selected amounts from your completed financial statements:
Net sales$
Cost of goods purchased
Cost of goods available for sale
Cost of goods sold
Gross profit
Total operating expenses
Net income$
H. Tse, capital, January 1, 2008$
H. Tse, capital, December 31, 2008
Total current assets$
Total assets$
Total current liabilities$
Total liabilities
Total liabilities and owner's equity$
Accounts payable$ 56,700
Inventory, Jan. 1, 2008$ 40,500
Accounts receivable19,400
Mortgage payable80,500
Accumulated amortization-building52,400
Property tax expense4,800
Property tax payable4,800
Purchase returns and allowances6,400
Accumulated amortization-equipment42,900
Purchase discounts4,450
Amortization expense23,400
Purchases442,200
Building190,000
Salaries expense123,300
Cash22,600
Salaries payable3,500
Equipment110,000
Sales624,400
Freight in6,100
Sales discounts6,200
H. Tse, capital178,600
Sales returns and allowances8,000
H. Tse, drawings28,500
Supplies1,200
Insurance expense7,200
Supplies expense2,000
Interest expense5,400
Unearned sales revenue2,300
Interest revenue1,850
Utilities expense18,000
Additional facts:
Merchandise inventory on December 31, 2008, is $76,800.
Of the mortgage payable, $8,000 is to be paid during the next year.
Prepare a multiple-step income statement, a statement of owner's equity, and a classified balance sheet.
Report the following selected amounts from your completed financial statements:
Net sales$
Cost of goods purchased
Cost of goods available for sale
Cost of goods sold
Gross profit
Total operating expenses
Net income$
H. Tse, capital, January 1, 2008$
H. Tse, capital, December 31, 2008
Total current assets$
Total assets$
Total current liabilities$
Total liabilities
Total liabilities and owner's equity$