A140/ACG1022 Module 07 & Comp III

assignment_mod_07.xlsx

M7 Assignment

Module 7 Assignment:
Prepare the multi-step income statement, statement of retained earnings, and balance sheet for Ma and Pa Grocery as of December 31, 20XX.
Calculate the gross profit % for the year; calculate the current ratio for the year.
Sales Revenue			322,800
Equipment			104,000
Accounts Payable			16,500
Sales Discounts			2,200
Advertising Expense			12,600
Interest Expense			1,700
Wages Payable			1,600
Accounts Receivable			6,900
Building			140,000
Common Stock			35,000
Sales returns and Allownaces			6,700
Utilities Expense			10,300
Inventory			16,400
Commission Expense			22,300
Cost of goods sold			158,400
Accumulated depreciation-equipment			26,400
Unearned sales revenue			2,500
Prepaid Rent			1,200
Office salaries expense			52,000
Accumulated depreciation-building			40,500
Rent Expense			5,800
Dividends			14,000
cash			7,800
retained earnings			87,600
dielivery expense			1,300
insurance expense			5,700
mortgage payable(long term)			37,000
Supplies			600
Requirements:
1	Prepare the Income Statement for the period ending December 31, 20XX.
	Ma nd Pa Grocery
	Income Statement
	For the year ended 12/31/20XX
2	Prepare the Statement of Retained Earnings for the period ending 12/31/20XX.
	Ma and Pa Grocery
	Statement of Retained Earnings
	For the year ending 12/31/20XX
3	Prepare the Balance Sheet for the period ending 12/31/20XX.
	Ma and Pa Grocery
	Balance Sheet
	12/31/20XX
	ASSETS			LIABILITIES
				STOCKHOLDER'S EQUITY
4	Calculate the gross profit % for the year.
	Gross Profit %	=
5	Calculate the current ratio for the year.
	Current Ratio	=