Accounting Homework Week 3
bfwneysqt85
hw20ch20520b-05.0820closing20entries.xlsProblem
| Interiors With Oohs and Aahs sells custom home décor. Following is the corporation's income statement. Use this statement to prepare closing entries. No dividends were declared during the period. | ||||||
| INTERIORS WITH OOHS AND AAHS | ||||||
| Income Statement | ||||||
| For the Year Ending December 31, 20X4 | ||||||
| Revenues | ||||||
| Sales | $ 887,654 | |||||
| Less: | Sales discounts | $ 4,667 | ||||
| Sales returns and allowances | 9,880 | 14,547 | ||||
| Net sales | $ 873,107 | |||||
| Cost of goods sold | ||||||
| Beginning inventory, Jan. 1 | $ 182,343 | |||||
| Add: | Purchases | $ 593,356 | ||||
| Freight-in | 21,090 | |||||
| $ 614,446 | ||||||
| Less: | Purchase discounts | $ 3,501 | ||||
| Purchase returns & allowances | 19,009 | 22,510 | ||||
| Net purchases | 591,936 | |||||
| Goods available for sale | $ 774,279 | |||||
| Less: Ending inventory, Dec. 31 | 199,055 | |||||
| Cost of goods sold | 575,224 | |||||
| Gross profit | $ 297,883 | |||||
| Expenses | ||||||
| Salaries | $ 188,000 | |||||
| Insurance | 9,152 | |||||
| Utilities | 7,760 | |||||
| Freight-out | 2,434 | |||||
| Depreciation | 13,773 | 221,119 | ||||
| Net income | $ 76,764 |
&R&"Myriad Web Pro,Bold"&20B-05.08
B-05.08
Worksheet
| GENERAL JOURNAL | Page | ||||
| Date | Accounts | Debit | Credit | ||
| Dec. 31 | |||||
| Dec. 31 | |||||
| Dec. 31 |
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-05.08
B-05.08
