P25-1A
New2U
New2U
Adjusted trial Balance
Selected information
December 31, 2013
Department Department
A B Total
Merchandise Inventory, Jan. 1 $45,000 $15,000 $60,000
Merchandise Inventory, Dec. 31 41,000 11,000 52,000
Sales 536,250 288,750 825,000
Sales Returns and Allowances 4,200 2,800 7,000
Purchases 200,000 115,000 315,000
Freight in 500 500 1,000
Purchases Returns and allowances 1,500 500 2,000
Sales Salaries Expense 100,000 50,000 150,000
Advertising Expenses 15,000 5,000 20,000
Store supplies Expense 660 20 680
Cash short or Over 40 80 120
Insurance expense 15,000
Rent Expense 36,000
Utilities expense 6,000
Office salaries Expense 40,000
Other office expense 1,400
Uncollectible accounts expense 5,000
Depreciation expense-Furniture and Fixtures 6,000
Depreciation Expense-office Equipment 500
Interest income 300
Interest Expense 500
Allocation information
1. Insurance Expense: In proportion to the total of furniture and fixtures and the ending inventory in the department.
Department A 130,000
Department B 70,000
Totals 200,000
2. Rent Expense and Utilities Expense: On the basis of floor space occupied as follows:
Department A 4,500 square feet
Department B 1,500 square feet
Total 6,000 square feet
3. Office salaries Expense, Other Office Expenses and depreciation Expense-Office Equipment: on the basis of the gross sales in each department.
4. Uncollectible Accounts Expense: on the basis of net sales in each department.
5. Depreciation Expense – Furniture and Fixtures: in proportion to cost of furniture and fixtures in each department.(Round to nearest dollar)
Department A 30,000
Department B 20,000
Total 50,000
TUTORIAL PREVIEW
File name: P25-1A New2U.xls File type: xls PRICE: $15
New2U
Adjusted trial Balance
Selected information
December 31, 2013
Department Department
A B Total
Merchandise Inventory, Jan. 1 $45,000 $15,000 $60,000
Merchandise Inventory, Dec. 31 41,000 11,000 52,000
Sales 536,250 288,750 825,000
Sales Returns and Allowances 4,200 2,800 7,000
Purchases 200,000 115,000 315,000
Freight in 500 500 1,000
Purchases Returns and allowances 1,500 500 2,000
Sales Salaries Expense 100,000 50,000 150,000
Advertising Expenses 15,000 5,000 20,000
Store supplies Expense 660 20 680
Cash short or Over 40 80 120
Insurance expense 15,000
Rent Expense 36,000
Utilities expense 6,000
Office salaries Expense 40,000
Other office expense 1,400
Uncollectible accounts expense 5,000
Depreciation expense-Furniture and Fixtures 6,000
Depreciation Expense-office Equipment 500
Interest income 300
Interest Expense 500
Allocation information
1. Insurance Expense: In proportion to the total of furniture and fixtures and the ending inventory in the department.
Department A 130,000
Department B 70,000
Totals 200,000
2. Rent Expense and Utilities Expense: On the basis of floor space occupied as follows:
Department A 4,500 square feet
Department B 1,500 square feet
Total 6,000 square feet
3. Office salaries Expense, Other Office Expenses and depreciation Expense-Office Equipment: on the basis of the gross sales in each department.
4. Uncollectible Accounts Expense: on the basis of net sales in each department.
5. Depreciation Expense – Furniture and Fixtures: in proportion to cost of furniture and fixtures in each department.(Round to nearest dollar)
Department A 30,000
Department B 20,000
Total 50,000
TUTORIAL PREVIEW
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New2U
Income Statement
Year Ended December 31, 2013
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Department
A
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Department
B
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Total
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Operating
revenues
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|
|
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Sales
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536,250
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288,750
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825,000
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|
Sales
Returns and Allowances
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4,200
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2,800
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7,000
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Net
Sales
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532,050
|
285,950
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818,000
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File name: P25-1A New2U.xls File type: xls PRICE: $15
