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Accounting 291_Fall Semester 2013_The Baker Company




Question;Accounting 291Comprehensive ProblemFall Semester 2013The Baker Company is a merchandising enterprise that uses theperpetual inventory system. Account balances for the company asof September 30, 2013, the last day of the fiscal year, are asfollows: Cash $ 31,165 Accounts Receivable 126,100 Merchandise Inventory 435,000 Prepaid Insurance 10,600 Store Supplies 3,750 Office Supplies 1,700 Store Equipment 225,000 Accumulated Depreciation - Store Equipment 40,300 Office Equipment 72,000 Accumulated Depreciation - Office Equipment 17,200 Accounts Payable 66,700 Salaries Payable 0 Unearned Rent 1,200 Notes Payable: Due within 12 months 35,000 Due beyond 12 months 160,000 Bertha Baker, Capital 332,100 Bertha Baker, Drawing 50,000 Sales 1,147,500 Sales Returns & Allowances 15,500 Sales Discounts 6,000 Cost of Merchandise Sold 601,200 Sales Salaries Expense 86,400 Advertising Expense 29,450 Depreciation Expense ? Store Equipment 0 Store Supplies Expense 0 Miscellaneous Selling Expense 1,885 Office Salaries Expense 60,000 Rent Expense 30,000 Insurance Expense 0 Depreciation Expense ? Office Equipment 0 Office Supplies Expense 0 Miscellaneous Administrative Expense 1,650 Rent Income 0 Interest Expense 12,600 2Data needed for year-end adjustments follow: Physical merchandise inventory on September 30 $418,500 Insurance expired during the year 6,000 Supplies on hand on September 30: Store Supplies 1,500 Office Supplies 700 Depreciation for the year: Store Equipment 8,500 Office Equipment 4,500 Salaries Payable as of September 30: Sales Salaries 3,450 Office Salaries 2,550 Unearned Rent as of September 30 400Instructions:a. Prepare a work sheet for the fiscal year ended September 30, 2013. (Form 10W) [Example: page 176B]b. Prepare a multiple-step income statement for the fiscal year ended September 30, 2013. (Form 3C) [Example: page 256)c. Prepare a statement of owner?s equity for the fiscal year ended September 30, 2013, assuming no additional investments by the owner during the year. (Form 2C) [Example: page 259)d. Prepare a report form of balance sheet as of September 30, 2013, assuming that the current portion of notes payable is $35,000. (Form 3C) [Example: page 259]e. Journalize adjusting entries as of September 30, 2013. (Form GJ) [Example: pages 121 and 274]f. Journalize closing entries as of September 30, 2013.g. Prepare a post-closing trial balance as of September 30, 2013.Ground Rules: Solution to problem must be:a. Turned in by Monday, December 2, 2013. Late turn-ins willnot be accepted.b. Hand written in pencil (not ink) on the blank working papersprovided for you.c. Presented in a neat, orderly and professional manner. 3Note: Work which does not comply in all respects with groundrules stated above will be assigned a grade of zero.Check Figures:Unadjusted Trial Balance columns: $1,800,000Adjustments columns: $45,550Adjusted Trial Balance columns: $1,819,000Net Income: $258,865Income Statement columns: $1,148,300Balance Sheet columns: $929,565Capital balance as of March 31, 1011: $540,965


Paper#44645 | Written in 18-Jul-2015

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