Ok I got #1 and #2 but i need #3, #4, #5. Can anyone please help me out with thi

Question

Ok I got #1 and #2 but i need #3, #4, #5. Can anyone please help me out with this. Thanks again so much!! I appreciate the assitance I have received thus far.

Using the account listing in the photos, you are to create standard financial statements for the corporation, namely: 1) Income Statement, 2) Retained Earnings Statement, 3) Statement of Stockholders’ Equity, and 4) Balance Sheet. Note: a Microsoft Excel spreadsheet of this data will be made available to you. Also, in preparation for the financial statements, you may want to #5 prepare an unadjusted Trial Balance, as the data provided is pre-closing December 31, 2015.

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157 answers Top Subjects: Finance, Accounting

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Net profit

Fort Myers General Merchandise Co. Data provided in Grey Chart of Accounts and balances as of 12/31/2015 Selected Balances provided as of 12/31/2014 Balances Selected Balances Acct No. Description 12/31/2015 12/31/2014 1100 Cash                 84,500                 73,050 1120 Accounts Receivable               247,450               253,975 1150 Merchandise Inventory               550,000               383,475 1160 Prepaid Insurance                    4,800                    2,400 1170 Store Supplies                    4,000                       750 1230 Store Equipment               569,500 1240 Accumulated Depreciation—Store Equipment                 70,700                 56,700 2100 Accounts Payable               209,000               198,525 2110 Salaries Payable                 47,750                 42,625 2210 Long-term Notes               300,000               300,000 3100 Common Stock (10,000 shares issued, $25 Par)               250,000               250,000 3110 Capital in Excess of Par Value               100,000               100,000 3120 Dividends Paid               100,000 3200 Retained Earnings               335,300               335,300 4100 Sales           5,032,350           4,225,135 4110 Sales Returns and Allowances               113,700                 15,955 4120 Sales Discounts                 61,600                 35,455 5100 Cost of Merchandise Sold           3,012,150           2,300,422 5200 Sales Salaries Expense               727,800 5210 Advertising Expense               292,000 5220 Depreciation Expense                 14,000 5230 Store Supplies Expense                    9,800 5290 Miscellaneous Selling Expense                 12,600 5300 Office Salaries Expense               417,700 5310 Rent Expense                 88,700 5320 Insurance Expense                 12,000 5390 Miscellaneous Administrative Expense                    7,800 5650 Interest Expense                 15,000 Total Assets at 12/31/2014           1,125,138

Explanation / Answer

Answer 3. Staement of Stockholder's Equity As on Dec. 31, 2015 Common Stock, @ 25 Par Paid in Capital in excess of par Retained Earnings Total Stockholders equity Balance as on Jan. 1                      250,000                   100,000           335,300                     685,300 Net income           247,500                     247,500 Less: Dividend Paid         (100,000)                   (100,000) Claosing Balance as on Dec. 31                      250,000                   100,000           482,800                     832,800 Answer 4. Balance Sheet As on Dec. 31, 2015 Particulars Amount Assets Currents Assets Cash                        84,500 Accounts Receivables                      247,450 Merchandise Inventory                      550,000 Prepaid Insurance                           4,800 Stores Supplies                           4,000 Total Current Assets                   890,750 Tangible Assets Stores Equipments                      569,500 Accumulated Dep. - Stores Equipment                      (70,700) Total Tangible Assets                   498,800 Total Assets               1,389,550 Liabilities and Shareholder's Equity Current Liabilities Accounts Payable                      209,000 Salaries Payable                        47,750 Total Current Liabilities                   256,750 Long Term liabilities Long term Notes                   300,000 Shareholder Equity                   832,800 (As per Schedule Attached Total Liabilities & Shareholder's Equity               1,389,550                       -   Answer 5. Unadjusted Trial Balance Pre-Closing Dec. 31, 2015 Particulars Dr.Amount Cr. Amount Cash                 84,500 Accounts Receivables              247,450 Merchandise Inventory              383,475 Prepaid Insurance                   4,800 Stores Supplies                   4,000 Stores Equipments              569,500 Accumulated Dep. - Stores Equipment              70,700 Accounts Payable            209,000 Salaries Payable              47,750 Long term Notes            300,000 Common Stock (10000 shares issues @25 pr Share)            250,000 Capital in excess of Par Value            100,000 Dividend paid              100,000 Retained Earnings            335,300 Sales        5,032,350 Sales return & Allowance              113,700 Sales Discounts                 61,600 Purchases           3,178,675 Sales Salaries Exp.              727,800 Advertising Expenses              292,000 Depreciation Exp.                 14,000 Store Supplies Exp.                   9,800 Misc. Selling Exp.                 12,600 Office Salaries Exp.              417,700 Rent Exp.                 88,700 Insurance Exp.                 12,000 Misc. Administrative Exp.                   7,800 Interest Exp.                 15,000 Totals           6,345,100        6,345,100                        -   Calculation of Purchases of Merchandise Cost of Merchandise Sold           3,012,150 Add: Closing Stock              550,000 Less: OP. Stock            (383,475) Purchases of Merchandise           3,178,675

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