ACCT 1A Financial Accounting
ACCT 1A Financial Accounting
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Ch. 4-6
1.Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). |
Merchandise inventory | $ | 34,800 | Sales returns and allowances | $ | 3,500 |
Retained earnings | 115,300 | Cost of goods sold | 102,000 | ||
Dividends | 7,000 | Depreciation expense | 7,300 | ||
Sales | 157,200 | Salaries expense | 29,500 | ||
Sales discounts | 1,700 | Miscellaneous expenses | 2,000 | ||
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A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $32,900. |
Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage. (Omit the “$” sign in your response.)
2.
Prepare the single-step income statement for the company for the year ended December 31, 2009.(Enter your answers in millions. Input all amounts as positive values. Omit the “€” sign in your response.)
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