Student Name:
Class:
1,665,884
17,200
1,648,684
234,000
757,000
12,800
769,800
7,440
10,160 17,600
752,200
986,200
224,000
762,200
886,484
189,600
6,100
4,800
200,500
259,200
20,500
59,330
8,800
347,830
69,600
3,000
5,200
8,290
5,520
54,000
4,600
4,800
8,000
3,000
166,010
714,340
172,144
1,480
7,200
5,720
166,424
Correct!
Telephone Expense
Utilities Expense
Total General and Administrative Expenses
Depreciation Expense – Office Equipment
Depreciation Expense – Building
Uncollectible Accounts Expense
Property Taxes Expense
Payroll Tax Expense
Less Sales Returns and Allowances
Sales
Operating Revenue
Net Income for Year
Net Nonoperating Expenses
Delivered Cost of Purchases
Freight In
Purchases
Merchandise Inventory, January 1, 2013
Cost of Goods Sold
Net Sales
Cost of Goods Sold
Less Merchandise Inventory, December 31, 2013
Total Merchandise Available for Sale
Net Delivered Cost of Purchases
Purchase Discounts
Less Purchase Returns and Allowances
Problem 13.01A
McGraw-Hill
Instructor
Insurance Expense
Office Supplies Expense
Salaries Expense – Office
General and Administrative Expenses
Total Selling Expenses
Depreciation Expense – Delivery Equipment
WOOD DESIGN COMPANY
Delivery Wages Expense
Interest Expense
Other Expenses
Interest Income
Other Income
Income from Operations
Total Operating Expenses
Year Ended December 31, 2013
Travel and Entertainment Expense
Salaries Expense – Sales
Selling Expense
Total Warehouse Expense
Income Statement
Depreciation Expense – Warehouse Equipment
Warehouse Supplies Expense
Warehouse Wages Expense
Warehouse Expense
Operating Expenses
Gross Profit on Sales
397,640
166,424
126,000
40,424
438,064
Correct!
23,100
400
10,800
86,164
5,000 81,164
224,000
2,760
1,320
7,200 11,280
350,744
36,000
168,000
48,000 120,000
32,000
14,400 17,600
46,000
17,600 28,400
20,000
9,000 11,000
213,000
563,744
Correct!
19,200
38,000
480
57,680
56,000
12,000
68,000
125,680
438,064
563,744
Correct!
Analyze: The companies current ratio is: 6.08 :1
Correct!
Assets
Less Allowance for Doubtful Accounts
Accounts Receivable
Notes Receivable
Petty Cash Fund
Cash
Current Assets
Total Current Assets
Prepaid Insurance
Office Supplies
Warehouse Supplies
Prepaid Expenses
Merchandise Inventory
Less Accumulated Depreciation
Warehouse Equipment
Less Accumulated Depreciation
Building
Land
Plant and Equipment
Total Assets
Total Plant and equipment
Less Accumulated Depreciation
Office Equipment
Less Accumulated Depreciation
Delivery Equipment
Total Current Liabilities
Interest Payable
Accounts Payable
Notes Payable
Current Liabilities
Liability and Owner’s Equity
Total Liabilities and Owner’s Equity
Chuck Kirby, Capital
Owner’s Equity
Total Liabilities
Total Long-Term Liabilities
Loans Payable
Mortgage Payable
Long-Term Liabilities
Chuck Kirby, Capital, December 31, 2013
Increase in Capital
Less Withdrawals for year
Net Income for Year
Chuck Kirby, Capital, January 1, 2013
WOOD DESIGN COMPANY
WOOD DESIGN COMPANY
Balance Sheet
December 31, 2013
Year Ended December 31, 2013
Statement of Owner’s Equity
WOOD DESIGN COMPANY
Debit Credit
23,100$
400
10,800
86,164
5,000$
224,000
2,760
1,320
7,200
36,000
168,000
48,000
32,000
14,400
46,000
17,600
20,000
9,000
19,200
38,000
480
56,000
12,000
397,640
126,000
234,000 224,000
1,665,884
17,200
1,480
757,000
12,800
7,440
10,160
189,600
6,100
4,800
259,200
20,500
59,330
8,800
69,600
3,000
5,200
8,290
5,520
54,000
4,600
4,800
8,000
3,000
7,200
2,526,284$ 2,526,284$
Warehouse Supplies
Merchandise Inventory
Allowance for Doubtful Accounts
Account
Accounts Receivable
Notes Receivable
Petty Cash Fund
Cash
Warehouse Equipment
Accumulated Depreciation – Building
Building
Land
Prepaid Insurance
Office Supplies
Notes Payable
Accumulated Depreciation – Office Equipment
Office Equipment
Accumulated Depreciation – Delivery Equipment
Delivery Equipment
Accumulated Depreciation – Warehouse Equipment
Chuck Kirby, Drawing
Chuck Kirby, Capital
Loans Payable, Long Term
Mortgage Payable
Interest Payable
Accounts Payable
Freight In
Purchases
Interest Income
Sales Returns and Allowances
Sales
Income Summary
Salaries Expense – Sales
Depreciation Expense – Warehouse Equipment
Warehouse Supplies Expense
Warehouse Wages Expense
Purchase Discounts
Purchases Returns and Allowances
Insurance Expense
Office Supplies Expense
Salaries Expense – Office
Depreciation Expense – Delivery Equipment
Delivery Wages Expense
Travel and Entertainment Expense
Totals
Interest Expense
Depreciation Expense – Office Equipment
Depreciation Expense – Building
Uncollectible Accounts Expense
Property Taxes Expense
Payroll Taxes Expense
Telephone Expense
Utilities Expense
Adjusted Trial Balance
For the Year Ended December 31, 2013
Debit Credit
23,100$
400
10,800
86,164
5,000$
224,000
2,760
1,320
19,200
38,000
480
56,000
12,000
Freight In
Purchases Returns and Allowances
Purchase Discounts
Chuck Kirby, Drawing
Income Summary
Sales
Sales Returns and Allowances
Interest Income
Purchases
Chuck Kirby, Capital
189,600
6,100
4,800
259,200
20,500
59,330
8,800
Salaries Expense – Office
Office Supplies Expense
Insurance Expense
Utilities Expense
Telephone Expense
Warehouse Equipment
Accumulated Depreciation – Warehouse Equipment
Delivery Equipment
Accumulated Depreciation – Delivery Equipment
Office Equipment
Accumulated Depreciation – Office Equipment
Prepaid Insurance
Building
Accumulated Depreciation – Building
Account
Given Data P13.01A:
Salaries Expense – Sales
Travel and Entertainment Expense
Delivery Wages Expense
Depreciation Expense – Delivery Equipment
Warehouse Wages Expense
Warehouse Supplies Expense
Depreciation Expense – Warehouse Equipment
Notes Payable
Accounts Payable
Interest Payable
Mortgage Payable
Loans Payable, Long Term
Warehouse Supplies
Office Supplies
Cash
Petty Cash Fund
Notes Receivable
Accounts Receivable
Allowance for Doubtful Accounts
Merchandise Inventory
For the Year Ended December 31, 2013
Adjusted Trial Balance
WOOD DESIGN COMPANY
54,000
4,600
4,800
8,000
3,000
7,200
2,526,284$ 2,526,284$
Depreciation Expense – Building
Depreciation Expense – Office Equipment
Interest Expense
Totals
Payroll Taxes Expense
Property Taxes Expense
Uncollectible Accounts Expense
1. The expense accounts represent warehouse expenses, selling expenses,
Additional Information
3. The mortgage and loans extend for more than a year.
2. No additional investments were made during the year.
and general and administrative expenses.
Student Name:
Class:
1,090,300
7,400
1,082,900
130,400
453,000
8,800
461,800
12,650
8,240 20,890
440,910
571,310
127,500
443,810
639,090
107,600
4,800
2,400
114,800
150,700
23,000
36,425
210,125
84,000
1,120
8,875
7,000
3,180
30,600
15,400
2,700
2,580
4,600
1,520
161,575
486,500
152,590
480
3,000
(2,520)
150,070
Correct!
Merchandise Inventory, January 1, 2013
Cost of Goods Sold
Net Sales
Less Sales Returns and Allowances
Sales
Operating Revenue
Net Delivered Cost of Purchases
Purchase Discounts
Less Purchase Returns and Allowances
Delivered Cost of Purchases
Freight In
Purchases
Warehouse Expense
Operating Expenses
Gross Profit on Sales
Cost of Goods Sold
Less Merchandise Inventory, December 31, 2013
Total Merchandise Available for Sale
Salaries Expense – Sales
Selling Expense
Total Warehouse Expense
Depreciation Expense – Warehouse Equipment
Warehouse Supplies Expense
Warehouse Wages Expense
Office Supplies Expense
Salaries Expense – Office
General and Administrative Expenses
Total Selling Expenses
Delivery Expense
Travel Expense
Building Repair Expense
Property Taxes Expense
Payroll Tax Expense
Telephone Expense
Utilities Expense
Insurance Expense
Income from Operations
Total Operating Expenses
Total General and Administrative Expenses
Depreciation Expense – Office Equipment
Depreciation Expense – Building
Uncollectible Accounts Expense
GOOD TO GO AUTO PRODUCTS
Problem 13.02A
McGraw-Hill
Instructor
Income Statement
Year Ended December 31, 2013
Net Income for Year
Net Nonoperating Expenses
Interest Expense
Other Expenses
Interest Income
Other Income
Debit Credit
98,000$
500
10,000
139,200
2,800$
100
127,500
2,300
600
3,640
15,000
102,000
16,200
69,650
130,400 127,500
1,090,300
7,400
480
Delivery Expense
Purchase Discounts
Warehouse Wages Expense
Warehouse Supplies Expense
Depreciation Expense – Warehouse Equipment
Salaries Expense – Sales
Travel Expenses
Purchases
Freight In
Purchases Returns and Allowances
84,000
1,120
8,875
7,000
3,180
Payroll Taxes Expense
Building Repairs Expense
Interest Payable
Loans Payable, Long Term
Mortgage Payable
Colin O’Brien, Capital
Warehouse Equipment
Accumulated Depreciation – Warehouse Equipment
Office Equipment
Accumulated Depreciation – Office Equipment
Notes Payable – Short Term
Accounts Payable
Given Data P13.02A:
Utilities Expense
Telephone Expense
Salaries Expense – Office
Office Supplies Expense
Insurance Expense
Sales
Sales Returns and Allowances
Interest Income
Colin O’Brien, Drawing
Income Summary
Warehouse Supplies
Office Supplies
Prepaid Insurance
Land
Building
Accumulated Depreciation – Building
Petty Cash Fund
Notes Receivable
Accounts Receivable
Allowance for Doubtful Accounts
Interest Receivable
Merchandise Inventory
GOOD TO GO AUTO PRODUCTS
Adjusted Trial Balance
For the Year Ended December 31, 2013
Account
Cash
15,400
2,580
4,600
1,520
3,000
1,684,790$ 1,684,790$
Totals
Property Taxes Expense
Uncollectible Accounts Expense
Depreciation Expense – Building
Depreciation Expense – Office Equipment
Interest Expense
1. The expense accounts represent warehouse expenses, selling expenses,
and general and administrative expenses.
2. No additional investments were made during the year.
3. The mortgage and long-term notes extend for more than one year.
Additional Information
Student Name:
Class:
Post
Description Ref Debit Credit
Adjusting Entries
Adjustment a
Dec. 31 86,000.00
86,000.00
Adjustment b
31 78,000.00
78,000.00
Adjustment c
31 2,800.00
2,800.00
Adjustment h
31 640.00
640.00
Adjustment i
31 5,000.00
5,000.00
Medicare Tax Payable
Social Security Tax Payable
Payroll Taxes Expense
To record accrued payroll taxes on accrued salaries
To record expired insurance
Prepaid Insurance
Insurance Expense
To record supplies used during 2013
Supplies
Supplies Expense
Accumulated Depreciation – Warehouse Equipment
Depreciation Expense – Warehouse Equipment
To record depreciation for 2013 (schedule on file)
Accumulated Depreciation – Office Equipment
Depreciation Expense – Office Equipment
To record accrued interest on 4-month, 12% trade
Interest Payable
Interest Expense
Salaries Payable
Salaries Expense
note payable dated November 1, 2013
To record accrued salaries
Merchandise Inventory
Income Summary
of new credit sales of $560,000
To record estimated loss for 2013, based on 0.5%
Allowance for Doubtful Accounts
Uncollectible Accounts Expense
Merchandise Inventory
To transfer beginning inventory
To record depreciation for 2013 (schedule on file)
Instructor
Date
HEALTHY HABITS FOODS CO
GENERAL JOURNAL
Problem 13.04A
McGraw-Hill
To record ending inventory
Income Summary
2013
Adjustment k
31 310.00
40.00
270.00
2013 Closing Entries
Dec. 31 653,778.00
9,200.00
662,978.00
350,000.00
36,000.00
2,200.00
165,000.00
13,692.50
9,220.00
3,600.00
1,325.00
4,800.00
2,800.00
2014 Reversing Entries
Interest Expense
Phillip Tucker, Drawing
Phillip Tucker, Capital
Phillip Tucker, Capital
Income Summary
Income Summary
Sales Returns and Allowances
Jan. 1 640.00
640.00
1 5,000.00
5,000.00
1 310.00
72.50
382.50
1 40.00
270.00
310.00
2014
Jan. 3 5,000.00
To record the payment of salaries
Cash
Salaries Payable
Interest Expense
Interest Payable
Medicare Tax Payable
Social Security Tax Payable
To reverse adjusting entry (i) made Dec. 31, 2010
Salaries Expense
Salaries Payable
To reverse adjusting entry (h) made Dec. 31, 2010
To reverse adjusting entry (k) made Dec. 31, 2010
Payroll Taxes Expense
State Unemployment Tax Payable
Federal Unemployment Tax Payable
To reverse adjusting entry (j) made Dec. 31, 2010
Payroll Taxes Expense
Payroll Taxes Expense
Salaries Expense
Telephone Expense
Rent Expense
Purchases
Uncollectible Accounts Expense
Depreciation Expense – Warehouse Equipment
Depreciation Expense – Office Equipment
Insurance Expense
Supplies Expense
Federal Unemployment Tax Payable
Income Summary
Purchase Returns and Allowances
Sales
Payroll Taxes Expense
To record payroll taxes
State Unemployment Tax Payable
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
30,100.00 30,100.00 30,100.00
35,200.00 35,200.00 35,200.00
420.00 c 2,800.00 3,220.00 3,220.00
86,000.00 b 78,000.00 a 86,000.00 78,000.00 78,000.00
10,400.00 d 9,220.00 1,180.00 1,180.00
5,400.00 e 3,600.00 1,800.00 1,800.00
8,300.00 8,300.00 8,300.00
2,650.00 f 1,325.00 3,975.00 3,975.00
28,000.00 28,000.00 28,000.00
9,600.00 g 4,800.00 14,400.00 14,400.00
32,000.00 32,000.00 32,000.00
12,200.00 12,200.00 12,200.00
h 640.00 640.00 640.00
1,680.00 j 310.00 1,990.00 1,990.00
388.00 j 72.50 460.50 460.50
k 40.00 40.00 40.00
k 270.00 270.00 270.00
i 5,000.00 5,000.00 5,000.00
108,684.00 108,684.00 108,684.00
56,000.00 56,000.00 56,000.00
653,778.00 653,778.00 653,778.00
10,000.00 10,000.00 10,000.00
350,000.00 350,000.00 350,000.00
9,200.00 9,200.00 9,200.00
a 86,000.00 b 78,000.00 86,000.00 78,000.00 86,000.00 78,000.00
36,000.00 36,000.00 36,000.00
2,200.00 2,200.00 2,200.00
160,000.00 i 5,000.00 165,000.00 165,000.00
13,000.00 j 382.50 13,692.50 13,692.50
k 310.00
d 9,220.00 9,220.00 9,220.00
e 3,600.00 3,600.00 3,600.00
830,600.00 830,600.00 182,512.50 192,077.50 914,292.50 923,857.50 675,712.50 740,978.00 238,580.00 182,879.50
830,600.00 830,600.00 914,292.50 923,857.50 675,712.50 740,978.00 238,580.00 182,879.50
f 1,325.00 1,325.00 1,325.00
g 4,800.00 4,800.00 4,800.00
c 2,800.00 2,800.00 2,800.00
h 640.00 640.00 640.00
830,600.00 830,600.00 192,077.50 192,077.50 923,857.50 923,857.50 685,277.50 740,978.00 238,580.00 182,879.50
55,700.50 55,700.50
740,978.00 740,978.00 238,580.00 238,580.00
Worksheet
HEALTHY HABITS FOODS CO
Given Data P13.04A:
Insurance Expense
Supplies Expense
Year Ended December 31, 2013
Cash
Account Name
Supplies
Depr. Expense – Warehouse Equip.
Depr. Expense – Office Equipment
Totals Brought Forward
Totals Carried Forward
Net Income
Totals
Interest Expense
Uncollectible Accounts Expense
Merchandise Inventory
Allowance for Doubtful Accounts
Accounts Receivable
Warehouse Equipment
Accumulated Dep. – Office Equipment
Office Equipment
Prepaid Insurance
Medicare Tax Payable
Social Security Tax Payable
Interest Payable
Accounts Payable
Notes Payable Bank
Accumulated Dep. – Warehouse Equip.
Sales
Phillip Tucker, Drawing
Phillip Tucker, Capital
Salaries Payable
State Unemployment Tax Payable
Federal Unemployment Tax Payable
Adjusted
Payroll Taxes Expense
Salaries Expense
Telephone Expense
Rent Expense
Income Summary
Purchases Returns and Allowances
Purchases
Sales Returns and Allowances
Balance Sheet
Income
Trial Balance
Adjustments
Trial Balance
Statement