Problem 6-5B
Instructions
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1.
Sales 8,925,000$
Expenses:
Selling expenses:
Sales salaries expense 850,000$
Administrative expenses:
Office salaries expense 540,000$
Rent expense 48,000
Insurance expense 24,000
Other expense:
2.
Gerri Faber, July 1, 2015 431,000$
3.
Current assets:
92,000$
Property, plant, and equipment:
Office equipment 220,000$
KANPUR CO.
Balance Sheet
June 30, 2016
Assets
Cash
KANPUR CO.
Statement of Owner’s Equity
For the Year Ended June 30, 2016
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KANPUR CO.
Income Statement
For the Year Ended June 30, 2016
Name:
Solution
Section:
Scoring:
ON
Current liabilities:
48,500$
7,000
Total liabilities 192,500$
4. a.
The multiple-step form of income statement contains various sections for revenues and expenses, with
Accounts payable
Note payable (current portion)
Owner’s Equity
Liabilities
Note payable (final payment due 2032)
Problem 6-6A
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
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1.
Sales
Expenses:
Total expenses
Net income
2.
Kristina Marble, capital, June 1, 2015
Kristina Marble, capital, May 31, 2016
3.
Current assets: Current liabilities:
Long-term liabilities:
Property, plant, and equipment: Total liabilities
Office equipment
Store equipment Kristina Marble, capital
Total property, plant, and equipment
Total assets Total liabilities and owner’s equity
Closing Entries
0%
[Key code here]
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Name:
Section:
Total current assets:
Statement of Owner’s Equity
CLAIREMONT CO.
Balance Sheet
CLAIREMONT CO.
May. 31
31
31
31
CLAIREMONT CO.
Income Statement
2016
Assets
Liabilities
Owner’s Equity
Total current liabilities:
Problem 6-6A
Scoring:
Instructions
Net income for the year
Less withdrawals
Accounts receivable
Merchandise inventory
Note payable (current portion)
Salaries payable
Note payable (final payment due 2022)
Office supplies
Prepaid insurance
31
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1.
Sales 11,343,000$
Expenses:
Cost of merchandise sold 7,850,000$
Selling expenses 1,644,000
2.
Kristina Marble, capital, June 1, 2015 3,449,100$
3.
Current assets: Current liabilities:
240,000$ 366,000$
Store equipment 3,600,000$ Kristina Marble, capital 4,292,500
Sales 11,343,000
Income Summary 11,343,000
Miscellaneous Selling Expense 38,000
Office Salaries Expense 650,000
Rent Expense 94,000
Income Summary 943,400
Income Statement
Assets
For the Year Ended May 31, 2016
CLAIREMONT CO.
Name:
Solution
Section:
Liabilities
ON
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CLAIREMONT CO.
Accounts payable
Cash
Balance Sheet
May 31, 2016
CLAIREMONT CO.
Statement of Owner’s Equity
For the Year Ended May 31, 2016
31
2016
May. 31
Problem 6-6B
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales
Expenses:
Total expenses
Net income
2.
Gerri Faber, capital, July 1, 2015
Gerri Faber, capital, June 30, 2016
3.
Current assets: Current liabilities:
Long-term liabilities:
Property, plant, and equipment: Total liabilities
Office equipment
Store equipment Gerri Faber, capital
Total property, plant, and equipment
Total assets Total liabilities and owner’s equity
4.
Liabilities
Owner’s Equity
KANPUR CO.
Balance Sheet
KANPUR CO.
June 30
Total current liabilities:
Statement of Owner’s Equity
Total current assets:
30
30
30
KANPUR CO.
Income Statement
2016
Assets
0%
[Key code here]
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Name:
Section:
Problem 6-6B
Scoring:
Instructions
Answers are entered in the cells with gray backgrounds.
1.
Sales 8,925,000$
Less withdrawals
Note payable (current portion)
Salaries payable
Note payable (final payment due 2032)
Office supplies
Prepaid insurance
Accounts receivable
Merchandise inventory
Expenses:
Cost of merchandise sold 5,620,000$
2.
Gerri Faber, capital, July 1, 2015 431,000$
1,340,000$
3.
Current assets: Current liabilities:
92,000$ 48,500$
Income Summary 7,585,000
Cost of Merchandise Sold 5,620,000
Sales Salaries Expense 850,000
Advertising Expense 420,000
Office Salaries Expense 540,000
Rent Expense 48,000
Insurance Expense 24,000
Depreciation Expense – Office Equipment 10,000
Office Supplies Expense 4,000
Miscellaneous Administrative Expense 6,000
Interest Expense 12,000
Gerri Faber, Drawing 300,000
30
2016
For the Year Ended June 30, 2016
Net income for the year
30
Income Statement
Assets
For the Year Ended June 30, 2016
KANPUR CO.
Accounts payable
Cash
Balance Sheet
June 30, 2016
KANPUR CO.
Statement of Owner’s Equity
Name:
Solution
Section:
Liabilities
ON
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KANPUR CO.
Key Code:
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Enter all amounts as positive numbers.
1.
Wyman Company uses which type of inventory system?
2.
Sales
Cost of merchandise sold:
Less:
Net purchases
Add:
Cost of merchandise purchased
Cost of merchandise available for sale
Less:
Cost of merchandise sold
Gross profit
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total expenses
Income from operations
Other income and expense:
Income Statement
Problem 6-10A
Name:
Section:
WYMAN COMPANY
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0%
[Key code here]
Instructions
Score:
Net income
3. Closing Entries
4.
Net income under perpetual inventory system
Enter all amounts as positive numbers.
1.
Wyman Company uses which type of inventory system? periodic
2.
Sales 3,280,000$
Cost of merchandise sold:
257,000$
2,650,000$
Less: Purchases returns and allowances 93,000
Cost of merchandise purchased 2,568,000
Cost of merchandise available for sale 2,825,000$
Expenses:
Selling expenses:
Sales salaries expense 300,000$
Advertising expense 45,000
Delivery expense 9,000
Administrative expenses:
Office salaries expense 175,000$
Rent expense 28,000
Insurance expense 3,000
Office supplies expense 2,000
Problem 6-10A
Name:
Solution
Section:
For the Year Ended December 31, 2016
Merchandise Inventory, January 1, 2016
Purchases
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WYMAN COMPANY
Income Statement
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ON
Instructions
Answers are entered in the cells with gray backgrounds.
Scoring:
3. Closing Entries
Merchandise Inventory 305,000
Sales 3,280,000
Purchases Returns and Allowances 93,000
Income Summary 3,722,000
Income Summary 3,542,000
Merchandise Inventory 257,000
Purchases 2,650,000
Freight In 48,000
Sales Salaries Expense 300,000
Office Salaries Expense 175,000
Rent Expense 28,000
Insurance Expense 3,000
Office Supplies Expense 2,000
Income Summary 180,000
4.
Key Code:
An asterisk (*) will appear to the right of an incorrect entry.
Enter all amounts as positive numbers.
1.
Simkins Company uses which type of inventory system?
2.
Sales
Cost of merchandise sold:
Less:
Net Purchases
Add:
Cost of merchandise purchased
Cost of merchandise available for sale
Less:
Cost of merchandise sold
Gross profit
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total expenses
Income from operations
Other income and expense:
Problem 6-10B
Name:
Section:
Income Statement
SIMKINS COMPANY
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0%
[Key code here]
Instructions
Score:
Net income
3. Closing Entries
4.
Net income under perpetual inventory system
Enter all amounts as positive numbers.
1.
Simkins Company uses which type of inventory system? periodic
2.
Sales 6,590,000$
Cost of merchandise sold:
415,000$
4,100,000$
Less: Purchases returns and allowances 32,000
Expenses:
Selling expenses:
Sales salaries expense 580,000$
Advertising expense 315,000
Rent expense 43,000
Insurance expense 17,000
Office supplies expense 5,000
Income Statement
For the Year Ended June 30, 2016
Merchandise inventory, July 1, 2015
Purchases
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
SIMKINS COMPANY
Problem 6-10B
Name:
Solution
Section:
Scoring:
ON
3. Closing Entries
Merchandise Inventory 508,000
Sales 6,590,000
Income Summary 5,975,500
Merchandise Inventory 415,000
Purchases 4,100,000
Freight In 45,000
Sales Salaries Expense 580,000
Insurance Expense 17,000
Office Supplies Expense 5,000
Income Summary 1,200,000
4.