Problem 5-6A
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.
Revenues:
Net sales
Expenses:
Total expenses
Net income
2.
Retained earnings, September 1, 2013
Retained earnings, August 31, 2014
3.
Current assets: Current liabilities:
Long-term liabilities:
Property, plant, and equipment: Total liabilities
Office equipment
Capital stock
Store equipment Retained earnings
Total stockholders’ equity
Total property, plant, and equipment
Total assets Total liabilities and stockholders’ equity
Closing Entries
0%
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Aug. 31
31
31
Name:
Section:
2014
Assets
GLOUCESTER CO.
GLOUCESTER CO.
Income Statement
Retained Earnings Statement
Stockholders‘ Equity
Balance Sheet
GLOUCESTER CO.
Liabilities
Total current liabilities:
31
Problem 5-6A
Score:
Instructions
Accounts receivable
Note payable (current portion)
Salaries payable
Merchandise inventory
Note payable (final payment due 2037)
Office supplies
Answers are entered in the cells with gray backgrounds.
1.
Revenues:
Net sales 4,517,000$
Expenses:
3.
Current assets: Current liabilities:
125,000$ 193,000$
Closing Entries
Sales 4,576,000
For the Year Ended August 31, 2014
GLOUCESTER CO.
Name:
Solution
Section:
ON
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
GLOUCESTER CO.
Income Statement
Cash
Aug. 31
2014
Accounts payable
Balance Sheet
August 31, 2014
Liabilities
Assets
Net income for the year
Less dividends
Increase in retained earnings