Problem 5-5A
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Instructions
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1.
Revenue from sales:
Less:
Net sales
Cost of merchandise sold
Gross profit
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total expenses
Income from operations
Other expense:
Net income
2.
Retained earnings, September 1, 2013
Retained earnings, August 31, 2014
Retained Earnings Statement
GLOUCESTER CO.
Income Statement
GLOUCESTER CO.
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Score:
Name:
Section:
0%
3.
Current assets:
Property, plant and equipment:
Office equipment
Store equipment
Total property, plant and equipment
Total assets
Current liabilities:
Long-term liabilities:
Total liabilities
Capital stock
Retained earnings
Total stockholders’ equity
Total liabilities and stockholders’ equity
4. a.
b.
Assets
GLOUCESTER CO.
Balance Sheet
Total current assets:
Liabilities
Stockholders’ Equity
(Key essay answer here)
(Key essay answer here)
Total current liabilities:
Problem 5-5A
Instructions
Answers are entered in the cells with gray backgrounds.
1.
Revenues from sales:
2.
Retained Earnings Statement
For the Year Ended August 31, 2014
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. Essay answers will not be graded.
GLOUCESTER CO.
Income Statement
For the Year Ended August 31, 2014
GLOUCESTER CO.
ON
Score:
Key Code:
Name:
Solution
Section:
3.
Current assets:
125,000$
Assets
Cash
GLOUCESTER CO.
Balance Sheet
August 31, 2014