Score:
Key Code:
An asterisk (*) will appear to the left of an incorrect entry.
Account Debit Credit
Mar. 2
2
3
3
4
4
5
5
12
14
14
16
Problem 5-2A
Name:
Section:
0%
JOURNAL
Date
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
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16
18
18
19
19
19
26
28
31
31
April 3
15
Scoring:
Account Debit Credit
Mar. 2 Accounts Receivable – Equinox Co. 18,711
Sales 18,711
2 Cost of Merchandise Sold 13,300
Merchandise Inventory 13,300
3 Cash 12,031
Sales 11,350
Sales Tax Payable 681
3 Cost of Merchandise Sold 7,000
Merchandise Inventory 7,000
Sales 30,000
Sales Tax Payable 1,800
5 Cost of Merchandise Sold 19,400
Merchandise Inventory 19,400
12 Cash 18,711
Problem 5-2A
Name:
Solution
Section:
ON
Date
JOURNAL
Instructions
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An asterisk (*) will appear to the left of an incorrect entry.
16 Cost of Merchandise Sold 16,000
Merchandise Inventory 16,000
Cash 75
19 Cost of Merchandise Sold 5,000
Merchandise Inventory 5,000
26 Cash 22,473
Accounts Receivable – Targhee Co. 22,473
28 Cash 8,160
Accounts Receivable – Vista Co. 8,160
31 Cash 55,400
Key Code:
An asterisk (*) will appear to the right of an incorrect entry.
Account Debit Credit
July 1
1
2
2
5
5
8
8
13
13
14
14
Problem 5-2B
Name:
Section:
0%
JOURNAL
Date
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
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Score:
15
16
16
18
18
18
24
28
31
31
Aug. 3
10
Scoring:
Account Debit Credit
July 1 Accounts Receivable – Landscapes Co. 33,450
Sales 33,450
1 Cost of Merchandise Sold 20,000
Merchandise Inventory 20,000
5 Cost of Merchandise Sold 10,000
Merchandise Inventory 10,000
8 Cash 120,960
Sales 112,000
Sales Tax Payable 8,960
8 Cost of Merchandise Sold 67,200
Merchandise Inventory 67,200
13 Cash 96,000
ON
Problem 5-2B
Name:
Solution
Section:
Date
JOURNAL
Instructions
Answers are entered in the cells with gray backgrounds.
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An asterisk (*) will appear to the right of an incorrect entry.
15 Cash 17,325
Accounts Receivable – Peacock Company 17,325
16 Customer Refunds Payable 2,970
Accounts Receivable – Loeb Co. 2,970
16 Merchandise Inventory 1,800
Estimated Returns Inventory 1,800
18 Accounts Receivable – Jennings Company 11,123
Sales 11,123
28 Cash 11,598
Accounts Receivable – Jennings Company 11,598
31 Delivery Expense 8,550
Cash 8,550
31 Cash 33,450
Accounts Receivable – Landscapes Co. 33,450
Problem 5-5A
Key Code:
Instructions
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1.
Sales
Cost of merchandise sold
Gross profit
Expenses:
Selling expenses:
Total selling expenses
Administrative expenses:
Total administrative expenses
Total operating expenses
Income from operations
Other expense:
Net income
2.
Retained earnings, June 1, 2015
Retained earnings, May 31, 2016
3.
Current assets:
Property, plant and equipment:
Office equipment
Store equipment
Total property, plant and equipment
Total assets
Assets
Retained Earnings Statement
CLAIREMONT CO.
CLAIREMONT CO.
Income Statement
CLAIREMONT CO.
Balance Sheet
Total current assets:
Liabilities
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Name:
Section:
0%
Current liabilities:
Long-term liabilities:
Total liabilities
Common stock
Retained earnings
Total stockholders’ equity
Total liabilities and stockholders’ equity
4. a.
b.
Stockholders’ Equity
(Key essay answer here)
(Key essay answer here)
Total current liabilities:
Problem 5-5A
Instructions
Interest expense
Increase in retained earnings
Prepaid insurance
Answers are entered in the cells with gray backgrounds.
1.
Sales 11,343,000$
Cost of merchandise sold 7,850,000
Gross profit 3,493,000$
Expenses:
Selling expenses:
Sales salaries expense 916,000$
Insurance expense 48,000
Office supplies expense 28,100
Miscellaneous administrative expense 14,500
Total administrative expenses 884,600
Total operating expenses 2,528,600
Income from operations 964,400$
Other expense:
2.
Retained earnings, June 1, 2015 2,949,100$
943,400$
3.
Current assets:
240,000$
966,000
1,712,500
13,500
Liabilities
Accounts receivable
Merchandise inventory
Office supplies
Balance Sheet
May 31, 2016
Assets
Cash
Net income for the year
CLAIREMONT CO.
Retained Earnings Statement
For the Year Ended May 31, 2016
ON
For the Year Ended May 31, 2016
Cells with non-gray backgrounds are protected and cannot be edited.
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CLAIREMONT CO.
Income Statement
Scoring:
Name:
Solution
Section:
CLAIREMONT CO.
Current liabilities:
366,000$
50,000
41,500
457,500$
Long-term liabilities:
4. a.
b.
The multiple-step form of income statement contains various sections for revenues and expenses, with intermediate
balances, and concludes with net income. In the single-step form, the total of all expenses is deducted from the
total of all revenues. There are no intermediate balances.
In the report form of balance sheet, the assets, liabilities, and owner’s equity are presented in that order in a
downward sequence. In the account form, the assets are listed on the left-hand side, and the liabilities and owner’s
equity are listed on the right-hand side.
Salaries payable
Total current liabilities:
Accounts payable
Note payable (current portion)
Note payable (final payment due 2022)
Problem 5-5B
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry. Essay answers will not be graded.
1.
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, July 1, 2015
Retained earnings, June 30, 2016
3.
Current assets:
Property, plant, and equipment:
Office equipment
Store equipment
Total property, plant, and equipment
Total assets
Name:
Section:
0%
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Total current assets:
KANPUR CO.
Assets
KANPUR CO.
Income Statement
Balance Sheet
Retained Earnings Statement
KANPUR CO.
Problem 5-5B
Instructions
Increase in retained earnings
Answers are entered in the cells with gray backgrounds.
1.
Sales 8,925,000$
Cost of merchandise sold 5,620,000
Gross profit 3,305,000$
Expenses:
Selling expenses:
2.
Retained earnings, July 1, 2015 381,000$
1,340,000$
300,000
3.
Current assets:
92,000$
450,000
375,000
10,000
12,000
Total assets 1,663,500$
Scoring:
Name:
Solution
Section:
KANPUR CO.
Retained Earnings Statement
For the Year Ended June 30, 2016
ON
For the Year Ended June 30, 2016
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KANPUR CO.
Income Statement
Balance Sheet
June 30, 2016
Assets
Cash
Net income for the year
Less dividends
KANPUR CO.
Accounts receivable
Merchandise inventory
Office supplies
Prepaid insurance
Interest expense