Problem 5-6A
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Instructions
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1.
Revenues:
Sales
Expenses:
Total expenses
Net income
2.
Retained earnings, June 1, 2015
Retained earnings, May 31, 2016
3.
Current assets: Current liabilities:
Long-term liabilities:
Property, plant, and equipment: Total liabilities
Office equipment
Common stock
Store equipment Retained earnings
Total stockholders’ equity
Total property, plant, and equipment
Total assets Total liabilities and stockholders’ equity
Closing Entries
Stockholders’ Equity
Balance Sheet
CLAIREMONT CO.
Liabilities
Total current liabilities:
Name:
Section:
2016
Assets
CLAIREMONT CO.
Retained Earnings Statement
31
31
Total current assets:
0%
[Key code here]
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May 31
31
CLAIREMONT CO.
Income Statement
Problem 5-6A
Score:
Instructions
31
31
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1.
Revenue:
Sales 11,343,000$
Expenses:
Cost of merchandise sold 7,850,000$
Selling expenses 1,644,000
Administrative expenses 884,600
Interest expense 21,000
Total expenses 10,399,600
Net income 943,400$
2.
Retained earnings, June 1, 2015 2,949,100$
943,400$
100,000
843,400
Retained earnings, May 31, 2016 3,792,500$
3.
Closing Entries
Sales 11,343,000
Income Summary 11,343,000
Income Summary 10,399,600
Cost of Merchandise Sold 7,850,000
Sales Salaries Expense 916,000
Advertising Expense 550,000
Depreciation Expense – Store Equipment 140,000
Balance Sheet
May 31, 2016
Less dividends
Increase in retained earnings
31
May 31
2016
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CLAIREMONT CO.
Income Statement
CLAIREMONT CO.
Retained Earnings Statement
Net income for the year
For the Year Ended May 31, 2016
CLAIREMONT CO.
For the Year Ended May 31, 2016
Name:
Solution
Section:
ON
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Problem 5-6B
Score:
Key Code:
Instructions
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1.
Revenue:
Sales
Expenses:
Total expenses
Net income
2.
Retained earnings, July 1, 2015
Retained earnings, June 30, 2016
3.
Current assets: Current liabilities:
Long-term liabilities:
Property, plant, and equipment: Total liabilities
Office equipment
Common stock
Store equipment Retained earnings
Total stockholders’ equity
Total property, plant, and equipment
Total assets Total liabilities and stockholders’ equity
4.
Closing Entries
Stockholders’ Equity
Balance Sheet
KANPUR CO.
Liabilities
Total current liabilities:
Name:
Section:
2016
Assets
KANPUR CO.
Retained Earnings Statement
30
30
Total current assets:
0%
[Key code here]
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June 30
30
KANPUR CO.
Income Statement
Problem 5-6B
Score:
Instructions
Less dividends
Increase in retained earnings
30
30
Answers are entered in the cells with gray backgrounds.
1.
Revenue:
Sales 8,925,000$
Expenses:
2.
Retained earnings, July 1, 2015 381,000$
1,340,000$
Closing Entries
Sales 8,925,000
Income Summary 8,925,000
Income Summary 7,585,000
Cost of Merchandise Sold 5,620,000
Sales Salaries Expense 850,000
30
June 30
2016
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KANPUR CO.
Income Statement
KANPUR CO.
Retained Earnings Statement
Net income for the year
For the Year Ended June 30, 2016
For the Year Ended June 30, 2016
Name:
Solution
Section:
ON
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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 5-10A
Name:
Section:
WYMAN COMPANY
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0%
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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
Purchases discounts 37,000
Net purchases 2,520,000$
Add: Freight in 48,000
Cost of merchandise purchased 2,568,000
Cost of merchandise available for sale 2,825,000$
Rent expense 28,000
Insurance expense 3,000
Office supplies expense 2,000
Depreciation expense—office equipment 1,500
Miscellaneous administrative expense 3,500
Total administrative expenses 213,000
Total expenses 585,000
Income from operations 175,000$
Other income and expense:
7,000$
Problem 5-10A
Name:
Solution
Section:
For the Year Ended December 31, 2016
Merchandise Inventory, January 1, 2016
Purchases
Rent revenue
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WYMAN COMPANY
Income Statement
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ON
Instructions
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Scoring:
2,000 5,000
Net income 180,000$
3. Closing Entries
Merchandise Inventory 305,000
Sales 3,280,000
Purchases Returns and Allowances 93,000
Purchases Discounts 37,000
Rent Revenue 7,000
Income Summary 3,722,000
Insurance Expense 3,000
Office Supplies Expense 2,000
Depreciation Expense—Office Equipment 1,500
Miscellaneous Administrative Expense 3,500
Interest Expense 2,000
Interest expense
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 5-10B
Name:
Section:
Income Statement
SIMKINS COMPANY
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0%
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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
Purchases discounts 13,000
Net Purchases 4,055,000$
Total selling expenses 953,000$
Administrative expenses:
Office salaries expense 375,000$
Rent expense 43,000
Insurance expense 17,000
Office supplies expense 5,000
Depreciation expense—office equipment 4,000
Miscellaneous administrative expense 16,000
Total administrative expenses 460,000
Total expenses 1,413,000
Income from operations 1,170,000$
Other income and expense:
Income Statement
For the Year Ended June 30, 2016
Merchandise inventory, July 1, 2015
Purchases
Instructions
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SIMKINS COMPANY
Problem 5-10B
Name:
Solution
Section:
Scoring:
ON
32,500$
2,500 30,000
Net income 1,200,000$
3. Closing Entries
Merchandise Inventory 508,000
Sales 6,590,000
Purchases Returns and Allowances 32,000
Purchases Discounts 13,000
Rent Revenue 32,500
Miscellaneous Selling Expense 28,000
Office Salaries Expense 375,000
Rent Expense 43,000
Insurance Expense 17,000
Office Supplies Expense 5,000
Depreciation Expense—Office Equipment 4,000
Miscellaneous Administrative Expense 16,000
Interest Expense 2,500
Rent revenue
Interest expense
Exercise 5-23
Key Code:
Instructions
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a.
Sales
Gross profit
Expenses:
Total expenses
Income from operations
Other expense:
Net income
b.
PRESTIGE FURNISHINGS COMPANY
Income Statement
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Score:
0%
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(Key essay answer here)
Name:
Section:
For the Year Ended October 31, 2016
Exercise 5-23
Instructions
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a.
Total expenses 1,255,000
Income from operations 1,355,000$
Other expense:
10,000
Net income 1,345,000$
b.
ON
The major advantage of the multiple-step form of income statement is that relationships such as gross
Name:
Solution
Section:
Interest expense
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Scoring:
PRESTIGE FURNISHINGS COMPANY
Income Statement
Administrative expenses