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Vika [28.1K]
2 years ago
10

The following are the account balances in the ledger of Metcaffe Manufacturing Company compiled at the end of fiscal-year 6/31/2

020. Prepare the reports as required in A to D. below.
NOTES
A Prepare the unadjusted trial balance and determine the missing figure for Retained Earnings.
B
Using the above worksheet, record the necessary below adjustments

and process the balances up to Post closing trial balance.

1 Supplies still available at year-end is $2,300
2 Expired insurance for the year is $3,000
3 Annual depreciation expense on stores equipment is 12.5% of book value.
4 Annual depreciation expense on office equipment equipment is 10% of cost.
5 Four employees' wages accrued for 3 days work at the rate of $14/hr. each, working 8 hours a day.
6 Physical stock of inventory is $19,560, as at 3/31/2020.
C Prepare a multi-step income statement, in proper form, for period ended 3/31/2020.
Distribution of the following expenses between selling, and administration are as follows:
Salaries/wages 60:40; Insurance, telephone, and supplies 50:50;

Rent, vehicles maintenance, notes interest 70:30.

D
Prepare the classified Balance Sheet as at 3/31/2020.

Cash

$ 41,500

Accounts receivable

$ 28,700

Merchandise inventory

$ 21,930

Supplies

$ 11,800

Prepaid insurance

$ 3,600

Store equipment

$ 61,700

Accumulated Depr. - Stores equip.

$ 16,500

Office equipment

$ 39,550

Accumulated Depr. - Office equip.

$ 10,150

Accounts payable

$ 15,000

Salaries /wages payable

$ -

Common stock

$ 85,000

Retained earnings (Cr.)

?

Dividends paid

$ 17,500

Sales

$ 286,435

Sales discount

$ 4,108

Sales returns/allowances

$ 3,900

Cost of goods sold

$ 92,600

Depreciation expense-Stores equip

$ -

Depreciation expense-Office equip

$ -

Sales commission expense

$ 31,000

Salaries /wages expense

$ 49,700

Insurance expense

$ 1,200

Inventory shrinkage

$ -

Rent expense

$ 24,000

Supplies expense.

$ 7,200

Telephone, fax expenses

$ 1,960

Advertising exp

$ 8,100

Vehicle maintenance/running cost

$ 9,500

Net Income(Loss)
Business
1 answer:
Marina86 [1]2 years ago
5 0

Answer:

tanong mo sa crush mo joooook

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