Description
ACCOUNTING (26th Edition); Publisher: Cengage Warren, Reeve and Duchac.
ISBN: 978-1-285-74361-5
Explanation & Answer
Hi ;). Here is your assignment :)
Problem 6-2A
Name:
Section:
Score:
Key Code:
100%
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Instructions
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1.
CARPET LAND CO.
Income Statement
Revenues:
Net sales
Expenses:
Cost of merchandise sold
Selling expenses
Administrative expenses
Interest expense
Total expenses
Net income
2.
$ 6,030,000
$ 3,600,000
1,150,000
490,000
15,000
$ 5,255,000
$ 775,000
CARPET LAND CO.
Statement of Owner's Equity
Maggie Young, capital, November 1, 2011
Net income for the year
Less withdrawals
Increase in owner’s equity
Maggie Young, capital, October 31, 2012
$
$
750,000
775,000
150,000
625,000
$ 1,375,000
3.
CARPET LAND CO.
Balance Sheet
Assets
Current assets:
Cash
Accounts receivable
Merchandise inventory
Office supplies
Prepaid ...
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