Florida National University Clairemont Co Financial Analysis

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Business Finance

Florida National University

Description

ACCOUNTING (26th Edition); Publisher: Cengage Warren, Reeve and Duchac.
ISBN: 978-1-285-74361-5

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Explanation & Answer

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Problem 6-2A
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100%
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Instructions
Answers are entered in the cells with gray backgrounds.
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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 ...


Anonymous
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