Business Finance
easy Accounting Assignment

Question Description

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Project Data The adjusted trial balance for BooKitty Corporation contained the following accounts at December 31, 2017 the end of the company’s fiscal year: Cash Accounts Receivable Inventory (beginning) Estimated Returns Inventory Land Office equipment Accumulated Depreciation-equip. Building Accumulated Depreciation-Bldg. Patent Accounts Payable Customer Refunds Payable Interest Payable Unearned Revenue Notes Payable Capital Drawings Sales Purchases Purchases Returns and Allowances Purchase Discounts Freight-in Insurance Expense Interest Expense Repair Expense Salaries Expense Advertising Expense Depreciation Expense Utilities Expense Dr. $51,000 $97,000 $25,000 $3,000 $9,000 $22,000 Cr. $20,000 $233,000 $94,000 $16,000 $73,000 $2,000 $14,000 $50,000 $100,000 $80,000 $29,000 $216,600 $116,000 $1,000 $500 $300 $6,000 $8,000 $5,000 $17,600 $1,200 $11,000 $1,000 $651,100 $651,100 Other Information: • Inventory on hand at December 31, 2017 is $55,000 (Hint: this is ending inventory). • Estimated Returns Inventory increased $5,000 (Hint: Include in COGS and Closing Entry). • Administrative expenses include: Insurance, Repair, Utilities, and Depreciation. • Selling expenses include: Advertising and Salaries. • $50,000 of the Notes Payable is payable next year (Hint: classified as current). Instructions 1 Prepare a (1) multiple step income statement (20pts), (2) statement of owners’ equity (5pts), (3) classified balance sheet (20pts), and (4) closing entry (5pts). 2 ...
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Final Answer


BooKitty Corporation

Calculating cost of goods sold

Multistep income statement
For the year ended December 31, 2017
Net Sales
Cost of goods sold
Gross profit
Oporating expenses
selling expenses
Adevertising expense
Salaries expense
Administrative expense
Insurance expense
Repair expense
Depreciation expense
Utilities expense
Total oporating expense
Oporating income
Non opor...

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