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31, 2006 was $5,100.
D) Unearned Revenue Dec. 31, 2006 = X; Unearned Revenue Jan. 31, 2007 = $750; Service Revenue Jan. 31, 2007 = $2,000; Amount received for services in Jan = $1,600
Equation: X - $1,600 - $2,000 = $750
X - $3,600 = $750
X = $4,350
The balance in Unearned Revenue at December 31, 2006 was $4,350.
P3-4 (a-d)
A)
Nov 30 Supplies Expense $2,000
Store Supplies $2,000
Nov 30 Store Equip Depreciation Expense $9,000
Accumulated Depreciation –
Store Equip $9,000
Nov 30 Delivery Equip Depreciation Expense $7,000
Accumulated Depreciation –
Store Equip $7,000
Nov 30 Interest Expense 11,000
Interest Payable 11,000
B)
DAPHNE MAIN FASHION CENTER
Adjusted Trial Balance
November 30, 2007
Debit Credit
Cash $26,700
Accounts Receivable $33,700
Merchandise Inventory $45,000
Store Supplies $3,500
Store Equipment $85,000
Accumulated Depreciation – Store Equipment $27,000
Delivery Equipment $48,000
Accumulated Depreciation – Delivery Equipment $13,000
Notes Payable $51,000
Interest Payable $11,000
Accounts Payable $48,500
Common Stock $90,000
Retained Earnings $8,000
Sales $757,200
Sale Returns & Allowances $4,200
Cost of Goods Sold $497,400
Salaries Expense $140,000
Advertising Expense $26,400
Utilities Expense $14,000
Repair Expense $12,100
Delivery Expense $16,700
Rent Expense $24,000
Supplies Expense $2,000
Store Equipment Depreciation Expense $9,000
Delivery Equipment Depreciation Expense $7,000
Interest Expense $11,000
Total $1,005,700 $1,005,700
C)
DAPHNE MAIN FASHION CENTER
Income Statement
November 30, 2007
Sales $757,200
Sales Returns and Allowances $(4,200)
Net Sales $753,000
Cost of Goods Sold $(497,400)
Gross Profit on Sales $255,600
Operating Expenses:
Salaries Expense $98,000
Advertising Expense $26,400
Utilities Expense $11,200
Delivery Expense $16,700
Rent Expense $19,200
Supplies Expense $2,000
Store Equipment Depreciation Expense $9,000
Delivery Equip Depreciation Expense $7,000
Total Operating Expenses $189,500
Operating Income $66,100
Other Revenues and Expenses:
Interest Expense $(11,000)
Net Income $55,100
DAPHNE MAIN FASHION CENTER
Statement of Retained Earnings
For the Year Ended November 30, 2007
Retained Earnings, December 1 $8,000
Net Income $55,100
Dividends 0
Retained Earnings, November 30 $63,100
DAPHNE MAIN FASHION CENTER
Balance Sheet
As of November 30, 2007
Assets
Current Assets:
Cash $26,700
Accounts Receivable $33,700
Store Supplies $3,500
Merchandise Inventory $45,000
Total Current Assets $108,900
Property, Plant, Equipment:
Store Equipment $85,000
Accumulated Depreciation – Store Equip $(27,000)
Delivery Equipment $48,000
Accumulated Depreciation – Delivery Equipment $(13,000)
Total Property, Plant, and Equipment $93,000
Total Assets $201,900
Liabilities & Stockholders’ Equity
Current Liabilities:
Accounts Payable $48,500
Long-Term Liabilities:
Notes Payable $51,000
Interest Payable $11,000
Total Liabilities $110,500
Stockholders’ Equity:
Common Stock $90,000
Retained Earnings $63,100
Total Stockholders’ Equity $153,100
Total Liabilities & Stockholders’ Equity $263,600
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