Selected accounts from Will’s Sports Equipment’s

adjusted trial balance on September 30,

Selected accounts from Will’s Sports Equipment’s adjusted trial balance on September 30,

Question

p11.Selected accounts from Will’s Sports Eq

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equipments-adjusted-trial-balance-on-september-30
Selected accounts from Will’s Sports Equipment’s adjusted trial balance on September 30,

Question

p11.Selected accounts from Will’s Sports Equipment’s adjusted trial balance on September
30, 2014, the fiscal year end, follow. The company’s beginning merchan- dise inventory was
$38,200 and ending merchandise inventory is $29,400 for the period.

(Continued)

Will’ssports Equipmentpartial Adjusted trial Balance september 30, 2014

Sales 165,000

Sales Returns and Allowances 2,000

Purchases 70,200

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Purchases Returns and 2,600
Allowances

Freight-In 2,300

Store Salaries Expense 32,625

Office Salaries Expense 12,875

Advertising Expense 24,300

Rent Expense 2,400

Insurance Expense 1,200

Utilities Expense 1,560

Store Supplies Expense 2,880

Office Supplies Expense 1,175

Depreciation Expense—Store 1,050

Equipment

Depreciation Expense—Office 800

Equipment

Income Tax Expense 780

rEQUIrED

1. Prepare a multistep income statement for Will’s. Store Salaries Expense, Advertising
Expense, Store Supplies Expense, and Depreciation Expense—Store Equipment are selling
expenses. The other expenses are general and administrative expenses. The company uses
the periodic inventory system. Show details of net sales and operating expenses.

2. Business appliCation? Based on your knowledge at this point in the course, how would you
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 use Will’s income statement to evaluate the company’s profitability? What other financial
statements should you consider and why?

Selected accounts from Will’s Sports Equipment’s adjusted trial balance on September 30,

Attachments
0000000000.xlsx (12.2 KB)

Preview: net xxxxxx are xxxxxxxxx and their xxxxxx with respect xx sales xxx xxxxxxxxxx The
xxxxx financial statements xx be considered xxx balance xxxxx xxx cash xxxxx statement

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