Q21E (L09) (Worksheet) Presented belo... [FREE SOLUTION]

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Chapter 3: Q21E (page 136)

(L09) (Worksheet) Presented below are the selected accounts for Alvarez Company as reported in the worksheet at the end of May 2017.
ALVAREZ CO.
Worksheet
For The Month Ended May 31, 2017

Adjusted
Trial Balance
Income
Statement
Balance
Sheet
Accounts Titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
9,000
Inventory
80,000
Sales Revenue
450,000
Sales returns and allowances
10,000
Sales Discounts
5,000
Cost of Goods Sold
250,000
Instructions:
Complete the worksheet by extending the amounts reported in the adjusted trial balance to the appropriate columns in the worksheet. Do not total individual columns.

Short Answer

Expert verified

Cash (Balance sheet) =Dr.9,000

Inventory (Balance sheet) = Dr.80,000

Sales Revenue (Income Statement) = Cr.450,000

Sales Returns and Allowances (Income Statement) = Dr. 10,000

Sales Discount (Income Statement) = Dr.5,000

Cost of Goods Sold (Income Statement) = Dr.250,000

Step by step solution

Meaning of Balance Sheet

The term balance sheet represents the financial position of a company using various resources, liabilities, and owner's equity. It shows all the items briefly for a better understanding of the financial position.

Worksheet presentation

The worksheet for the month ended May 31, 2017, is as follows:

ALVAREZ CO. Worksheet For the Month Ended May 31, 2017
	Adjusted Trial balance		Income Statement		Balance Sheet
Account Titles	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	9,000	-------	------	-------	9,000	------
Inventory	80,000	-------	------	-------	80,000	------
Sales Revenue	------	450,000	------	450,000	-------	------
Sales Returns and Allowances	10,000	------	10,000	-------	-------	------
Sales Discount	5,000	------	5,000	-------	-------	------
Cost of Goods Sold	250,000	------	250,000	-------	-------	------

Note: Sales returns and allowances may also be shown as deductions from sales revenues.

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	Debit	Credit
Cash	\( 29,500
Accounts Receivable	49,600
Allowance for Doubtful Accounts		\) 750
Supplies	1,960
Prepaid Insurance	1,100
Equipment	25,000
Accumulated Depreciation鈥擡quipment		6,250
Notes Payable		7,200
Owner鈥檚 Capital		35,010
Service Revenue		100,000
Rent Expense	9,750
Salaries and Wages Expense	30,500
Utilities Expenses	1,080
Office Expense	720
	\(149,210	\)149,210

Cost of Mover and Accessories	\(4,000	Date Purchased	7/1/2017
Estimated Useful Life	5 yrs	Monthly Salary of Groundskeeper	\)1,100
Salvage Value	\(0	Estimated Annual Fuel Cost	\)150

COOKE COMPANY Worksheet For The Month Ended September 30, 2017
	Trial Balance		Adjusted Trial Balance
Account Titles	Dr.	Cr.	Dr.	Cr.
Cash	37,400		37,400
Supplies	18,600		4,200
Prepaid Insurance	31,900		3,900
Land	80,000		80,000
Equipment	120,000		120,000
Accumulated Depreciation鈥擡quipment		36,200		42,000
Accounts Payable		14,600		14,600
Unearned Service Revenue		2,700		700
Mortgage Payable		50,000		50,000
Common Stock		107,700		107,700
Retained Earnings, Sept. 1, 2017		2,000		2,000
Dividends	14,000		14,000
Service Revenue		278,500		280,500
Salaries and Wages Expense	109,000		109,000
Maintenance and Repairs Expense	30,500		30,500
Advertising Expense	9,400		9,400
Utilities Expenses	16,900		16,900
Property Tax Expense	18,000		21,000
Interest Expense	6,000		12,000
Totals	491,700	491,700
Insurance Expense			28,000
Supplies Expense			14,400
Interest Payable				6,000
Depreciation Expense			5,800
Property Taxes Payable				3,000
Totals			506,500	506,500

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Short Answer

Step by step solution

Meaning of Balance Sheet

Worksheet presentation

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ALVAREZ CO. Worksheet For The Month Ended May 31, 2017
	Adjusted Trial Balance		Income Statement		Balance Sheet
Accounts Titles	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	9,000
Inventory	80,000
Sales Revenue		450,000
Sales returns and allowances	10,000
Sales Discounts	5,000
Cost of Goods Sold	250,000