Revisions of Gradients

Only available on StudyMode
  • Topic: 2006, 1966, 1983
  • Pages : 34 (6443 words )
  • Download(s) : 33
  • Published : June 20, 2012
Open Document
Text Preview
Solution - Main Transaction Set - Transactions List A

SOLUTION - MAIN TRANSACTION SET TRANSACTIONS LIST A
The next 23 pages (pages 56-78) are the solutions to the Systems Understand Aid main transaction set for transactions list A. Additional transaction sets are provided later in this manual . See page 234 for the document solutions summary page. Illustrations of completed documents for the main transaction set for transactions list A are included on pages 235-242. See page 259 for a description of the filing system.

WAREN SPORTS SUPPLY BALANCE SHEET AT DECEMBER 31, 2009 AND 2008 ASSETS 2009 CURRENT ASSETS Cash Accounts receivable - net Inventory Marketable securities Total current assets FIXED ASSETS - Net of accumulated depreciation Total assets $103,141.67 42,506.08 192,593.00 24,000.00 362,240.75 2008 $11,025.19 7,814.19 101,681.00 0.00 120,520.38

215,921.00 $578,161.75

239,105.50 $359,625.88

LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable Payroll taxes withheld and payable Federal income taxes payable Interest payable Total current liabilities NOTE PAYABLE Total liabilities STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity

$8,767.15 4,262.22 51,429.77 201.37 64,660.51 70,000.00 134,660.51

$11,279.35 3,284.54 29,797.00 0.00 44,360.89 0.00 44,360.89

225,000.00 218,501.24 443,501.24

225,000.00 90,264.99 315,264.99

$578,161.75

$359,625.88

56

Solution - Main Transaction Set - Transactions List A

WAREN SPORTS SUPPLY STATEMENT OF INCOME AND RETAINED EARNINGS For the Year Ended December 31, 2009 REVENUE Sales Less: Sales returns and allowances Sales discounts taken Net sales COST OF GOODS SOLD Beginning inventory Net purchases Freight-in Goods available for sale Less: Ending inventory Cost of goods sold GROSS MARGIN OPERATING EXPENSES Rent expense Advertising expense Office supplies expense Depreciation expense Wages and salaries Payroll taxes Bad debt expense Other operating expense Total operating expenses Operating income OTHER INCOME - Miscellaneous income OTHER EXPENSE - Interest expense INCOME BEFORE TAXES FEDERAL INCOME TAXES NET INCOME RETAINED EARNINGS - Beginning of year RETAINED EARNINGS - End of year

$1,592,545.00 61,111.00 15,405.82 1,516,028.18 101,681.00 1,094,252.80 24,680.94 1,220,614.74 192,593.00 1,028,021.74 488,006.44

57,600.00 22,155.00 5,621.45 35,109.50 141,563.97 11,562.27 6,064.11 29,287.75 308,964.05 179,042.39 825.00 201.37 179,666.02 51,429.77 128,236.25 90,264.99 $218,501.24

57

Solution - Main Transaction Set - Transactions List A

WAREN SPORTS SUPPLY ACCOUNTS RECEIVABLE AGED TRIAL BALANCE DECEMBER 31, 2009 CUST NO. 408 409 410 AMOUNT DUE 1,200.00 17,924.00 28,297.00 $47,421.00 AGE IN DAYS 31-60

CUSTOMER Branch College Univ. of S. Iowa E. Wisconsin Univ. TOTAL

CURRENT

61-90

OVER 90 $1,200.00

17,924.00 8,392.00 $26,316.00

19,905.00 $19,905.00 $0.00

0.00 $1,200.00

NF
WAREN SPORTS SUPPLY ACCOUNTS PAYABLE TRIAL BALANCE DECEMBER 31, 2009 VEND. NO. 253 261 AMOUNT PAYABLE $5,117.15 3,650.00 TOTAL $8,767.15

NAME Chicago Office Supply Gillett Consulting

NF

WAREN SPORTS SUPPLY FIXED ASSET TRIAL BALANCE DECEMBER 31, 2009 ACCUM. DEPREC. NET BOOK VALUE

ASSET

COST

Office furniture Delivery trucks Inventory handling system High-speed copier Computers TOTALS

$50,750.00 69,255.00 200,660.00 7,367.00 4,558.00 $332,590.00

$50,750.00 34,627.50 30,099.00 736.70 455.80 $116,669.00

$0.00 34,627.50 170,561.00 6,630.30 4,102.20 $215,921.00

NF

60

Solution - Main Transaction Set - Transactions List

A

WAREN SPORTS SUPPLY POST-CLOSING TRIAL BALANCE December 31, 2009 ACCT. NO.

ACCOUNT TITLE

DEBIT

CREDIT

ASSETS 10100 10200 10300 10400 10600 10800 10900 11000 Cash Accounts receivable Allowance for doubtful accounts Inventory Marketable securities Fixed assets Accumulated depreciation Notes...
tracking img