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question project data the adjusted trial balance for mowgli corporation contained th 4291733

Question

Project Data

The adjusted trial balance for Mowgli Corporation contained the following accounts at December 31, 2015 the end of the company’s fiscal year:

Dr.

Cr.

Cash

$26,000

Accounts Receivable

$80,000

Inventory (beginning)

$25,000

Land

$9,000

Office equipment

$22,000

Accumulated Depreciation-equip.

$20,000

Building

$233,000

Accumulated Depreciation-Bldg.

$94,000

Patent

$16,000

Accounts Payable

$50,000

Interest Payable

$14,000

Unearned Revenue

$30,000

Notes Payable

$100,000

Capital

$60,000

Drawings

$9,000

Sales

$170,200

Sales Returns and Allowances

$2,500

Sales Discounts

$1,100

Purchases

$66,000

Purchases Returns and Allowances

$1,000

Purchase Discounts

$500

Freight-in

$300

Insurance Expense

$6,000

Interest Expense

$8,000

Repair Expense

$5,000

Salaries Expense

$17,600

Advertising Expense

$1,200

Depreciation Expense

$11,000

Utilities Expense

$1,000

$539,700

$539,700

Other Information:

Inventory on hand at December 31, 2015 is $40,000 (Hint: this is ending inventory).

Administrative expenses include the following: Insurance expense, Repair Expense, Utilities expense, and Depreciation expense.

Selling expenses include the following: Advertising expense and Salaries expense.

$20,000 of the Notes Payable is payable next year (Hint: classified as current).

Instructions

Prepare a classified balance sheet (20pts), multiple step income statement (20pts), statement of owners’ equity (5pts), and closing entry (5pts). 

 

Dr.

Cr.

Cash

$26,000

 

Accounts Receivable

$80,000

 

Inventory (beginning)

$25,000

 

Land

$9,000

 

Office equipment

$22,000

 

Accumulated Depreciation-equip.

 

$20,000

Building

$233,000

 

Accumulated Depreciation-Bldg.

 

$94,000

Patent

$16,000

 

Accounts Payable

 

$50,000

Interest Payable

 

$14,000

Unearned Revenue

 

$30,000

Notes Payable

 

$100,000

Capital

 

$60,000

Drawings

$9,000

 

Sales

 

$170,200

Sales Returns and Allowances

$2,500

 

Sales Discounts

$1,100

 

Purchases

$66,000

 

Purchases Returns and Allowances

 

$1,000

Purchase Discounts

 

$500

Freight-in

$300

 

Insurance Expense

$6,000

 

Interest Expense

$8,000

 

Repair Expense

$5,000

 

Salaries Expense

$17,600

 

Advertising Expense

$1,200

 

Depreciation Expense

$11,000

 

Utilities Expense

$1,000

 

 

$539,700

$539,700

 

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