P5-4A Chapman Department Store is located in midtown Metropolis. During the past several years, net

P5-4A Chapman Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company’s fiscal year on November 30, 2012, these accounts appeared in its adjusted trial balance.Accounts PayableAccounts ReceivableAccumulated Depreciation—EquipmentCommon Stock Cost of Goods Sold Freight-outs 26,80017,20068,0008,00035,000614,3006,200EquipmentDepreciation Expense DividendsGain on Disposal of Plant AssetsIncome Tax ExpenseInsurance ExpenseInterest ExpenseInventoryNotes PayablePrepaid InsuranceAdvertising ExpenseRent ExpenseRetained Earnings Salaries and Wages ExpenseSales RevenueSalaries and Wages PayableSales Returns and Allowances Utilities ExpenseAdditional data: Notes payable are due in 2016.Instructions$157,00013,50012,0002,00010,0009,0005,00026,20043,5006,000 33,50034,00014,200117,000904,0006,00020,00010,600(a) Prepare a multiple-step income statement, a retained earnings statement, and a clas sified balance sheet.P5-6A The trial balance of Dealer’s Choice Wholesale Company contained the accounts shown at December 31, the end of the company’s fiscal year.DEALER’S CHOICE WHOLESALE COMPANYTrial BalanceDecember 31, 2012Cash Accounts ReceivableInventoryLandBuildingsAccumulated Depreciation—BuildingsEquipmentAccumulated Depreciation—EquipmentNotes PayableAccounts PayableCommon StockRetained EarningsDividendsSales RevenueSales DiscountsCost of Goods SoldSalaries and Wages ExpenseUtilities ExpenseMaintenance and Repairs ExpenseAdvertising Expense Insurance Expense Adjustment data:Debit s 31,40037,60070,00092,000200,00083,50010,0006,000709,90051,30011,4008,9005,2004, 800sCredit60,00040,50054,70017,500160,00067,200922,1001. Depreciation is $8,000 on buildings and $7,000 on equipment. (Both are operating expenses.)2. Interest of $4,500 is due and unpaid on notes payable at December 31.3. Income tax due and unpaid at December 31 is $24,000.Other data: $15,000 of the notes payable are payable next year.Instructions(a) (b)(c) (d)Journalize the adjusting entries.Create T accounts for all accounts used in part (a). Enter the trial balance amounts into the T accounts and post the adjusting entries. Prepare an adjusted trial balance.Prepare a multiple-step income statement and a retained earnings statement for the year, and a classified balance sheet at December 31, 2012.P5-3B At the beginning of the current season, the ledger of Highland Tennis Shop showed Cash $2,500; Inventory $1, 700; and Common Stock $4,200. The following trans actions were completed during April.Apr.4681011 13 1415171820 21 2730Purchased racquets and balls from Harris Co. $980, terms 2/10, n/30. Paid freight on Harris Co. purchase $60.Sold merchandise to members $750, terms n/30. The merchandise sold cost $480.Received credit of $130 from Han-is Co. for damaged racquets that were returned.Purchased tennis shoes from Happy Feet for cash $300.Paid Harris Co. in full.Purchased tennis shirts and shorts from Rivera Sportswear $1 ,300, terms 3/10, n/60.Received cash refund of $50 from Happy Feet for damaged merchan-dise that was returned.Paid freight on Rivera Sportswear purchase $60.Sold merchandise to members $660, terms n/30. The cost of the mer-chandise sold was $440.Received $500 in cash from members in settlement of their accounts. Paid Rivera Sportswear in full.Granted an allowance of $30 to members for tennis clothing that did not fit properly.Received cash payments on account from members $550.The chart of accounts for the tennis shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, and Cost of Goods Sold.Instructions(a) (b)(c) (d)Journalize the April transactions using a perpetual inventory system.Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions.Prepare a trial balance on April 30, 2012.Prepare an income statement through gross profit.

 

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