Question

Requirements 5-8

Requirements 1-4 are already done in my last questions

Page l PRACTICE SET ACCOUNTING 3341 (5133) SPRING 2019 This practice set is intended to refresh your basic accounting skills by requiring you to record summarize, and report the results of a basic set of accounting transactions for a sample company. HOW TO PROCEED Enter the current period transactions in the General Jounal. Use the journal entry number for each Enter the beginning balances as a reference. It is not necessary to include an explanation for the entries in this problem suntin the General Ledgr and pot the current period jourmal 2. rsiathe C Balance each account in the General Ledger List each account balance on the Unadjusted Trial Balance. Record the adjusting entries in the General Journal. Post the adjusting entries to the General Ledger and re- balance each account List each account balance on the Adjusted Trial Balance. 4. 5. 6. 7. Prepare a multiple-step Income Statement, a Statement of Retained Earnings, and a classified Balance 8. Record the year-end closing entries in the General Journal, post them to the General Ledger, and re-balance 9. Prepare a Post-Closing Trial Balance Sheet. each account REQUIREMENTS COMPLETE THE FOLLOWING FOR THE PERIOD CURRENTLY ENDED 1. General Journal -should include current period entries, adjusting entries and closing entries. 2. General Ledger- with all journal entries appropriately posted. 3. Unadjusted Trial Balance- which you will complete prior to making adjusting entries. 4. Adjusted Trial Balance- which you will use to prepare the financial statements. 5. Income Statement (Multiple Step)- including Earnings-Per-Share. 6. Statement of Retained Earnings. 7. Balance Sheet (Classified). 8. Post-Closing Trial Balance. All of the above must be submitted inside this bound workbook and in page number sequence in order to insure uniformity in the grading process.If your practice set is submitted in any other form, credit will be deducted for failure to follow instructions NOTE:

Answer 1

Fiona's Florist Adjusted Trial Balance December 31, 2018
Account Titles	Debit	Credit
	$	$
Cash	511,776
Accounts Receivable	412,560
Merchandise Inventory	564,000
Equipment	979,200
Accumulated Depreciation : Equipment		396,576
Accounts Payable		297,360
Income Tax Payable		160,800
Common Stock		40,000
Pad-in Capital in Excess of Par		173,744
Retained Earnings		509,400
Income Summary
Sales Revenue		8,712,000
Cost of Goods Sold	4,118,880
Salaries and Wages Expense	3,078,000
Telephone and Utility Expense	202,464
Rent Expense	218,136
Depreciation Expense: Equipment	44,064
Income Tax Expense	160,800
Totals	$ 10,289,880	$ 10,289,880

5.

Fiona's Florist Income Statement For the year ended December 31,2018
	$	$
Sales Revenue		8,712,000
Less: Cost of Goods Sold		4,118,880
Gross Profit		4,593,120
Operating Expenses
Salaries and Wages Expense	3,078,000
Telephone and Utility Expense	202,464
Rent Expense	218,136
Depreciation Expense: Equipment	44,064
Total Operating Expenses		3,542,664
Income from Operations		1,050,456
Income Tax Expense		160,800
Net Income		$ 889,656
Common Shares Outstanding		40,000
Earnings per Share		$ 2.24

6.

Fiona's Florist Statement of Retained Earnings For the year ended December 31, 2018
Balance, January 1	$ 509,400
Net Income	889,656
Dividends	0
Balance, December 31	$ 1,399,056

7.

Fiona's Florist Balance Sheet December 31, 2018
Assets	$	$
Cash	511,776
Accounts Receivable	412,560
Merchandise Inventory	564,000
Total Current Assets		1,488,336
Property, Plant and Equipment, net
Equipment, at cost	979,200
Accumulated Depreciation	(396,576)	582,624
Total Assets		$ 2,070,960
Liabilities
Accounts Payable	297,360
Income Tax Payable	160,800
Total Current Liabilities		458,160
Long term Liabilities		0
Total Liabilities		458,160
Stockholders' Equity
Common Stock	40,000
Paid-in Capital in Excess of Par	173,744
Retained Earnings	1,399,056
Total Stockholders' Equity		1,612,800
Total Liabilities and Stockholders' Equity		$ 2,070,960

9.

Fiona's Florist Post Closing Trial Balance December 31, 2018
Account Titles	Debit	Credit
	$	$
Cash	511,776
Accounts Receivable	412,560
Merchandise Inventory	564,000
Equipment	979,200
Accumulated Depreciation: Equipment		396,576
Accounts Payable		297,360
Income Tax Payable		160,800
Common Stock		40,000
Paid-in Capital in Excess of Par		173,744
Retained Earnings		1,399,056
Totals	$ 2,467,536	$ 2,467,536