Accounting adjustment?
Question:
Account balances on February 28(the end of its fiscal year)
cash ......... 88,860
A/R .........
Merchandise inventory ...903,130
store equipment ....70,970
supplies inventory ....17,480
prepaid insurance ....12,430
selling expense......10,88...
sales salaries......4...
miscellaneous general expense ...18,930
sales discounts......3,3...
interest expense.... 7,100
social security tax expense....3,400
total.......
<<Credit balances>>
accumulated depreciation on store equipment 11,420
notes payable.. 88,500
A/P .......88,970
common stock.100,000
Retained earnings ...33,500
sales .....988,700
Data for adjustment:
1)cost of merchandise sold 604,783
2)store equipment had a useful life of seven years(all equipment was less than 7years old)
Answer:
I swear I gave you an answer on this. hmmmmm
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