A140/ACG1022 Section 14 Financial Accounting I – Winter 2013 Module 7

assignment_mod_07.xlsx

Review the transactions and financial position of Ma and Pa Grocery as of December 31, 20##, in the template

 

1. Prepare the Income Statement for the period ending December 31, 20##.
2. Prepare the Statement of Retained Earnings for the period ending 12/31/20##.
3. Prepare the Balance Sheet for the period ending 12/31/20##.
4. Calculate the gross profit % for the year.
5. Calculate the current ratio for the year.

2

>M7 Assignment

, and balance sheet for

as of December

, 20XX.

,000

00

retained earnings

600

1

for the period ending December 31, 20XX.

Income Statement
2

for the period ending 12/31/20XX.

Ma and Pa Grocery
Statement of Retained Earnings
3

for the period ending 12/31/20XX.

Ma and Pa Grocery

Balance Sheet
12/31/20XX
4

5

=

Module 7 Assignment:

Prepare the multi-step income statement, statement of

retained earnings

Ma and Pa Grocery

3

1

Calculate the gross profit % for the year; calculate the current ratio for the year.

Sales Revenue

322,800

Equipment

10

4

Accounts Payable

16,

5

Sales Discounts

2,200

Advertising Expense

12,

600

Interest Expense

1,700

Wages Payable

1,600

Accounts Receivable

6,900

Building

140,000

Common Stock

35,000

Sales returns and Allownaces

6,700

Utilities Expense

10,300

Inventory

16,400

Commission Expense

22,300

Cost of goods sold

158,400

Accumulated depreciation-equipment

26,400

Unearned sales revenue

2,500

Prepaid Rent

1,200

Office salaries expense

52,000

Accumulated depreciation-building

40,500

Rent Expense

5,800

Dividends

14,000

cash

7,800

87,600

dielivery expense

1,300

insurance expense

5,700

mortgage payable(long term)

37,000

Supplies

Requirements:

Prepare the

Income Statement

Ma nd Pa Grocery

For the year ended

12/31/20XX

Prepare the

Statement of Retained Earnings

For the year ending 12/31/20XX

Prepare the

Balance Sheet

ASSETS

LIABILITIES

STOCKHOLDER’S EQUITY

Calculate the gross profit % for the year.

Gross Profit %

=

Calculate the current ratio for the year.

Current Ratio