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Abm Income Statement Quiz

The document presents the adjusted trial balance for Right Stuff Inc. as of December 31, 2010, detailing assets, liabilities, and equity totaling $931,020. It includes various accounts such as cash, accounts receivable, inventory, and expenses. Additionally, it notes the requirement to prepare an income statement and mentions an ending inventory amount of $129,000.

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12 views1 page

Abm Income Statement Quiz

The document presents the adjusted trial balance for Right Stuff Inc. as of December 31, 2010, detailing assets, liabilities, and equity totaling $931,020. It includes various accounts such as cash, accounts receivable, inventory, and expenses. Additionally, it notes the requirement to prepare an income statement and mentions an ending inventory amount of $129,000.

Uploaded by

rowellachavez668
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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RIGHT STUFF INC.

ADJUSTEDTRIAL BALANCE
DECEMBER 31, 2010

CASH 26,300.00
ACCOUNTS RECEIVABLE 124,600.00
NOTES RECEIVABLE 35,000.00
ESTIMATED UNCOLLECTIBLE ACCOUNTS 7,270.00
MERCHANDISWE INVENTORY 112,600.00
LAND 50,000.00
BUIDING 150,000.00
ACCUMULATED DEPR.-BLDG 21,000.00
FURNITURE & FIXTURE 12,500.00
ACCUMULATED DEPR. FUR.& FIX 8,750.00
UNEXPIRED INSURANCE 1,200.00
ACCOUNTS PAYABLE 46, 300.00
NOTES PAYABLE 9,000.00
MORTGAGE PAYBLE 50,000.00
RS CAPITAL 370,600.00
RS
SALES 402,600.00
SALES RETURN & ALLOWANCE 8,600.00
PURCHASES 324,700.00
PURCHASE RETURN & ALLOWANCES 3,300.00
FREIGHT IN 7,600.00
SALESMEN SALARIES 33,500.00
ADVERTISING 4,000.00
OFFICE SALARIES 16,000.00
TEEPHONE & TELEGRAPH 1,300.00
LIGHT & WATER 4,200.00
MISCELLANEOUS 900.00
SALES DISCOUNT 4,300.00
INTEREST INCOME 4,300.00
PURCHASE DISCOUNT 6,000.00
INTEREST EXPENSE3 3,200.00
BAD DEBTS 1,970.00
DEPRECIATION BLDG. 3,000.00
DEPRECIATION FUR& FIX 1,250.00
INSURNE EXPENSE 400.00
ACCRUED INTEREST ON MORTGAGE 3,000.00
ACCRUED SALARIES 1,500.00
PREPAID ADVERTISING 3,400.00
OFFICE SUPPLIE USED 500.00
ACCRUED INTEREST RECEIVABLE 300.00
PREPAID INTEREREST EXPENSE 100.00
_____________ ______________
TOTAL 931,020.00 931,020.00
============= ===============
REQUIRED:
1.PREPARE AN INCOME STATE FOR DECEMBER 31, 201

2. ENDing Inventory amounting to 129,000.00

___________G O O D L U C K _________

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