Palisade Creek Co Income Statement For The Year Ended May 31 20y6

End of period spreadsheet work sheet for the month ended may 31 2014 unadjusted adjusted trial balance adjustments trial balance income statement balance sheet account title dr.

Palisade creek co income statement for the year ended may 31 20y6. 110 cash 83 600 112 accounts receivable 233 900 115 merchandise inventory 602 400 116 prepaid insurance 16 800 117 store supplies 11 400 123. Sales returns and allowances 113 700 sales discounts 61 600 175 300 net sales 5 357 050 cost of merchandise sold 3 012 150 gross profit 2 344 900 operating expenses. Depreciation for the current year e. Income statement for the year ended may 31.

Insurance expired during the year c. Prepare an income statement. Statement of owners equity for the year ended may 31 2016 lynn tolley capital june 1. Is a merchandising business that uses the perpetual inventory system.

Inventory on may 31 b. Income statement for the year ended may 31 2016 sales 5 316 205 cost of merchandise sold 2 991 950 gross profit 2 324 255 expenses. Store supplies on hand on may 31 d. Paid rent for may 5 000.

Expense 7 800 total administrative expense 526 200 total expense 1 582 400 net income 741 855 statement of owners equity palisade creek co. 2 answers to palisade creek co. During may the last month of the fiscal year the following transactions were completed. Income statement for the year ended may 31 2014 revenue from sales.

Sales salaries expense 727 800 advertising expense 292 000 depreciation expense 14 000 store supplies. The account balances for palisade creek co. Part 5 is optional. Sales salaries office salaries 570 000 12 000 4 000 14 000 7 000 6 600 13 600 a.

As of may 1 2019 unless otherwise indicated are as follows. End of period spreadsheet work sheet for the year ended may 31 2018 unadjusted trial balance adjustments adjusted trial balance income statement balance sheet account title debit cred debi cred debi debit cred debi credit 84 500 84 500 84 500 v cash accounts receivable e2451875 245 875 245 875 58 3 9 50 13 9 so 570 000 570 000 nventory. Insurance expired during the year c. Is a merchandising business.

End of period spreadsheet work sheet for the year ended may 31 2018 unadjusted trial balance adjustments adjusted trial balance income statement balance sheet account title debit cred debi cred debi debit cred debi credit 84 500 84 500 84 500 v cash accounts receivable e2451875 245 875 245 875 58 3 9 50 13 9 so 570 000 570 000 nventory estimated retums 15 200 35 000 50 2000 v 50 200 v. Expenses current assets current liabilities for the year ended may 31 2016 long term liabilities may 31 2016 operating expenses other income and expense property plant and equipment selling expenses amount descriptions add withdrawals cost of merchandise purchased gross profit income from operations increase in owner s. Cash 84 500 84 500 84 500 accounts receivable 247 450 247 450 247 450 merchandise inventory 561 950 11 950 550 000 550 000 prepaid insurance 16 800. As of may 1 2014 unless otherwise indicated are as follows.

Store supplies on hand on may 31 d.