02 Jul its homework to solve
Question 1: 5 Marks Prepare (a) a single-step income statement, (b) a statement of owner’s equity, and (c) a balance sheet in report form from the following data for Kooper Co., taken from the ledger after adjustment on December 31, 2018 the end of the fiscal year. Accounts Payable DH 97,200 Accounts Receivable 64,300 Accumulated Depreciation – Office Equipment 72,750 Accumulated Depreciation – Store Equipment 162,100 Administrative Expenses 56,500 Maeve Kooper, Capital 81,750 Cash 53,000 Cost of Merchandise Sold 121,700 Maeve Kooper, Drawing 52,000 Interest Expense 12,000 Merchandise Inventory 93,250 Note Payable, Due 2020 154,000 Office Equipment 149,750 Prepaid Insurance 6,500 Rent Revenue 17,500 Salaries Payable 28,700 Sales (net) 365,500 Selling Expenses 41,500 Store Equipment 325,000 Supplies 4,000 2 QUESTION 2: (7 Marks) Record the following transactions for Sparky’s Pet Shop using the general journal form provided below. Assume Sparky’s uses a perpetual inventory system. Omit transaction descriptions from entries: Date Transaction August 1 Purchased DH 6,000 of merchandise on account, terms 2/10, n/30. August 3 Returned DH 1,500 of merchandise purchased on August 1 due to defects. August 7 Recorded cash sales for the first week of August $9,750; cost of the merchandise was DH 4,000. August 10 Sale on account made to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was DH 200. August 11 Paid for the merchandise purchased on August 1, less return. August 20 Received payment from sale of August 10. The customer took the discount. Date Accounts Debit 3 Credit QUESTION 3: (4 Marks) Beginning inventory, purchases and sales data for tennis rackets are as follows: Apr 3 Inventory 12 units @ DH 45 11 Purchase 13 units @ DH 47 14 Sale 18 units 21 Purchase 9 units @ DH 60 25 Sale 10 units Required: Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using LIFO. Date LIFO Purchases Qty Unit Cost Cost of Merchandise Sold Total Cost Qty Unit Cost Total Cost Inventory Qty Unit Total Cost Cost 4/3 4/11 4/14 4/21 4/25 Balances DH 4 DH …
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