ACCT 1A: Financial Accounting…
Ch. 4-6
1.Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). |
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Merchandise inventory |
$ |
34,800 |
Sales returns and allowances |
$ |
3,500 |
Retained earnings |
|
115,300 |
Cost of goods sold |
|
102,000 |
Dividends |
|
7,000 |
Depreciation expense |
|
7,300 |
Sales |
|
157,200 |
Salaries expense |
|
29,500 |
Sales discounts |
|
1,700 |
Miscellaneous expenses |
|
2,000 |
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A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $32,900. |
Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage. (Omit the “$” sign in your response.)
2.
Prepare the single-step income statement for the company for the year ended December 31, 2009.(Enter your answers in millions. Input all amounts as positive values. Omit the “€” sign in your response.)
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