Easy Accounting project accounting homework help

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Project Data

The adjusted trial balance for Mowgli Corporation contained the following accounts at December 31, 2015 the end of the company’s fiscal year:

Dr.

Cr.

Cash

$26,000

Accounts Receivable

$80,000

Inventory (beginning)

$25,000

Land

$9,000

Office equipment

$22,000

Accumulated Depreciation-equip.

$20,000

Building

$233,000

Accumulated Depreciation-Bldg.

$94,000

Patent

$16,000

Accounts Payable

$50,000

Interest Payable

$14,000

Unearned Revenue

$30,000

Notes Payable

$100,000

Capital

$60,000

Drawings

$9,000

Sales

$170,200

Sales Returns and Allowances

$2,500

Sales Discounts

$1,100

Purchases

$66,000

Purchases Returns and Allowances

$1,000

Purchase Discounts

$500

Freight-in

$300

Insurance Expense

$6,000

Interest Expense

$8,000

Repair Expense

$5,000

Salaries Expense

$17,600

Advertising Expense

$1,200

Depreciation Expense

$11,000

Utilities Expense

$1,000

$539,700

$539,700

Other Information:

  • Inventory on hand at December 31, 2015 is $40,000 (Hint: this is ending inventory).
  • Administrative expenses include the following: Insurance expense, Repair Expense, Utilities expense, and Depreciation expense.
  • Selling expenses include the following: Advertising expense and Salaries expense.
  • $20,000 of the Notes Payable is payable next year (Hint: classified as current).

Instructions

Prepare a classified balance sheet (20pts), multiple step income statement (20pts), statement of owners’ equity (5pts), and closing entry (5pts).

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