ACC 1100 Chapter 3A D2L Rogers Solution PDF

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ACC 1100 Introductory Financial Accounting Rogers Corporation Solution General Ledger Cash

Accounts receivable

(1)100,000 40,000(4) (2) 50,000 2,000(6) (5)25,000 250(7) (10)2,000 600 (9) 2,000 (12)

(5)5,000 2,000 (10) 500 (11)

132,150

2,500

Equipment

(4)40,000 18,000(5)

22,000

Accumulated depreciation

(3)60,000

Inventory

Common shares 100,000(1)

Retained earnings (c4)22,050 30,000 (c3) (c5)2,000 5,950

(9) 300

300

Note payable

1,000 (8)

Prepaid insurance

Bond payable

60,000(3)

50,000(2)

Dividends

Revenue

(12)2,000 2,000 (c5)

c1)30,000 30,000(5)

0

0

Cost of goods sold

Rent expense

Depreciation expense

Insurance expense

(5)18,000 18,000(c2)

(6) 2,000 2,000 (c2)

(8) 1,000 1,000 (c2)

(9) 300 300 (c2)

0

Bad debt expense (11) 500 500 (c2) 0

0

Interest expense (7) 250 250 (c2) 0

0

Income Summary (c2) 22,050 30,000 (c1) (c3) 7,950

0

1. Dr. Sales revenue Cr. Income summary

30,000

2. Dr. Income summary Cr. Cost of goods sold Cr. Rent expense Cr. Depreciation expense Cr. Insurance expense Cr. Bad debt expense Cr. Interest expense

22,050

3. Dr. Income summary Cr. Retained earnings

30,000

4. Dr. Retained earnings Cr. Income summary

22,050

5. Dr. Retained earnings Cr. Dividends

2,000

30,000

18,000 2,000 1,000 300 500 250 30,000 22,050

2,000

ROGERS CORPORATION INCOME STATEMENT (or Statement of Earnings) (Single-Step) FOR THE MONTH ENDED JUNE 30, 2017 Sales revenue Cost of goods sold Rent expense Depreciation expense Insurance expense Bad debt expense Interest expense Income tax expense Net income

$30,000 $18,000 2,000 1,000 300 500 250 0

22,050 $7,950

Or

ROGERS CORPORATION INCOME STATEMENT (or Statement of Earnings) (Single-Step) FOR THE MONTH ENDED JUNE 30, 2017 Sales revenue Cost of goods sold Rent expense Depreciation expense Insurance expense Bad debt expense Interest expense Income before tax Income tax expense Net income

$30,000 $18,000 2,000 1,000 300 500 250

22,050 7,950 0 $7,950

ROGERS CORPORATION STATEMENT OF RETAINED EARNINGS FOR THE MONTH ENDED JUNE 30, 2017 Retained earnings, June 1 Plus: Net income Less: Dividends declared Retained earnings, June 30

$0 7,950 2,000 $5,950

ROGERS CORPORATION BALANCE SHEET (or STATEMENT OF FINANCIAL POSITION) At June 30, 2017 ASSETS Current assets Cash Accounts receivable Inventory Prepaid insurance Total current assets Equipment Less: Accumulated depreciation TOTAL ASSETS

$

$ -

60,000 1,000 $

LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Notes payable Bonds payable

$

TOTAL LIABILITIES SHAREHOLDERS' EQUITY Common shares Retained earnings TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

132,150 2,500 22,000 300 156,950

59,000 215,950

60,000 50,000 110,000

$

100,000 5,950 $

105,950 215,950...