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05 Task Performance 1-BA

The document provides financial statements for Falsetto Company for the year ended December 31, 20CY including a multi-step income statement, balance sheet assets portion, and liabilities/owner's equity section. The income statement shows net sales of $525,100, cost of goods sold of $363,400, total operating expenses of $131,100, interest revenue of $2,500, interest expense of $3,600, and net income of $36,700. The balance sheet lists total current assets of $57,100, equipment of $95,000 less accumulated depreciation of $18,000, and total assets of $134,100. Total liabilities are $35,600.

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Tyron Franz Anorico
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469 views

05 Task Performance 1-BA

The document provides financial statements for Falsetto Company for the year ended December 31, 20CY including a multi-step income statement, balance sheet assets portion, and liabilities/owner's equity section. The income statement shows net sales of $525,100, cost of goods sold of $363,400, total operating expenses of $131,100, interest revenue of $2,500, interest expense of $3,600, and net income of $36,700. The balance sheet lists total current assets of $57,100, equipment of $95,000 less accumulated depreciation of $18,000, and total assets of $134,100. Total liabilities are $35,600.

Uploaded by

Tyron Franz Anorico
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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BM1705

Name: DATE: SCORE:

Merchandising Financial Statements (20 points)

The adjusted trial balance columns of Falsetto Company’s worksheet for the year ended December 31, 20CY are as
follows:

ACCOUNTS DEBIT CREDIT


Cash 14,500
Accounts Receivable 11,100
Inventory 29,000
Prepaid Insurance 2,500
Equipment 95,000
Accumulated Depreciation – Equipment 18,000
Notes Payable 25,000
Accounts Payable 10,600
Owner’s Capital 81,000
Owner’s Drawing 12,000
Sales Revenue 536,800
Interest Revenue 2,500
Sales Returns and Allowances 6,700
Sales Discounts 5,000
Cost of Goods Sold 363,400
Freight-out 7,600
Advertising Expense 12,000
Salaries Expense 56,000
Utilities Expense 18,000
Rent Expense 24,000
Depreciation Expense 9,000
Insurance Expense 4,500
Interest Expense 3,600
TOTAL 673,900 673,900

Falsetto Company
Multi-Step Income Statement
For the year ended December 31, 20CY
Debit Credit
Sales
Sales Revenue 536,800.00
Less: Sales Return and Allowances 6,700.00
Sales Discounts 5,000.00 11,700.00
Net Sales 525,100.00
Cost of Goods Sold 363,400.00
Gross Profit 161,700.00
Operating Expenses
Freight-out 7,600.00
Advertising Expense 12,000.00
Salaries Expense 56,000.00
Utilities Expense 18,000.00
Rent Expense 24,000.00
Depreciation Expense 9,000.00
Insurance Expense 4,500.00
Total Operating Expense 131,100.00
Income from Operations 30,600.00
Other Revenues and Gains
Interest Revenue 2,500.00
Other Expense and Losses
Interest Expense 3,600.00
Net Income 36,700.00

Falsetto Company
Balance Sheet (Assets Portion)
December 31, 20CY
Assets
Current Assets 14,500.00
Cash 11,100.00
Account Receivable 29,000.00
Inventory 2,500.00
Total Current Assets 57,100.00
Property, Plant, and Equipment
Equipment 95,000.00
Less: Accumulated Depreciation - Equipment 18,000.00 77,000.00
Total Assets 134,100.00

Liabilities and Owner’s Equity


Current Liabilities
Notes Payable 25,000
Accounts Payable 10,600
Total Liabilities 35,600

Rubric for scoring:


CRITERIA PERFORMANCE INDICATORS POINTS
Content Correct accounts and amounts used 15
Heading Financial report is properly identified and dated 3
Sums Computed final amounts are correct/balanced 2
TOTAL 20
05 Task Performance 1 *Property of STI
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