subject
Business, 22.09.2020 09:01 avalonr2003

Fischer Card Shop is a small retail shop. Fischer's balance sheet at year-end 2013 is as follows. The following information details transactions and adjustments that occurred during 2019. 1. Sales total $145,850 in 2019; all sales were cash sales.
2. Inventory purchases total $76,200 in 2019; at December 31, 2019, inventory totals $14,500. Assume all purchases are made on account.
3. Accounts payable totals $4,100 at December 31, 2019.
4. Annual store rent for $24,000 and was paid on March 1, 2019, covering the next 12 months. The balance in prepaid rent at December 31, 2018, was the balance remaining from the advance rent payment in 2018.
5. Wages are paid every other week on Friday; during 2019, Fischer paid $12,500 cash for wages. At December 31, 2019, Fischer owed employees unpaid and unrecorded wages of $350.
6. Depreciation on equipment totals $1,700 in 2019.

Fischer Card Shop Balance Sheet December 31, 2018

Cash $8,500 Accounts payable $5,200
Inventories 12,000 Wages payable 100
Prepaid rent 3,800 Total current liabilities 5,300
Total current assets 24,300 Total equity (includes retained earnings) 23,500
Equipment $7,500 Total liabilities and equity $28,800
Less Accumulated depreciation 3,000 Equipment, net 4,500
Total assets $28,800

Required:
a. Set up T-accounts, including beginning balances, and post the journal entries to those T-accounts on the appropriate line.

ansver
Answers: 1

Another question on Business

question
Business, 22.06.2019 07:10
Refer to the payoff matrix. suppose that speedy bike and power bike are the only two bicycle manufacturing firms serving the market. both can choose large or small advertising budgets. is there a nash equilibrium solution to this game?
Answers: 1
question
Business, 22.06.2019 07:30
Hours to produce one unit worker hours to produce yarn country a 8 hours country b 4 hours worker hours to produce fabric counrty a 12 hours country b 13 hours additional worker hours to produce fabric instead of yarn country a ? country b? which of the follow is true of the trade relationship between country a and country b? country a has an absolute advantage in producing yarn and fabric country b has an absolute advantage in producing yarn and fabric country b has a comparative advantage to country a in producing fabric country a has a comparative advantage to country b in producing fabric
Answers: 2
question
Business, 22.06.2019 09:30
Darlene has a balance of 3980 on a credit card with an apr of 22.8% paying off her balance and which of these lengths of time will result in her paying the least amount of interest?
Answers: 2
question
Business, 22.06.2019 12:50
Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise
Answers: 3
You know the right answer?
Fischer Card Shop is a small retail shop. Fischer's balance sheet at year-end 2013 is as follows. Th...
Questions
question
Mathematics, 14.10.2019 13:00
question
Mathematics, 14.10.2019 13:00