The unadjusted trial balance of Global Enterprises for
Question and Solution
The unadjusted trial balance of Global Enterprises for the year ending December 31, 2014, follows: Additional informat
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The unadjusted trial balance of Global Enterprises for the year ending December 31, 2014, follows: Additional information: 1. There was $700 of supplies on hand on December 31, 2014. 2. Depreciation expense for the year is $5,360 on the furniture, and $4,200 on the equipment. 3. Accrued interest expense at December 31, 2014, is $1,750. 4. Accrued interest revenue at December 31, 2014, is $720. 5. Of the unearned revenue, $1,600 is still unearned at December 31, 2014. On the sales that were earned, the cost of goods sold was $755. 6. A physical count of merchandise inventory indicates $35,275 on hand on December 31, 2014. 7. Of the note payable, $5,000 is to be paid in 2015. 8. Ingrid Rochefort invested $5,500 cash in the business on May 21, 2014. 9. Last year, the company had a gross profit margin of 40%, and profit margin of 25%. Instructions (a) Prepare the adjusting journal entries assuming they are prepared annually. (b) Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet. (c) Prepare the closing entries. (d) Calculate the gross profit margin and profit margin for 2014. Compare with the 2013 ratios and comment on any trends. Taking It Further Compare the presentation of information in a multiple-step income statement for a service company with one for merchandising company. How would they be similar and how would they be different?
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