HW 7 ACC
In situation (1), what were the deposits in transit at July 31?
The adjusted trial balance for Callahay Company as of December 31, 2011 is shown below:
|Notes receivable (due in 90 days)||160,000|
|Accumulated depreciation — Automobiles||$ 42,000|
|Accumulated depreciation — Equipment||10,000|
|Long-term notes payable||130,000|
|J. Callahay, Capital||247,800|
|J. Callahay, Withdrawals||38,000|
|Depreciation expense — Automobiles||18,000|
|Depreciation expense — Equipment||10,000|
|Office supplies expense||26,000|
|Repairs expense — Automobiles||16,800|
1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2011; (b) the statement of owner’s equity for the year ended December 31, 2011; and (c) the balance sheet as of December 31, 2011.
2. Determine the profit margin for year 2011.