Broxton Gallery, an art retailer, uses a periodic inventory…

Broxton Gallery, an art retailer, uses a periodic inventory system. A physical inventory count taken at year-end indicated that there was $125,000 of merchandise on hand. The cost of estimated returns of the current year’s sales is $8,200. On December 31, the close of the fiscal year, the balances of selected accounts appearing in the ledger are as follows: ​ Accumulated Depr.—Building $365,000 Inventory $  115,000 Administrative Expenses 440,000 Notes Payable 100,000 Building 810,000 Purchases  810,000 Cash 78,000 Purchases Returns and Allowances 2,500 Common Stock 75,000 Retained Earnings 455,000 Depreciation Expense  24,500 Sales 1,700,000 Dividends 15,000 Sales Tax Payable 4,500 Interest Expense 6,000  Selling Expenses 160,000    ​ Store Supplies 16,000 ​ Journalize the December 31 closing entries for Broxton Gallery. ​ ​

The following data were extracted from the accounting record…

The following data were extracted from the accounting records of Dana Designs on March 31, the end of Dana’s fiscal year: Inventory, April 1 $530,000 Inventory, March 31 375,000 Purchases 270,000 Purchase returns and allowances 25,000 Purchases discounts 10,000 Sales 770,000 Freight in 3,000 ​ Prepare a partial income statement through gross profit for the year ended March 31, using the periodic method.  ​ ​

Bargain Wholesalers sells pet supplies to retailers, includi…

Bargain Wholesalers sells pet supplies to retailers, including Pet World Supplies. Bargain Wholesalers uses a perpetual inventory system and records sales discounts using the net method. Journalize the following transactions on the books of Bargain Wholesalers: ​  May 4   Sold inventory on account to Pet World Supplies for $8,250, terms 1/10, n/30. The cost of the merchandise sold was $5,755.  7   Sold inventory on account to Pet World Supplies for $10,985, terms 1/10, n/30. The cost of the merchandise sold was $6,925.  13   Received payment on account from Pet World Supplies for the balance due on both invoices. ​

Prepare a single-step income statement from the following da…

Prepare a single-step income statement from the following data for Burt Co., taken from the ledger after adjustments on December 31, the end of the fiscal year. Accounts Payable  $  97,200 Accounts Receivable 64,300 Accumulated Depreciation—Office Equipment 72,750 Accumulated Depreciation—Store Equipment 162,100 Administrative Expenses 56,500 Cash 53,000 Common Stock 81,750 Cost of Goods Sold 121,700 Dividends 52,000 Interest Expense 12,000 Inventory 93,250 Note Payable (due in 2 years) 154,000 Office Equipment 149,750 Prepaid Insurance 6,500 Rent Revenue 17,500 Salaries Payable 28,700 Sales 365,500 Selling Expenses 41,500 Store Equipment 325,000 Supplies 4,000