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  • The Wizard S Corner A Company That Sells Video Games and PDF

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    Ahsan Khan
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    The Wizard's Corner, a company that sells video games and related items, had account balances as of June 2011 including assets of $60,000, liabilities of $23,000, and equity of $33,000 plus retained earnings of $21,000 from July 2010. The company's sales were $160,000 for the year with expenses including cost of goods sold, advertising, depreciation, wages, rent and dividends declared totaling $154,000, resulting in net income of $6,000 to increase retained earnings for June 2011.

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    The Wizard's Corner, a company that sells video games and related items, had account balances as of June 2011 including assets of $60,000, liabilities of $23,000, and equity of $33,000 plus retained earnings of $21,000 from July 2010. The company's sales were $160,000 for the year with expenses including cost of goods sold, advertising, depreciation, wages, rent and dividends declared totaling $154,000, resulting in net income of $6,000 to increase retained earnings for June 2011.

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    © All Rights Reserved
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    46 views1 page

    The Wizard S Corner A Company That Sells Video Games and PDF

    Uploaded by

    Ahsan Khan
    The Wizard's Corner, a company that sells video games and related items, had account balances as of June 2011 including assets of $60,000, liabilities of $23,000, and equity of $33,000 plus retained earnings of $21,000 from July 2010. The company's sales were $160,000 for the year with expenses including cost of goods sold, advertising, depreciation, wages, rent and dividends declared totaling $154,000, resulting in net income of $6,000 to increase retained earnings for June 2011.

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    © All Rights Reserved
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    The Wizard s Corner a company that sells video games

    and #144
    The Wizard's Corner, a company that sells video games and related items, had the following
    account balances at the end of June 2011:Cost of goods sold……………………………………… $103,000
    capital…………………………………………….. 33,000Advertising expense……………………………………
    6,000Equipment……………………………………………….. 20,000Accumulated depreciation………………
    9,000Depreciation expense……………………………………. 2,000Dividends declared………………………
    3,000Accounts payable………………………………………... 11,000Inventory…………………………………
    28,000Wages expense…………………………………………... 36,000Sales……………………………………
    160,000Accounts receivable……………………………………… 15,000Rent expense………………………
    12,000Cash…………………………………………..................... 10,000Prepaid rent……………………………
    1,000Wages payable…………………………………………..... 2,000Retained earnings (as at July
    1,2010)…………………….. 21,000Required:a. Prepare a statement of earnings for the year ended June
    30, 2011.b. Calculate the amount of retained earnings as at June 30, 2011.c. Prepare a
    statement of financial position as at June 30, 2011.View Solution:
    The Wizard s Corner a company that sells video games and

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