{"id":25469,"date":"2022-01-17T11:47:24","date_gmt":"2022-01-17T11:47:24","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/the-boston-trading-company-whose-accounting-year-ends-on-december\/"},"modified":"2022-01-17T11:47:24","modified_gmt":"2022-01-17T11:47:24","slug":"the-boston-trading-company-whose-accounting-year-ends-on-december","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/the-boston-trading-company-whose-accounting-year-ends-on-december\/","title":{"rendered":"The boston trading company, whose accounting year ends on december"},"content":{"rendered":"
\n

The Boston Trading Company, whose accounting year ends on December 31, had the following normal balances in its general ledger at December 31.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cash<\/td>\n$19,500<\/td>\n<\/tr>\n
Accounts Receivable<\/td>\n84,900<\/td>\n<\/tr>\n
Inventory<\/td>\n109,500<\/td>\n<\/tr>\n
Prepaid Insurance<\/td>\n9,000<\/td>\n<\/tr>\n
Office Supplies<\/td>\n6,300<\/td>\n<\/tr>\n
Furniture & Fixtures<\/td>\n31,500<\/td>\n<\/tr>\n
Accumulated Depreciation – Furn. & Fixtures<\/td>\n7,500<\/td>\n<\/tr>\n
Delivery Equipment<\/td>\n126,000<\/td>\n<\/tr>\n
Accumulated Depreciation – Delivery Equipment<\/td>\n18,000<\/td>\n<\/tr>\n
Accounts Payable<\/td>\n61,500<\/td>\n<\/tr>\n
Long-term Notes Payable<\/td>\n45,000<\/td>\n<\/tr>\n
Common Stock<\/td>\n112,500<\/td>\n<\/tr>\n
Retained Earnings<\/td>\n77,100<\/td>\n<\/tr>\n
Sales Revenue<\/td>\n945,000<\/td>\n<\/tr>\n
Cost of Goods Sold<\/td>\n606,000<\/td>\n<\/tr>\n
Utilities Expense<\/td>\n7,200<\/td>\n<\/tr>\n
Salaries Expense<\/td>\n207,000<\/td>\n<\/tr>\n
Delivery Expense<\/td>\n16,200<\/td>\n<\/tr>\n
Advertising Expense<\/td>\n8,400<\/td>\n<\/tr>\n
Rent Expense<\/td>\n21,600<\/td>\n<\/tr>\n
Income Tax Expense<\/td>\n13,500<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\u00a0<\/p>\n

During the year, the accounting department prepared monthly statements but no adjusting entries were made in the journals and ledgers. Data for the year-end procedures are as follows:<\/p>\n

\n\n\n\n\n\n\n\n
Prepaid insurance, December 31<\/td>\n$1,200<\/td>\n<\/tr>\n
Depreciation Expense on furniture and fixures for year<\/td>\n1,800<\/td>\n<\/tr>\n
Depreciation Expense on delivery equip. for the year<\/td>\n14,000<\/td>\n<\/tr>\n
Salaries Payable, December 31<\/td>\n3,000<\/td>\n<\/tr>\n
Unused office supplies on December 31<\/td>\n1,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n

What are the total operating expenses for the year ended December 31st?<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Boston Trading Company, whose accounting year ends on December 31, had the following normal balances in its general ledger at December 31. Cash $19,500 Accounts Receivable 84,900 Inventory 109,500 Prepaid Insurance 9,000 Office Supplies 6,300 Furniture & Fixtures 31,500 Accumulated Depreciation – Furn. & Fixtures 7,500 Delivery Equipment 126,000 Accumulated Depreciation – Delivery Equipment […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-25469","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/25469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=25469"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/25469\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=25469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=25469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=25469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}