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WIT Financial Accounting Test Chapters 5 and 6 1. From the adjusted trial balance for Worker
Products Company given below, prepare a multiple-step income statement in good form. Worker
Products Company Adjusted Trial Balance December 31 Debit Credit Cash $ 9,400 Accounts
receivable 25,000 Merchandise inventory 36,000 Office supplies 900 Store equipment 75,000
Accumulated depreciation - store equipment $ 22,000 Office equipment 60,000 Accumulated
depreciation -office equipment 15,000 Accounts payable 42,000 Notes payable 10,000 F. Worker,
Capital 110,700 F. Worker, Withdrawals 48,000 Sales 325,000 Sales discounts 6,000 Sales returns
and allowances 16,500 Cost of goods sold 195,000 Sales sa ...Read More laries expense 32,500 Depreciation
expense - store equipment 11,000 Depreciation expense - office equipment 7,500 Office supplies
expense 1,300 Interest expense 600 Totals $524,700 $524,700 2. From the adjusted trial balance for
Worker Products Company given below, prepare the necessary closing entries. Worker Products
Company Adjusted Trial Balance December 31 Debit Credit Cash $ 9,400 Accounts receivable
25,000 Merchandise inventory 36,000 Office supplies 900 Store equipment 75,000 Accumulated
depreciation - store equipment $ 22,000 Office equipment 60,000 Accumulated depreciation -office
equipment 15,000 Accounts payable 42,000 Notes payable 10,000 F. Worker, Capital 110,700 F.
Worker, Withdrawals 48,000 Sales 325,000 Sales discounts 6,000 Sales returns and allowances
16,500 Cost of goods sold 195,000 Sales salaries expense 32,500 Depreciation expense - store
equipment 11,000 Depreciation expense - office equipment 7,500 Office supplies expense 1,300
Interest expense 600 Totals $524,700 $524,700 3. A company made the following merchandise
purchases and sales during the month of May: May 1 Purchased 380 units at $15 each May 5
Purchased 270... ...Read Less

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