Accounting
Chapter 9-16 Review
The following information is needed to complete the review problems.
1. For the second problem (Purple Tabs) the balance brought forward is $16216.90. Check
number 928 will be used to write a check to Payroll Account 59-721-65. Write checks to
employees Peter C. Acron and Franklin B. Hiett using checks 1692 and 1696.
2. The adjustments for the third problem (Green Tab) our as follows:
i. The balances counted on December 31st are as follows:
1. Supplies- Office: $489.73 (a)
2. Supplies- Store: $701.19 (b)
3. Prepaid Insurance: $500.00 (c)
4. Merchandise Inventory: $226,766.38 (d)
5. Uncollectible accounts expense is 0.8% of the total sales on
account. The credit sales are $248,500.00. (e)
6. Office Equipment Depreciation: $5850.00
7. Store Equipment Depreciation: $5250.00
3. The following information for the 4th problem (Red Tabs). Use the following information
to create a Statement of Stockholders’ Equity for Classic Interiors, Inc.
i. Capitol stock outstanding on January 1st : 50,000 shares
ii. Capital stock issued during the year: 10,000 shares
iii. Capital stock par value: $5.00
iv. Retained earnings, January 1st: $59,485.50
v. Dividends declared during the year: $66,000.00
vi. Net income after federal income tax: $110,635.34