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-   -   %u2022 Revolving Fitness reported $850,000 in sales from selling fitness equipment. (https://www.askmehelpdesk.com/showthread.php?t=507993)

  • Sep 15, 2010, 08:56 PM
    carrietayman
    %u2022 Revolving Fitness reported $850,000 in sales from selling fitness equipment.
    I need to prepare a balance sheet and an income statement

    • Revolving Fitness reported $850,000 in sales from selling fitness equipment.
    • Revolving Fitness purchased $500,000 in fitness equipment on account that it plans to resell.
    • Paid $11,500 for the production of a new catalog of fitness equipment the company sells
    • Paid its CEO $250,000 for 2009.
    • Reported $266,000 in Cost of Goods Sold for 2009.
    • Paid $100,000 in sales salaries for 2009.
    • Began 2009 with a beginning balance in Cash of $25,750.
    • Beginning inventory for 2009 was $525,000.
    • Accumulated depreciation at the beginning of 2009 was $300,000.
    • Reported depreciation expense of $100,000.
    • Purchased supplies for $15,750 in cash used $4,500 in supplies during the year.
    • Paid $498,500 on account.
    • Paid a total of $50,000 toward the principle on the mortgage loan.
    • No dividends were awarded for 2009.

  • Sep 16, 2010, 12:02 AM
    morgaine300

    What have you attempted on this please? We do not just do people's homework for them -- we'll check your work, give hints, etc. Either show what work you have attempted or try to ask a specific question of what part you don't understand.

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