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1.

Layton Company

Adjusted Trial Balance

For the Year ended December 31, 2012

Cash $ 6,030

Accounts Receivable 2,100

Prepaid Expenses 700

Equipment 13,700

Accumulated Depreciation $ 1,100

Accounts Payable 1,900

Notes Payable 4,200

Capital Stock 12,940

Dividends 790

Sales Revenue 8,750

Wages Expense 2,500

Rent Expense 1,960

Utilities Expense 775

Depreciation Expense 250

Miscellaneous Expense 85

Totals $28,890 $28,890

Determine the net income (loss) for the period.

a. Net Loss $5,570

b. Net Income $3,180

c. Net Loss $790

d. Net Income $2,390

2. Which one of the approaches for the allowance method of accounting for bad debts emphasizes matching

bad debts expense with revenue on the income statement?

a. The percentage of accounts receivable approach

b. The percentage of net credit sales approach

c. The direct write-off method

d. The uncollectible approach

Bolton’s Department Store

Bolton’s Department Store is a merchandising company that uses the periodic inventory system.

Selected account balances are listed below:

Sales $175,000

Purchases 90,000

Inventory (beginning) 23,000

Inventory (ending) 17,000

Purchase returns and allowances 3,000

Purchase discounts 7,000

Transportation-in 4,000

Sales discounts 8,000

Sales returns and allowances 5,000

3. Refer to the account information for Bolton’s Department Store.

Calculate Bolton’s net sales.

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