Question

A physical count indicated that $48,300 of inventory was on hand at the end of the accounting

period.

Record these transactions in a general journal. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

Prepare a schedule of costs of goods sold. (Amounts to be deducted should be indicated with minus sign.)

Prepare a income statement.

Prepare a statement of changes in stockholders’ equity.

Prepare a statement of changes in stockholders’ equity.

Prepare a statement of cash flows for 2016. (Amounts to be deducted should be indicated with minus sign.)

[The following information applies to the questions displayed below.]

 

The following trial balance pertains to Benji’s Grocery as of January 1, 2016: