Ac300 Unit 6 Wiley

Problem 4-4
The following account balances were included in the trial balance of Twain Corporation at June 30, 2012.

Sales revenue		$1,579,400		Depreciation expense (office furniture and equipment)		$7,307
Sales discounts		32,140		Property tax expense		7,388
Cost of goods sold		904,900		Bad debt expense (selling)		4,905
Salaries and wages expense (sales)		56,450		Maintenance and repairs expense (administration)		9,179
Sales commissions		97,770		Office expense		6,093
Travel expense (salespersons)		30,400		Sales returns and allowances		63,620
Freight-out		22,880		Dividends received		39,900
Entertainment expense		14,847		Interest expense		19,400
Telephone and Internet expense (sales)		9,166		Income tax expense		105,400
Depreciation expense (sales equipment)		5,059		Depreciation understatement due to error—2009 (net of tax)		19,100
Maintenance and repairs expense (sales)		6,342		Dividends declared on preferred stock		9,470
Miscellaneous selling expenses		4,800		Dividends declared on common stock		38,100
Office supplies used		3,465				
Telephone and Internet expense (administration)		2,884				

The Retained Earnings account had a balance of $342,100 at July 1, 2011. There are 79,100 shares of common stock outstanding.

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