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Financial Statements Assignment | Top Universities

Inferring Transactions from Financial Statements Ethan Allen Interiors Inc., a leading manufacturer, and retailer of home furnishings and accessories sells products through an exclusive network of approximately 300 design centers. All of Ethan Allen's products are sold by special orders. Customers generally place a deposit equal to 25% to 50% of the purchase price when ordering. Orders take 4 to 12 weeks to be delivered. Selected fiscal-year information from the company's balance sheets is as follows ($ thousands) Selected Balance Sheet Data 2014 2013 $283,384 $268,080 Inventories Customer Deposits 125,298 105,210 (a) In fiscal 2014, Ethan Allen reported total sales revenue of $1,357,920. Assume that the company collected customer deposits equal to $400,000 over the year. Prepare entries, using the financial statement effects template and in the journal entry form, to record customer deposits and its sales revenue for the fiscal year 2014 Balance Sheet Noncash Assets Contributed Capital Earned Capital Transaction Cash Asset Liabilities Re 0 $ (1) Collect deposits from customers. 400.000 $ 0 400,000 $ 0 (2) Recognize income on completed customer orders. 0 0+ 1,357,920 1,3 General Journal Debit Credit Description (1) Cash 400,000 0 0 400,000

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To record unearned customer deposits. (2) 0 0 Cash 0 X To record sales revenue and recognize deposits earned. (b) Ethan Allen's cost of goods sold for 2014 was $659,000. Prepare the adjusting entry, using the financial statement effects template and in the journal entry form, that it made to record inventory purchases. Assume all purchases were made on the account. Income Statement Balance Sheet Noncash Assets Liabilities Contributed Capital+Earned Capital Transaction Cash Asset Revenue Expenses Record inventory purchases$ 0 $ $/ 0 $ 0 General Journal Debit Description Credit 0 v 0 To record inventory purchases. Get Accounting homework help today

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