Alabama State University Financial Statement Excel Task
Description
(1) Inventory on hand at December 31, 2021 (i.e., ending inventory) is $ 84,753
(2) Bad Debt Expense, Insurance Expense, Repairs and Maintenance Expense, Depletion Expense, Amortization Expense,
and Utilities Expense are 100% administrative.
(3) Advertising Expense is 100% selling.
(4) Depreciation Expense and Salaries Expense are 60% administrative and 40% selling.
(5) Portion of Notes Payable payable in the next year: $ 40,000
(6) Kim Kollins contributions to the business in 2021 were $ 5,400
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