Tamarisk, Inc. a private company following ASPE, is located near ashopping mall. At the end of...

  

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Tamarisk, Inc. a private company following ASPE, is located near ashopping mall. At the end of the company's fiscal year on December 31, 2020, the following accounts appeared in two of its trial balances: Unadjusted Adjusted Accounts payable $82.300 $82.300 Accounts receivable 95,000 95,000 Accumulated depreciation-buildings 42.600 52.200 Accumulated depreciation-equipment 29.100 42.900 Buildings 180.000 180,000 Cash 67.500 67.500 Common shares 165.500 165.500 Cost of goods sold 400,500 400,500 Depreciation expense 23,400 Dividends 29.000 29.000 Equipment 106,600 106.600 Insurance expense 7,050 Interest expense 3,250 10,900 Interest income 4,950 4,950 Interest payable 7.650 Inventory 77,000 77,000 Mortgage payable 80.200 80.200 Prepaid insurance 9.400 2.350 Property tax expense 4,890 Property tax payable 4,890 Retained earnings 15.100 15.100 Salaries and wages expense 106.600 106.600 Sales commission expense 11.000 15.500 Sales commission payable 4.500 Sales returns and allowances 7.800 7.800 Sales revenue 685,000 685.000 Utilities expense 11.100 11.100 Analysis reveals the following additional information: 1. Insurance expense and utilities expense are 50% selling and 50% administrative. 2. In the next year,. $20.050 of the mortgage payable will be due for payment. Property tax expense and depreciation on the building are administrative expenses: depreciation on the equipment is a selling expense; and $30.100 of the salaries and wages expense related to office salaries and the remainder related to sales salaries. Depreciation expense inciudes $9.600 relating to the building and $13.800 relating to equipment. 3. Prepare a multiple-step income statement. (List selling experses before administrative openses and other revenues and gains before other expenses and losses. Enter negutive amounts using either a negative sign preceding the number es 45or parentheses eg (451J TAMARISK, INC. Income Statement > > > > >> > > Prepare a statement of retained earnings. (List items that increase retained earnings first.) TAMARISK, INC. Statement of Retained Earnings %24 > > > > Prepare a classifed statement of financial position. (List Current Assets in order of liquidity List Property. Plant and Equipment in order of Buldings and Equipment) TAMARISK, INC. Statement of Financial Position Assets Liabilities and Shareholders' Equity > > Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record depreciation on buildings.) (To record depreciation on equipment.) (To record expired insurance.) (To accrue interest expense.) (To accrue property tax expense.) (To accrue sales commission expense.) Journalize the closing entries that are necessary. (Credit account titles are automatically indented when amount is entered. Do no indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To close revenue accounts.) (To close expense accounts.) (To close income summary.) (To close dividends.) Tamarisk, Inc. a private company following ASPE, is located near ashopping mall. At the end of the company's fiscal year on December 31, 2020, the following accounts appeared in two of its trial balances: Unadjusted Adjusted Accounts payable $82.300 $82.300 Accounts receivable 95,000 95,000 Accumulated depreciation-buildings 42.600 52.200 Accumulated depreciation-equipment 29.100 42.900 Buildings 180.000 180,000 Cash 67.500 67.500 Common shares 165.500 165.500 Cost of goods sold 400,500 400,500 Depreciation expense 23,400 Dividends 29.000 29.000 Equipment 106,600 106.600 Insurance expense 7,050 Interest expense 3,250 10,900 Interest income 4,950 4,950 Interest payable 7.650 Inventory 77,000 77,000 Mortgage payable 80.200 80.200 Prepaid insurance 9.400 2.350 Property tax expense 4,890 Property tax payable 4,890 Retained earnings 15.100 15.100 Salaries and wages expense 106.600 106.600 Sales commission expense 11.000 15.500 Sales commission payable 4.500 Sales returns and allowances 7.800 7.800 Sales revenue 685,000 685.000 Utilities expense 11.100 11.100 Analysis reveals the following additional information: 1. Insurance expense and utilities expense are 50% selling and 50% administrative. 2. In the next year,. $20.050 of the mortgage payable will be due for payment. Property tax expense and depreciation on the building are administrative expenses: depreciation on the equipment is a selling expense; and $30.100 of the salaries and wages expense related to office salaries and the remainder related to sales salaries. Depreciation expense inciudes $9.600 relating to the building and $13.800 relating to equipment. 3. Prepare a multiple-step income statement. (List selling experses before administrative openses and other revenues and gains before other expenses and losses. Enter negutive amounts using either a negative sign preceding the number es 45or parentheses eg (451J TAMARISK, INC. Income Statement > > > > >> > > Prepare a statement of retained earnings. (List items that increase retained earnings first.) TAMARISK, INC. Statement of Retained Earnings %24 > > > > Prepare a classifed statement of financial position. (List Current Assets in order of liquidity List Property. Plant and Equipment in order of Buldings and Equipment) TAMARISK, INC. Statement of Financial Position Assets Liabilities and Shareholders' Equity > > Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record depreciation on buildings.) (To record depreciation on equipment.) (To record expired insurance.) (To accrue interest expense.) (To accrue property tax expense.) (To accrue sales commission expense.) Journalize the closing entries that are necessary. (Credit account titles are automatically indented when amount is entered. Do no indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To close revenue accounts.) (To close expense accounts.) (To close income summary.) (To close dividends.)

Answer rating: 100% (QA)

Preparing Multiple step Income Statement TAMARISK INC Multiple Step Income Statement For the Year Ended December 312020 Accounts Amount Amount Sales Revenue 685000 Less Sales Returns and Allowances 78... View the full answer