Braun Company has the following ledger accounts and adjusted balances as of December 31, 2016. All accounts
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Accounts Payable | 13,000 |
Accounts Receivable | 90,000 |
Accumulated Depreciation -Building | 25,000 |
Administrative Expenses | 20,000 |
Allowance for Doubtful Accounts | 10,000 |
Bonds Payable (Mature 2020) | 125,000 |
Building | 200,000 |
Cash | 13,000 |
Common Stock | 200,000 |
Cost of Goods Sold | 190,000 |
Dividends | 10,000 |
Income from Operations of Division X | 20,000 |
(Division X is a component of Braun Company) | |
Interest Revenue | 10,000 |
Inventory | 140,000 |
Land | 100,000 |
Loss from Earthquake | 35,000 |
(unusual in nature and infrequent in occurrence) | |
Loss from Sale of Division X | 40,000 |
(Division X is a component of Braun Company) | |
Loss on Sale of Land | 5,000 |
Patent | 15,000 |
Preapaid Rent | 5,000 (Two years rent paid in advance for offsite document storage) |
Retained Earnings, January 1, 2016 | 125,000 |
Sales Revenue | 450,000 |
Selling Expenses | 65,000 |
Prepare a multiple-step income statement and a classified balance sheet.
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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