From the adjusted trial balance for Brookstone Art Supplies given below. prepare a multiple-step income statement...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
From the adjusted trial balance for Brookstone Art Supplies given below. prepare a multiple-step income statement in good form. Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Brookstone Art Supplies Adjusted Trial Balance December 31 Accumulated depreciation-office equipment Accounts payable Notes payable Common stock Debit $9,400 25,000 36,000 900 75,000 60,000 Credit $22,000 15,000 42,000 10,000 10,000 Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Selling expenses General and administrative expenses Interest expense Totals 48,000 5,000 15,500 187,000 32,500 19,800 600 100,700 315,000 $514.700 $514.700 From the adjusted trial balance for Brookstone Art Supplies given below. prepare a multiple-step income statement in good form. Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Brookstone Art Supplies Adjusted Trial Balance December 31 Accumulated depreciation-office equipment Accounts payable Notes payable Common stock Debit $9,400 25,000 36,000 900 75,000 60,000 Credit $22,000 15,000 42,000 10,000 10,000 Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Selling expenses General and administrative expenses Interest expense Totals 48,000 5,000 15,500 187,000 32,500 19,800 600 100,700 315,000 $514.700 $514.700
Expert Answer:
Answer rating: 100% (QA)
Calculations Net Sales Sales 315000 Sales Discounts 5000 Sales Returns and Allowances 15500 Net Sale... View the full answer
Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
Posted Date:
Students also viewed these accounting questions
-
A company operates four machines three shifts each day. From production records, the following data on the number of breakdowns are collected: Test the hypothesis (using a = 0.05) that breakdowns are...
-
Refer to the data shown in Question 34. (a) Compute the value of x2 and the p-value for the test of the null hypothesis of independence. (b) Summarize the results of this test for the mobile phone...
-
Q1. The following transactions occurred during Year 2, the second year of business for Nancy Nanny Child Care. Record each transaction in proper journal entry format below using debits and credits....
-
How do accounting differences impact the usefulness of financial ratio comparisons?
-
Selected accounts included in the property, plant, and equipment section of Lobo Corporation's statement of financial position at December 31, 2018, had the following balances....
-
Use conditional proof or indirect proof and the eighteen rules of inference to establish the truth of the following tautologies.
-
\(\{45,245\}\) Find the greatest common divisor of the given set of numbers.
-
The beginning inventory of merchandise at Francesca Co. and data on purchases and sales for a three-month period are as follows: Instructions 1. Record the inventory, purchases, and cost of...
-
Question 2: Presented below is information related to JP Company. Ending Inventory Date (End-of-Year Prices) Price Index December 31, Year 1 $180,000 100 December 31, Year 2 220,500 105 December 31,...
-
In 2023, Lisa and Fred, a married couple, have taxable income of $400,000. If they were to file separate tax returns, Lisa would have reported taxable income of $225,000 and Fred would have reported...
-
The current spot price of wheat is $4.865 per bushel and the current forward/futures price of wheat is 475.5 cents per bushel. (The spot price of wheat is quoted in dollars per bushel and the futures...
-
You deposit $14,039.38 in the bank today and want to withdraw $2,000 at the end of each of the next 8 years. What interest rate do you have to earn to accomplish this goal?
-
Linux is an open source variation of the Unix OS and there are many versions of the OS freely distributed on the internet. Research 3 (three) major distributions of Linux, and compare them (uses,...
-
For the chosen company, Chick-fil-A. Find out some emerging markets that they are doing business in and then research for information about their challenges and risks when entering emerging markets....
-
You plan to purchase a $ 1 5 0 , 0 0 0 house using a 3 0 - year mortgage obtained from your local credit union. The mortgage rate offered to you is 4 percent. You will make a down payment of 2 0...
-
I have seen an example of an emerging approach that has been successful in the commercial world. Competition from other businesses operating in the same industry was fierce for the company I worked...
-
Sora Industries has 66 million outstandingshares, $125 million indebt, $49 million incash, and the following projected free cash flow for the next four years Years: 0 1 2 3 4 Earnings& FCF Forecast($...
-
Why do bars offer free peanuts?
-
Who is responsible for freight when the terms of sale are (a) FOB shipping point, (b) FOB destination?
-
Krouse Company produces two products, forged putter heads and laminated putter heads, which are sold through specialty golf shops. The company is in the process of developing its operating budget for...
-
Bellaire Inc. gathered the following data for use in developing the budgets for the first quarter (January, February, March) of its fiscal year: a. Estimated sales at $125 per unit: January . . . . ....
-
Papai Ltd bought 51 per cent of the shares in Sons and Co Ltd on 31 October 2007. From the following balance sheets you are to draw up the consolidated balance sheet as at 31 October 2008. Papai...
-
P Ltd bought 40,000 shares in \($1\) Ltd and 27,000 shares in \($2\) Ltd on 31 December 2002. The following balance sheets were drafted as at 31 December 2003. You are to draw up a consolidated...
-
Pops Ltd buys shares in Sub 1 and Sub 2 on 31 December 2007. You are to draft the consolidated balance sheet as at 31 December 2008 from the following: Pops Balance Sheet as at 31 December 2008 E...
Study smarter with the SolutionInn App