The accounts of Training Corporation are listed along with their adjusted balances before closing for the...

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The accounts of Training Corporation are listed along with their adjusted balances before closing for the year ended June 30, 2023. Prepaid Expenses $ 6,000 Accounts payable $ 59 18,000 Inventory Note payable, long-term 174,500 100,000 Accounts receivable 50,000 Accumulated depreciation 37,000 Salary payable 150,000 4,500 Common Stock Supplies Expense 2,500 Retained Earnings, July 1, 2022 83,500 Depreciation Expense 58,000 7,500 Cash Sales revenue 1,000,000 Cost of goods sold 500,000 Insurance Expense 12,000 Dividends (declared & paid) 25,000 Land Rent Expense Supplies Unearned sales revenue 30,000 Supplies Expense 6,000 96,000 Equipment 150,000 10,000 Salaries Expense 240,000 Sales Returns & Allowances 12,000 100,000 Notes payable, short-term 70,000 Sales Discounts 7,500 All month-end adjustments have already been made. Assume all accounts have normal balances. No dividends were declared or paid during the fiscal year. Requirements: 1. Prepare a multi-step income statement 2. Prepared the statement of retained earnings 3. Prepared a classified balance sheet The accounts of Training Corporation are listed along with their adjusted balances before closing for the year ended June 30, 2023. Prepaid Expenses $ 6,000 Accounts payable $ 59 18,000 Inventory Note payable, long-term 174,500 100,000 Accounts receivable 50,000 Accumulated depreciation 37,000 Salary payable 150,000 4,500 Common Stock Supplies Expense 2,500 Retained Earnings, July 1, 2022 83,500 Depreciation Expense 58,000 7,500 Cash Sales revenue 1,000,000 Cost of goods sold 500,000 Insurance Expense 12,000 Dividends (declared & paid) 25,000 Land Rent Expense Supplies Unearned sales revenue 30,000 Supplies Expense 6,000 96,000 Equipment 150,000 10,000 Salaries Expense 240,000 Sales Returns & Allowances 12,000 100,000 Notes payable, short-term 70,000 Sales Discounts 7,500 All month-end adjustments have already been made. Assume all accounts have normal balances. No dividends were declared or paid during the fiscal year. Requirements: 1. Prepare a multi-step income statement 2. Prepared the statement of retained earnings 3. Prepared a classified balance sheet

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Training Corporation Income Statement For the Year Ended June 30 2023 Revenue Sales revenue 120000 L... View the full answer