The following selected accounts and their current balances appear in the ledger of Aqua Co. for the
Question:
The following selected accounts and their current balances appear in the ledger of Aqua Co. for the fiscal year ended June 30, 20Y8:
Instructions
1. Prepare a multiple-step income statement.
2. Prepare a retained earnings statement.
3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $8,000.
4. Briefly explain
(a) How multiple-step and single-step income statements differ
(b) How report-form and account-form balance sheetsdiffer.
Transcribed Image Text:
Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation S 83,500 150,000 380,000 15,000 12,000 115,200 Sales Sales Returns and Allowances Sales Discounts Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense 53,625,000 37,800 20,200 2,175,000 388,800 45,900 Office Equipment Store Equipment Accumulated Depreciation 8,300 2,000 77 400 39,900 22,950 49,500 511,500 Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense 186,700 48,600 Store Equipment Accounts Payable Salaries Payable Note Payable 9,600 epreciation Expense Office Equipment Office Supplies Expense Miscellaneous Administrative 16,200 1,650 Capital Stock Retained Earnings Dividends (final payment due in five years 54,000 15,000 253,800 125,000 Expense Interest Expense 1,900 12,000
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1 AQUA CO Income Statement For the Year Ended June 30 20Y8 Revenues from sales Sales 3625000 Less Sales returns and allowances 37800 Sales discounts 2...View the full answer
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