Question: Backlund Farm Supply completed the work sheet on page 607 for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was

Backlund Farm Supply completed the work sheet on page 607 for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $50,000. The current portion of Mortgage Payable is $1,000.

REQUIRED

1. Prepare a multiple-step income statement.

2. Prepare a statement of owner's equity.

3. Prepare a balancesheet.

Backlund Farm Supply Work Shoet For Year Ended December 31, 20-- ABANTER BALUBCE SEET TAL BALANCE ALIED AL BALANCE ICOE SATEET ACCOT E DENT CREDIT DEBT CREDE CREDIT DEBT CPEDIT DERT CREDIT 10 180 0 26 4 20 0 (b) 44 300 00 (a) 42 160 00 44 300 00 860 00 350o 00 750 00 225 o 0 38 0 00 00 10 180 00 26 4 20 00 10 180 00 26 4 20 00 44300 00 3500 00 2250 00 38 0 00 00 Cash Accounts Receivable Marchandtse inventory 42| 1|60 0 supples 4360 00 3000 00 (C) Prepaid issuranca (d) Equipment Accum. Depr.-Equpment 3800 00 900 00 6900 00 00 41| 20100 6900 00 (8) 41 200 00 420 00 Accounts Payable 41 200 00 Wages Payable 420 00 420 00 800 00 8000 00 57 00 0 00 800 00 8000 00 0100 800001 57 0100 Sales Tax Payable Mortgage Payable L. Backlund, Capital J. Backlund, Drawtng 570 0 0 00 6800 00 a 42160 00 0) 44300 00 42 160 00 44 3 00 00 42 160 00 44 300 00 680 00 6800 00 ncome Summary 141 8 00 00 |141 8 100| 141 8 00 00 Sales 1310 00 81 3 00 00 Sales Retums and Alowances Purchases 1310 00 81 3 00 00 1310 00 B1 300 00 2900 00 1510 00 Purchases Returns and Allowances Purchases Discounts 29100 1510 00 2900 00 1510 00 6.00 00 41 7 20 00 Freight-in Wages Expense Advartising Exponse Supplies Expense Taiephone Expense 600 00 41 300 00 600 00 41 7 20 00 400 00 420 00 (T) 400 00 400 00 860 00 8 60 00 860 00 (C) 0100 1300 00 800 00 130 0 00 750 00 900 00 200 00 800 00 1300 00 750 00 900 00 200 00 1080 00 89 390 00 304 8 30 00|304 8 30 00 173 3 80 00| 190 5 10 00 131 450 00 114 3 20 00 UDittes Expense nsurance Expersa 750 00 (d) Dopr. Expense Equipment Miscellaneous Expense (0) 0 00 2000 anterost Expense 1080 00 1080 00 259 2 10 00 250 2 10 eg 3 90 00 00 17 130 00 Not income 17 130 00 190 5 10 00 19G 5 10 00 131 4 50 00 131 4 50 00

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