The adjusted trial balance of Gibson Company for the year ended December 31, 2020, is as follows:

Instructions

Prepare a multiple-step income statement, retained earnings statement, and a classified balance sheet. The notes payable is due on January 10, 2021.

Transcribed Image Text:

Debit Credit Cash $ 6,400 Accounts Receivable 2,700 Notes Receivable 6,300 Inventory Equipment 10,000 7,500 Allowance for Doubtful Accounts $ 300 Accumulated Depreciation-Equipment Notes Payable Accounts Payable 1,000 1,100 600 Common Stock 17,000 Retained Earnings 11,000 Dividends 1,000 Sales Revenue 13,000 Interest Revenue 100 Cost of Goods Sold 8,000 1,400 Salary and Wages Expense Rent Expense Bad Debt Expense Service Charge Expense 700 60 40 $44,100 $44,100