The following selected accounts and their current balances appear in the ledger of Black Lab Co. for
Question:
The following selected accounts and their current balances appear in the ledger of Black Lab Co. for the fiscal year ended April 30, 2012:
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 $7,000.4. Briefly explain?
(a) How multiple-step and single-step income statements differ?
(b) How report-form and account-form balance sheets differ.
Transcribed Image Text:
Cash $ 42,000 Sales $3,150,000 Accounts Receivable 150,000 Sales Returns and Allowances 40,000 15,000 Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment 180,000 Sales Discounts 5,000 Cost of Merchandise Sold 1,855,000 12,000 Sales Salaries Expense 400,000 120,000 Advertising Expense Depreciation Expense- Store Equipment Miscellaneous Selling Expense Office Salaries Expense 120,000 Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- 28,000 15,000 500,000 18,000 240,000 Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2032) Capital Stock Retained Earnings 87,500 Rent Expense Insurance Expense 38,000 48,500 24,000 4,000 Depreciation Expense- Office Equipment Office Supplies Expense Miscellaneous Administrative Exp. Interest Expense 7,000 140,000 4,000 125,000 6,000 261,000 8,000 Dividends 45,000
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Related Book For
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
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