Accounts Payable..... Accounts Receivable. Accumulated Amortization- Equipment.............. C. Marchand, Capital............... C. Marchand, Withdrawals..... Cash................ Cost of...

 

Transcribed Image Text:

Accounts Payable..... Accounts Receivable. Accumulated Amortization- Equipment.............. C. Marchand, Capital.….............. C. Marchand, Withdrawals..... Cash................ Cost of Goods Sold... Equipment.. General Expenses..... Interest Expense $ 51,000 Interest Payable. 107,500 Interest Revenue....... 96,900 167,800 66,900 19,900 1,086,900 340,800 206,800 9,200 Inventory, May 31, 2017....... Notes Payable, Long-Term.. Salaries Payable..... Sales Discounts............ Sales Returns and Allowances...... Sales Revenue..... Selling Expenses ... Supplies Unearned Sales Revenue..... $ 2,800 600 147,100 114,800 7,200 26,500 45,900 1,991,500 357,200 33,100 15,200 Required 1. Prepare the business's single-step income statement for the year ended May 31, 2017. 2. Prepare the statement of owner's equity for the year ended May 31, 2017. 3. Prepare Marchand Distributors' classified balance sheet in report format at May 31, 2017. Problem 5-7A 1. Use the data in Problem 5-6A to prepare Marchand Distributors' multi-step income statement for the year ended May 31, 2017. 2. Corry Marchand, owner of the company, strives to earn a gross margin of at least 50 percent and a net income of 20 percent (Net income percentage = Net income ÷ Net sales revenue). Did Marchand Distributors achieve these goals? Show your calculations. Accounts Payable..... Accounts Receivable. Accumulated Amortization- Equipment.............. C. Marchand, Capital.….............. C. Marchand, Withdrawals..... Cash................ Cost of Goods Sold... Equipment.. General Expenses..... Interest Expense $ 51,000 Interest Payable. 107,500 Interest Revenue....... 96,900 167,800 66,900 19,900 1,086,900 340,800 206,800 9,200 Inventory, May 31, 2017....... Notes Payable, Long-Term.. Salaries Payable..... Sales Discounts............ Sales Returns and Allowances...... Sales Revenue..... Selling Expenses ... Supplies Unearned Sales Revenue..... $ 2,800 600 147,100 114,800 7,200 26,500 45,900 1,991,500 357,200 33,100 15,200 Required 1. Prepare the business's single-step income statement for the year ended May 31, 2017. 2. Prepare the statement of owner's equity for the year ended May 31, 2017. 3. Prepare Marchand Distributors' classified balance sheet in report format at May 31, 2017. Problem 5-7A 1. Use the data in Problem 5-6A to prepare Marchand Distributors' multi-step income statement for the year ended May 31, 2017. 2. Corry Marchand, owner of the company, strives to earn a gross margin of at least 50 percent and a net income of 20 percent (Net income percentage = Net income ÷ Net sales revenue). Did Marchand Distributors achieve these goals? Show your calculations.

Answer rating: 100% (QA)

1 Marchand Distributors Income statement For the year ended May 31 2020 Revenue Net Sales Interest r... View the full answer