8. Use the following Adjusted Trial Balance to prepare the MULTI-STEP INCOME STATEMENT for PQR Company...

Transcribed Image Text:

8. Use the following Adjusted Trial Balance to prepare the MULTI-STEP INCOME STATEMENT for PQR Company for the Year Ended December 31, 2020. For sure on the final exam and worth 20 points PQR Company Adjusted Trial Balance December 31 2020 Account Title Balance Debit Credit Cash Accounts Receivable Merchandise Inventory Building Accumulated Depreciation-Building Accounts Payable $24,800 33,900 79,600 110,000 $15,000 5,800 Unearned Revenue 5,000 Notes Payable (Long Term) 20,000 Common Stock 65,000 Paid in Capital in Excess of Par-Common 90,000 Retained Earnings 34,000 Dividends 6,400 Net Sales Revenue 198,000 Interest Revenue (Other Income (Expense)) 1,500 Cost of Goods Sold 61.200 Commission Expense (Selling) 25,800 Utilities Expense (Selling) 21,400 Rent Expense (Administrative 38,500 Salaries Expense (Administrative) 27,600 Interest Expense (Other Income(Expense)) 1,100 Income Tax Expense 4,000 Total $434,300 $434,300 I 8. Use the following Adjusted Trial Balance to prepare the MULTI-STEP INCOME STATEMENT for PQR Company for the Year Ended December 31, 2020. For sure on the final exam and worth 20 points PQR Company Adjusted Trial Balance December 31 2020 Account Title Balance Debit Credit Cash Accounts Receivable Merchandise Inventory Building Accumulated Depreciation-Building Accounts Payable $24,800 33,900 79,600 110,000 $15,000 5,800 Unearned Revenue 5,000 Notes Payable (Long Term) 20,000 Common Stock 65,000 Paid in Capital in Excess of Par-Common 90,000 Retained Earnings 34,000 Dividends 6,400 Net Sales Revenue 198,000 Interest Revenue (Other Income (Expense)) 1,500 Cost of Goods Sold 61.200 Commission Expense (Selling) 25,800 Utilities Expense (Selling) 21,400 Rent Expense (Administrative 38,500 Salaries Expense (Administrative) 27,600 Interest Expense (Other Income(Expense)) 1,100 Income Tax Expense 4,000 Total $434,300 $434,300 I