ACC1810 - PRINCIPLES OF FINANCIAL ACCOUNTING Project 11: Chapter 11 - Stockholders' Equity Part B: Financial...

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ACC1810 - PRINCIPLES OF FINANCIAL ACCOUNTING Project 11: Chapter 11 - Stockholders' Equity Part B: Financial Statements The accounts of Rehearsal Corporation are listed along with their adjusted balances before closing for the month ended June 30, 2023. Prepaid Expenses $ 2,400 Accounts Payable 16,700 Inventory 39,000 Accounts Receivable 33,600 Note Payable, Long-Term 36,000 Accumulated Depreciation 37,700 Salary Payable 2,700 Common Stock 50,000 Supplies Expense 2,500 Retained Earnings, June 1, 2023 64,000 Depreciation Expense 7,500 Cash 9,000 Sales Revenue 250,000 Cost of Goods Sold 75,000 Rent Expense 38,000 Equipment 135,200 Supplies 6,000 Salaries Expense 80,000 Unearned Sales Revenue 13,800 Notes Payable, Short-Term 1,300 Sales Returns & Allowances 40,000 Sales Discounts 4,000 Requirements: 1. Prepare a multi-step income statement 2. Prepared the statement of retained earnings 3. Prepared a classified balance sheet ACC1810 - PRINCIPLES OF FINANCIAL ACCOUNTING Project 11: Chapter 11 - Stockholders' Equity Part B: Financial Statements The accounts of Rehearsal Corporation are listed along with their adjusted balances before closing for the month ended June 30, 2023. Prepaid Expenses $ 2,400 Accounts Payable 16,700 Inventory 39,000 Accounts Receivable 33,600 Note Payable, Long-Term 36,000 Accumulated Depreciation 37,700 Salary Payable 2,700 Common Stock 50,000 Supplies Expense 2,500 Retained Earnings, June 1, 2023 64,000 Depreciation Expense 7,500 Cash 9,000 Sales Revenue 250,000 Cost of Goods Sold 75,000 Rent Expense 38,000 Equipment 135,200 Supplies 6,000 Salaries Expense 80,000 Unearned Sales Revenue 13,800 Notes Payable, Short-Term 1,300 Sales Returns & Allowances 40,000 Sales Discounts 4,000 Requirements: 1. Prepare a multi-step income statement 2. Prepared the statement of retained earnings 3. Prepared a classified balance sheet