Backlund Farm Supply completed the Adjusted Trial Balance for the year ended December 31, 20-- Owner's...

    

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Backlund Farm Supply completed the Adjusted Trial Balance for the year ended December 31, 20-- Owner's equity as of January 1, 20-, was $507,752. The current portion of Note Payable is $3,000. 1 Backlund Farm Supply End-of-Period Spreadsheet (Partial) December 31, 20-- ACCOUNT TITLE 2 Cash 3 Accounts Receivable 4 Merchandise Inventory 5 Estimated Returns Inventory 6 Supplies 7 Prepaid Insurance 8 Land 9 Building 10 Accumulated Depreciation-Building 11 Store Equipment 12 Accumulated Depreciation-Store Equipment 13 Accounts Payable 14 Customer Refunds Payable ADJUSTED TRIAL BALANCE DEBIT 25,784.00 10,296.00 71,280.00 1,320.00 2,640.00 1,980.00 99,000.00 385,000.00 132,000.00 ADJUSTED TRIAL BALANCE CREDIT 22,000.00 3,960.00 10,516.00 1,760.00 15 Wages Payable 16 Sales Tax Payable 17 Note Payable 18 J. Buckland, Capital 19 J. Buckland, Drawing 20 Income Summary 21 22 Sales 23 Sales Returns and Allowances 24 Purchases 25 Purchases Returns and Allowances 26 Purchases Discounts 27 Freight-In 28 Wages Expense 29 Advertising Expense 30 Supplies Expense 31 Phone Expense 32 Utilities Expense 5,280.00 65,120.00 880.00 5,896.00 178,904.00 1,760.00 76,340.00 1,320.00 880.00 3,010.00 3,150.00 1,320.00 3,784.00 17,600.00 587,752.00 71,280.00 1,320.00 358,644.00 4,488.00 3,520.00 33 Insurance Expense 34 Depreciation Expense-Building 35 Depreciation Expense-Store Equipment 36 Miscellaneous Expense 37 Interest Expense 38 39 40 Net Income Required: 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet. 1,760.00 11,000.00 1,980.00 660.00 704.00 $1,087,944.00 353,364.00 $85,888.00 $1,087,944.00 439,252.00 Backlund Farm Supply completed the Adjusted Trial Balance for the year ended December 31, 20-- Owner's equity as of January 1, 20-, was $507,752. The current portion of Note Payable is $3,000. 1 Backlund Farm Supply End-of-Period Spreadsheet (Partial) December 31, 20-- ACCOUNT TITLE 2 Cash 3 Accounts Receivable 4 Merchandise Inventory 5 Estimated Returns Inventory 6 Supplies 7 Prepaid Insurance 8 Land 9 Building 10 Accumulated Depreciation-Building 11 Store Equipment 12 Accumulated Depreciation-Store Equipment 13 Accounts Payable 14 Customer Refunds Payable ADJUSTED TRIAL BALANCE DEBIT 25,784.00 10,296.00 71,280.00 1,320.00 2,640.00 1,980.00 99,000.00 385,000.00 132,000.00 ADJUSTED TRIAL BALANCE CREDIT 22,000.00 3,960.00 10,516.00 1,760.00 15 Wages Payable 16 Sales Tax Payable 17 Note Payable 18 J. Buckland, Capital 19 J. Buckland, Drawing 20 Income Summary 21 22 Sales 23 Sales Returns and Allowances 24 Purchases 25 Purchases Returns and Allowances 26 Purchases Discounts 27 Freight-In 28 Wages Expense 29 Advertising Expense 30 Supplies Expense 31 Phone Expense 32 Utilities Expense 5,280.00 65,120.00 880.00 5,896.00 178,904.00 1,760.00 76,340.00 1,320.00 880.00 3,010.00 3,150.00 1,320.00 3,784.00 17,600.00 587,752.00 71,280.00 1,320.00 358,644.00 4,488.00 3,520.00 33 Insurance Expense 34 Depreciation Expense-Building 35 Depreciation Expense-Store Equipment 36 Miscellaneous Expense 37 Interest Expense 38 39 40 Net Income Required: 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet. 1,760.00 11,000.00 1,980.00 660.00 704.00 $1,087,944.00 353,364.00 $85,888.00 $1,087,944.00 439,252.00

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To prepare the financial statements based on the given information well start with the multiplestep income statement followed by the statement of owne... View the full answer