Question: Can someone help me with a multi step income statement given the provided trial balance? Dragon Custom Outfitters Trial Balance December 31, 2020 2020 2019
Can someone help me with a multi step income statement given the provided trial balance?
| Dragon Custom Outfitters | |||||
| Trial Balance | |||||
| December 31, 2020 | |||||
| 2020 | 2019 | ||||
| Account | Type | Debit | Credit | Debit | Credit |
| Cash - Checking | A | 12,300 | 8,505 | ||
| Cash - Savings | A | 33,000 | 16,000 | ||
| Accounts Receivable | A | 227,500 | 277,292 | ||
| Allowance for Bad Debts | A | 6,000 | 4,900 | ||
| Accounts Receivable - Employees | A | 500 | 400 | ||
| Inventory | A | 490,000 | 425,000 | ||
| Prepaid Insurance | A | 3,200 | 2,450 | ||
| Land | A | 40,000 | 40,000 | ||
| Buildings | A | 360,000 | 360,000 | ||
| Accumulated Depreciation - Buildings | A | 43,750 | 40,000 | ||
| Equipment | A | 90,175 | 80,175 | ||
| Accumulated Depreciation - Equipment | A | 36,150 | 29,900 | ||
| Furniture & Fixtures | A | 35,000 | 35,000 | ||
| Accumulated Depreciation - Furniture & Fixtures | A | 35,000 | 28,000 | ||
| Vehicles | A | 90,000 | 90,000 | ||
| Accumulated Depreciation - Vehicles | A | 68,000 | 40,000 | ||
| Deposits | A | 1,000 | 1,000 | ||
| Accounts Payable | L | 130,000 | 165,000 | ||
| Credit Cards | L | 25,000 | 23,500 | ||
| Deferred Revenue | L | 4,905 | 120,292 | ||
| Payroll Taxes Withheld | L | 18,900 | 16,500 | ||
| Payroll Taxes Accrued | L | 8,000 | 6,900 | ||
| Dividends Payable | L | 60,000 | 50,000 | ||
| Wages Payable | L | 4,250 | 6,500 | ||
| Current Maturity of Long Term Debts | L | 15,000 | 15,000 | ||
| Note Payable - Mortgage | L | 90,000 | 100,000 | ||
| Note Payable - Vehicle | L | 45,000 | 50,000 | ||
| Capital Stock | E | 1,000 | 1,000 | ||
| Dividends Paid | E | 60,000 | 50,000 | ||
| Retained Earnings | E | 638,330 | 441,765 | ||
| Sales | R | 945,690 | 911,100 | ||
| Sales Returns & Allowances | R | 1,675 | 1,400 | ||
| Sales Discounts | R | 3,000 | 3,150 | ||
| Cost of Goods Sold | EXP | 342,965 | 293,500 | ||
| Adminstrative Salaries | EXP | 130,000 | 122,500 | ||
| Sales Salaries | EXP | 110,000 | 105,000 | ||
| Payroll Tax Expense | EXP | 11,500 | 10,000 | ||
| Advertising Expense | EXP | 5,000 | 5,000 | ||
| Automobile Expense | EXP | 7,500 | 7,150 | ||
| Bad Debt Expense | EXP | 4,120 | 3,960 | ||
| Bank Charge Expense | EXP | 100 | 100 | ||
| Cleaning Expense | EXP | 850 | 825 | ||
| Commissions Expense | EXP | 3,275 | 3,250 | ||
| Depreciation Expense | EXP | 45,000 | 45,000 | ||
| Insurance Expense | EXP | 2,600 | 2,600 | ||
| Interest Expense | EXP | 6,320 | 6,500 | ||
| Licenses Expense | EXP | 100 | 100 | ||
| Office Expense | EXP | 900 | 1,250 | ||
| Postage Expense | EXP | 180 | 210 | ||
| Repairs & Maintenance | EXP | 4,880 | 6,975 | ||
| Supplies Expense | EXP | 1,600 | 1,890 | ||
| Travel Expense | EXP | 3,000 | 2,460 | ||
| Telephone & Internet Expense | EXP | 10,680 | 9,880 | ||
| Utilities Expense | EXP | 13,655 | 12,835 | ||
| Other Gains | OR | 1,000 | 0 | ||
| Other Losses | OEXP | 500 | 500 | ||
| Income Tax Expense | EXP | 23,900 | 18,500 | ||
| 2,175,975 | 2,175,975 | 2,050,357 | 2,050,357 | ||
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