Create a multi-step Income Statement, Statement of Retained Earnings, and clarified Balance sheet for Financial Manufacturing Inc. for period ended May 31,2014 based on the following adjusted trail balance.

 

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Cash Accounts receivable Inventory Prepaid expenses Supplies Land Principles Manufacturing Inc. Adjusted Trial Balance For period ended May 31, 2014 Building Accumulated depreciation - building Machinery Accumulated depreciation - machinery Accounts payable Salaries and wages payable Utilities payable Unearned revenue Bonds payable, long-term Capital stock Retained earnings Sales Cost of merchandise sold Salaries and wages expense Depreciation expense Supplies expense Advertising expense Insurance expense Utilities expense Miscellaneous expense DEBIT $10,000 20,000 5,000 1,000 2,000 50,000 600,000 200,000 410,000 120,000 25,000 10,000 6,000 12,000 8,000 2,000 $1,481,000 CREDIT 60,000 75,000 15,000 10,000 1,000 8,000 30,000 240,000 352,000 690,000 $1,481,000 Cash Accounts receivable Inventory Prepaid expenses Supplies Land Principles Manufacturing Inc. Adjusted Trial Balance For period ended May 31, 2014 Building Accumulated depreciation - building Machinery Accumulated depreciation - machinery Accounts payable Salaries and wages payable Utilities payable Unearned revenue Bonds payable, long-term Capital stock Retained earnings Sales Cost of merchandise sold Salaries and wages expense Depreciation expense Supplies expense Advertising expense Insurance expense Utilities expense Miscellaneous expense DEBIT $10,000 20,000 5,000 1,000 2,000 50,000 600,000 200,000 410,000 120,000 25,000 10,000 6,000 12,000 8,000 2,000 $1,481,000 CREDIT 60,000 75,000 15,000 10,000 1,000 8,000 30,000 240,000 352,000 690,000 $1,481,000

Answer rating: 100% (QA)

Solution Income Statement Sales Less Cost of Goods Sold Gross Profit Operating Expenses Sa... View the full answer