Given the trial balance: 1) prepare a multi-step income statement 2) a statement of retained earnings 3)
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Given the trial balance:
1) prepare a multi-step income statement
2) a statement of retained earnings
3) prepare a classified balance sheet
Transcribed Image Text:
Cash Accounts Receivable, net Inventory, December 31 Prepaid Insurance Prepaid Rent Prepaid Advertising Equipment Accumulated Depreciation-Eqpuipment Accounts Payable Notes Payable Trial Balance December 31, 2018 Debits Credits $ 22,500 17,350 70,350 5,200 20,000 2,500 60,000 $ 22,500 17,000 25,000 5,400 Salaries Payable Payroll Tax Payable Interest Payable 2,130 250 Common Stock 10,000 Retained Earnings 100,525 Dividends 15,500 Sales Revenue 496,625 Cost of Goods Sold 207,400 Bad Debt Expense 4,900 Rent Expense 20,000 Interest Expense 2,000 Legal Fees Expense Insurance Expense 450 5,200 Property Tax Expense 1,250 Postage Expense 224 Salaries Expense (admin) 59,850 Advertising Expense 26,700 Utilities Expense 22,500 Payroll Tax Expense (operations) 11,445 Income Tax Expense 8,133 Payroll Tax Expense (admin) 8,978 Salaries Expense (operations) 76,300 Depreciation Expense 6,500 Supplies Expense 4,200 Total $ 679,430 $ 679,430 Note that accounts may or many not be listed in standard way of ordering (Assets, Liabilites, Equity, Revenue, and Expenses). Cash Accounts Receivable, net Inventory, December 31 Prepaid Insurance Prepaid Rent Prepaid Advertising Equipment Accumulated Depreciation-Eqpuipment Accounts Payable Notes Payable Trial Balance December 31, 2018 Debits Credits $ 22,500 17,350 70,350 5,200 20,000 2,500 60,000 $ 22,500 17,000 25,000 5,400 Salaries Payable Payroll Tax Payable Interest Payable 2,130 250 Common Stock 10,000 Retained Earnings 100,525 Dividends 15,500 Sales Revenue 496,625 Cost of Goods Sold 207,400 Bad Debt Expense 4,900 Rent Expense 20,000 Interest Expense 2,000 Legal Fees Expense Insurance Expense 450 5,200 Property Tax Expense 1,250 Postage Expense 224 Salaries Expense (admin) 59,850 Advertising Expense 26,700 Utilities Expense 22,500 Payroll Tax Expense (operations) 11,445 Income Tax Expense 8,133 Payroll Tax Expense (admin) 8,978 Salaries Expense (operations) 76,300 Depreciation Expense 6,500 Supplies Expense 4,200 Total $ 679,430 $ 679,430 Note that accounts may or many not be listed in standard way of ordering (Assets, Liabilites, Equity, Revenue, and Expenses).
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
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