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Income Statement, Statement of Owner's Equity, and Balance Sheet

Paulson's Pet Store completed the Adjusted Trial Balance for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $512,010. The current portion of Note Payable is $1,000.

Paulson's Pet Store End-of-Period Spreadsheet (Partial) December 31, 20- ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT 23,440.00 9,360.00 64,700.00 1,300.00 2,400.00 1,800.00 90,000.00 350,000.00 Cash accounts Receivable lerchandise Inventory stimated Returns Inventory upplies repaid Insurance and Euilding ccum. Depr.-Building Store Equipment accum. Depr.-Store Equipment ccounts Payable ustomer Refunds Payable Vages Payable Fales Tax Payable lote Payable . Paulson, Capital 20,000.00 120,000.00 3,600.00 9,570.00 1,500.00 1,300.00 3,440.00 8,000.00 542,010.00 3. Paulson, Drawing 4,700.00 ncome Summary 59,300.00 64,700.00 700.00 1,300.00 326,050.00 5,360.00 Fales ales Returns and Allowances Purchases urchases Returns and Allowances 162,640.00 4,080.00 urchases Discounts 3,200.00 1,600.00 reight-In Vages Expense 69,400.00 duracticinn Conra 100 Advertising Expense 1,100.00 Supplies Expense 700.00 2,736.00 Phone Expense Utilities Expense 2,864.00 1,600.00 10,000.00 Insurance Expense Depr. Expense-Building Depr. Expense-Store Equipment Miscellaneous Expense 1,800.00 600.00 Interest Expense 650.00 988,750.00 988,750.00 321,050.00 399,330.00 Net Income 78,280.00 1. Prepare a multiple-step income statement. Paulson's Pet Store Income Statement For Year Ended December 31, 20-- Revenue from sales: Cost of goods sold: 8 2 Operating expenses: 2. Prepare a statement of owner's equity. Paulson's Pet Store Statement of Owner's Equity For Year Ended December 31, 20-- Total investment 3. Prepare a balance sheet. Paulson's Pet Store Balance Sheet December 31, 20- Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: 8 Total liabilities Owner's Equity Total liabilities and owner's equity