Question: I need help using the following data to make a multiple step income statement in proper format (LO 4, 5) Big Box Store is located
I need help using the following data to make a multiple step income statement in proper format

(LO 4, 5) Big Box Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in its adjusted trial balance. Adjusted Adjusted Accounts Payable $ 25,200 Notes Payable $ 37,000 Accounts Receivable 30,500 Owner's Capital 101,700 Accumulated Depr.-Equip. 45,000 Owner's Drawings 10,000 Cash 26,000 Prepaid Insurance 3,500 Cost of Goods Sold 518,000 Property Tax Expense 2,500 Freight-Out 6,500 Property Taxes Payable 2,500 Equipment 146,000 Rent Expense 15,000 Depreciation Expense 11,000 Salaries and Wages Expense 96,000 Insurance Expense 7,000 Sales Revenue 720,000 Interest Expense 6,400 Sales Commissions Expense 11,000 Interest Revenue 2,000 Sales Commissions Payable 4,500 Inventory 32,000 Sales Returns and Allowances 8,000 Utilities Expense 8,500 Instructions
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
