"Murray's Mercantile completed the work sheet below for the year ended December 31, 20X1. Owners equity as of January 1, 20X1, was $5,000. The current portion of Mortgage Payable is $500.

REQUIRED:

1. Prepare a multiple-step income statement.

2. Prepare a statement of owners equity.

3. Prepare a balance sheet."

WORK SHEET

1. Complete a Multi-Step Income Statement using the format started for you
Murray's Mercantile
Income Statement
???
Revenue from Sales:
Sales					$ -
					$ -
						$ -
Cost of Goods Sold:
Beginning Inventory					$ -
			$ -
		$ -
		$ -	$ -
			$ -
			$ -
					$ -
					$ -
					$ -
Cost of Goods Sold						$ -
						$ -
Operating expenses:
					-
					-
					-
					-
					-
						$ -
						$ -
						$ -
Net Income						$ -
2. Complete a Statement of Owner's Equity using the format started for you
Murray's Mercantile
Statement of Owenr's Equity
???
Murray, capital, January 1, 20X1			$ -
			$ -
			$ -
		$ -
		$ -
			$ -
			$ -
3. Complete a Balance Sheet using the format started for you
Murray's Mercantile
Balance Sheet
???
Assets
		$ -
		$ -
		$ -
		$ -
			$ -
		$ -
		$ -	$ -
			$ -
Liabilities
		$ -
		$ -
		$ -
			$ -
		$ -	$ -
			$ -
Owner's Equity
			$ -
			$ -

Balance Sheet Debit Trial Balance AdjustmentsAdjusted Trial Balae Income Statement Credit Account Title Credit Debit Credit Credit Debit Credit Accounts Receivable 4,430 4,220 3,800 3,660 Wages Payable Motage Payable 1,200 5,400 1,200 5,400 ,220 4,430 4 14,180 130 8,130 Sales Returns and Allowances Purchases Returns and Purchases Discounts 8 6 0 Depr. ExpenseEquipment 17,070= 10,940 1.980 25.430 8,870 29,990 29,990 12,920 19,050 19,05012920 12920 12,920