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Activity 2 Preparation of Multiple-Step Income Statement (Average). Solve for the requirement in each of the following case problems. Write your solution and answer on the space provided Case 1. ABS Warehouse Rental had the following adjusted trial balance on December 31, 2020. ABS Warehouse Rental Adjusted Trial Balance December 31, 2020 Deb Credit Cash 34,400 Merchandise Inventory 32,000 Inventory returns estimated 4,000 Store equipment 75.900 Accumulated depreciation-store equipment 22,000 Office equipment 60,000 Accumulated depreciation-office equipment 15,000 35,000 Sales refund payable 7,000 Notes payable 10,000 Common stock 1,000 Retained earnings 109,700 Dividends 48,000 Sales 325,000 discounts 6,000 Sales returns and allowances 16,500 Cost of goods sold 195.000 Selling expenses 32,500 General and administrative expenses 19,800 Interest expense 600 Total 524,700 524,700 Accounts payable Requirement: Prepare the income statement of the company using a mutiple-step format and funcion of expense method of expense analysis. Use a separate sheet of paper for your solution. Atach your answer to this activity sheet upon submission Case 2 A portion of the December 31, 2020 adjusted trial balance for the GV Company is shown below Sales inet of P8.000 sales discounts and P24,500 sales return and slowance) P417.500 Cost of goods sold P210.000 Salaries expense P38.000 Depreciation experie-building P40.000 Advertising expense P12300 Office supplies expense P3.500 Gainon disposal of store equipment P3.000 Interest expense P1000 UCNHS LR FM2 AS Page 33 Requirement: Prepare the income statement of the company using a multiple-step format and function of expense method of expense analysis. Use a separate sheet of paper for your solution. Attach your answer to this activity sheet upon submission Case 3. Below is the copy of PW Audio Supply's incomplete Worksheet dated December 31. 2017. PW Audio Supplysis P. N B F G j K PW AUDIO SUPPLY Worksheet For the Year Ended December 31, 2017 Trial Balance Adjustments Adjusted Income Balance Trial Balance Statement Sheet Accounts Dr. O Dr. Cr. Dr. Cr. Dr. CA Dr. Cr Cash 9,500 9,500 9,500 9 Accounts Receivable 16,100 16,100 16,100 10 INVENTORY 36,000 36,000 36,000 40,000 40,000 11 Prepaid Insurance 3,800 (a) 2,000 1,800 1,800 12 Equipment 30,000 B0,000 80,000 13 Accumulated Depreciation Equipment 16,000 (b) 8,000 24.000 24,000 14 Accounts Payable 20,400 20,400 20,400 15 Owner's Capital 83,000 83,000 B3,000 16 Owner's Drawings 15,000 15,000 15,000 17 SALES REVENUE 480,000 480,000 480,000 18 SALES RETURNS AND ALLOWANCES 12,000 12,000 12,000 19 SALES DISCOUNTS 8.000 8,000 8,000 20 PURCHASES 325,000 325,000 325.000 21 PURCHASE RETURNS AND ALLOWANCES 10,400 10,400 22 PURCHASE DISCOUNTS 6,800 6,800 6,800 23 FREIGHT-IN 12,200 12,200 12 200 24 24 Freight-Out 7,000 7,000 7,000 25 Advertising Expense 16,000 16,000 16,000 24 Salaries and Wages Expense 59,000 (5,000 64,000 27 Utilities Experise 17,000 17,000 17,000 20 616,600 616,600 29 Insurance Expense (a) 2,000 2,000 2,000 30 Depreciation Expense (b) 8,000 8,000 8,000 31 Salaries and Wages Payable (05,000 5,000 5,000 32 Totals 15,000 15,000 629,600 629,600 507,200 537,200 162,400 132,400 10,400 64,000 Totals Requirement: Evaluate the worksheet and prepare the income statement of the company using a multiple-step format and function of expense method of expense analysis. Use a separate sheet of paper for your solution. Attach your answer to this activity sheet upon submission. UCNHS LR | FABM2 AS Page 34 Activity 2 Preparation of Multiple-Step Income Statement (Average). Solve for the requirement in each of the following case problems. Write your solution and answer on the space provided Case 1. ABS Warehouse Rental had the following adjusted trial balance on December 31, 2020. ABS Warehouse Rental Adjusted Trial Balance December 31, 2020 Deb Credit Cash 34,400 Merchandise Inventory 32,000 Inventory returns estimated 4,000 Store equipment 75.900 Accumulated depreciation-store equipment 22,000 Office equipment 60,000 Accumulated depreciation-office equipment 15,000 35,000 Sales refund payable 7,000 Notes payable 10,000 Common stock 1,000 Retained earnings 109,700 Dividends 48,000 Sales 325,000 discounts 6,000 Sales returns and allowances 16,500 Cost of goods sold 195.000 Selling expenses 32,500 General and administrative expenses 19,800 Interest expense 600 Total 524,700 524,700 Accounts payable Requirement: Prepare the income statement of the company using a mutiple-step format and funcion of expense method of expense analysis. Use a separate sheet of paper for your solution. Atach your answer to this activity sheet upon submission Case 2 A portion of the December 31, 2020 adjusted trial balance for the GV Company is shown below Sales inet of P8.000 sales discounts and P24,500 sales return and slowance) P417.500 Cost of goods sold P210.000 Salaries expense P38.000 Depreciation experie-building P40.000 Advertising expense P12300 Office supplies expense P3.500 Gainon disposal of store equipment P3.000 Interest expense P1000 UCNHS LR FM2 AS Page 33 Requirement: Prepare the income statement of the company using a multiple-step format and function of expense method of expense analysis. Use a separate sheet of paper for your solution. Attach your answer to this activity sheet upon submission Case 3. Below is the copy of PW Audio Supply's incomplete Worksheet dated December 31. 2017. PW Audio Supplysis P. N B F G j K PW AUDIO SUPPLY Worksheet For the Year Ended December 31, 2017 Trial Balance Adjustments Adjusted Income Balance Trial Balance Statement Sheet Accounts Dr. O Dr. Cr. Dr. Cr. Dr. CA Dr. Cr Cash 9,500 9,500 9,500 9 Accounts Receivable 16,100 16,100 16,100 10 INVENTORY 36,000 36,000 36,000 40,000 40,000 11 Prepaid Insurance 3,800 (a) 2,000 1,800 1,800 12 Equipment 30,000 B0,000 80,000 13 Accumulated Depreciation Equipment 16,000 (b) 8,000 24.000 24,000 14 Accounts Payable 20,400 20,400 20,400 15 Owner's Capital 83,000 83,000 B3,000 16 Owner's Drawings 15,000 15,000 15,000 17 SALES REVENUE 480,000 480,000 480,000 18 SALES RETURNS AND ALLOWANCES 12,000 12,000 12,000 19 SALES DISCOUNTS 8.000 8,000 8,000 20 PURCHASES 325,000 325,000 325.000 21 PURCHASE RETURNS AND ALLOWANCES 10,400 10,400 22 PURCHASE DISCOUNTS 6,800 6,800 6,800 23 FREIGHT-IN 12,200 12,200 12 200 24 24 Freight-Out 7,000 7,000 7,000 25 Advertising Expense 16,000 16,000 16,000 24 Salaries and Wages Expense 59,000 (5,000 64,000 27 Utilities Experise 17,000 17,000 17,000 20 616,600 616,600 29 Insurance Expense (a) 2,000 2,000 2,000 30 Depreciation Expense (b) 8,000 8,000 8,000 31 Salaries and Wages Payable (05,000 5,000 5,000 32 Totals 15,000 15,000 629,600 629,600 507,200 537,200 162,400 132,400 10,400 64,000 Totals Requirement: Evaluate the worksheet and prepare the income statement of the company using a multiple-step format and function of expense method of expense analysis. Use a separate sheet of paper for your solution. Attach your answer to this activity sheet upon submission. UCNHS LR | FABM2 AS Page 34