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ACC 111 Project 10 Nicholas Company had the following Adjusted Trial Balance for the month ended May 31, 2016. Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Debit Credit Cash $349,461 Petty Cash Fund 4,800 Accounts Receivable 22,100 Merchandise Inventory, 5/1/16 54,900 Store Supplies 10,800 Office Supplies 3,700 Prepaid Insurance 3,117 Land 38,000 Forklift 32,900 Accumulated Depreciation, Forklift $800 Delivery Truck 156,000 Accumulated Depreciation, Delivery Truck 1,650 Accounts Payable 93,600 Salaries Payable 1,800 Unearned Sales Revenue 27,700 Notes Payable (Long-Term) 125,000 Nicholas Ram, Capital 395,100 Nicholas Ram, Drawings 4,500 Sales Revenue 261,500 Sales Discounts 645 Sales Returns and Allowances 4,700 Purchases 172,000 Purchases Discounts 3,796 Purchases Returns and Allowances 8,600 Freight-in 1,890 Salaries Expense 33,800 Utilities Expense 8,300 Repair Supplies Expense 800 Postage Expense 480 Rent Expense 14,500 Depreciation Expense, Delivery Truck 850 Depreciation Expense, Forklift 800 Office Supplies Expense 1,400 Insurance Expense 283 Cash Short & Over 20 Interest Expense 3,300 Interest Revenue 4,500 Totals $924,046 $924,046 Prepare the Multi-Step Income Statement. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in Nicholas Company Income Statement For the Month Ended May 31, 2016 Net Sales Gross Sales Less Sales Discounts $ Sales Returns and Allowances Net Sales $ Cost of Goods Sold Merchandise Inventory, Beginning Purchases Less : Purchases Discounts Purchases Returns and Allowances Net Purchases Add Freight-in Net Cost of Goods Purchased Cost of Goods Available for Sale Less Merchandise Inventory, Ending Cost of Goods Sold Gross Margin Operating Expenses Salaries Expense Utilities Expense Repair Supplies Expense Postage Expense Rent Expense Depreciation Expense, Delivery Truck Depreciation Expense, Forklift Office Supplies Expense Insurance Expense Cash Short & Over Total Operating Expenses Income from Operations Operating Revenues/(Expenses) Interest Expense Interest Revenue Net Income / (Loss) Prepare a Classified Balance Sheet. (List Current Assets in order of liquidity. List Property, plant and Equipment in or Nicholas Company Balance Sheet May 31, 2016 Assets Current Assets Cash Petty Cash Fund Accounts Receivable Merchandise Inventory Store Supplies Office Supplies Prepaid Insurance Total Current Assets Property, Plant, and Equipment Land Forklift Less Accumulated Depreciation, Forklift Delivery Truck Less Accumulated Depreciation, Delivery Truck Total Property, Plant, and Equipment Total Assets Liabilities and Owner's Equity Liabilities Current Liabilities Accounts Payable Salaries Payable Unearned Sales Revenue Total Current Liabilities Long-Term Liabilities Notes Payable (Long-Term) Total Liabilities Owner's Equity Nicholas Ram, Capital Total Liabilities and Owner's Equity