The records of ABC Company list the following selected accounts for the quarter ended September 30, 2022:

Requirements
1.      Prepare a multi-step income statement.
2.      Prepare a statement of owners' equity.
3.      Prepare a balance sheet.
4.      Answer these questions about the company:
a.   Was the result of operations for the year a profit or a loss? How much?
b.  How much in total economic resources does the company have as it moves into the new year?
c.   How much does the company owe to creditors?
d.  What is the dollar amount of the stockholders’ equity in the business at the end of the year?

Transcribed Image Text:

Interest revenue Inventory Note payable, long-term Salary payable Sales discounts Sales returns and allowances Sales revenue Selling expense Supplies Unearned sales revenue Interest payable 400 Accounts payable 45,700 Accounts receivable 42,000 Accumulated depreciation 3,400 Retained earnings, Jun 30 2,200 Dividends 8,400 Cash 296,700 Cost of goods sold 37,500 Equipment 6,000 General expenses 13,200 Common stock 1,200 16,500 33,900 37,500 38,900 18,500 8,100 162,400 125,000 16,100 14,000 Interest revenue Inventory Note payable, long-term Salary payable Sales discounts Sales returns and allowances Sales revenue Selling expense Supplies Unearned sales revenue Interest payable 400 Accounts payable 45,700 Accounts receivable 42,000 Accumulated depreciation 3,400 Retained earnings, Jun 30 2,200 Dividends 8,400 Cash 296,700 Cost of goods sold 37,500 Equipment 6,000 General expenses 13,200 Common stock 1,200 16,500 33,900 37,500 38,900 18,500 8,100 162,400 125,000 16,100 14,000

Answer rating: 100% (QA)

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