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The accounts of Attempts Corporation are listed along with their adjusted balances before closing for the year ended June 30, 2023 Prepaid Expenses Inventory Note payable, long-term Salary payable Supplies Expense Depreciation Expense Sales revenue Insurance Expense Land Rent Expense Office Supplies Unearned sales revenue Sales Returns & Allowances 6,000 125,000 100,000 37,500 2,500 7,500 500,000 12,000 75,000 84,000 6,000 40,000 50,000 Accounts payable Accounts receivable Accumulated depreciation Common Stock Retained Earnings, July 1, 2022 Cash Cost of goods sold Miscellaneous Expense Advertising Expense Equipment Salaries Expense Notes payable, short-term Sales Discounts All month-end adjustments have already been made. Assume all accounts have normal balances. No dividends were declared or paid during the fiscal year. Requirements: 1. Prepare a multi-step income statement 2. Prepared the statement of retained earnings 3. Prepared a classified balance sheet 16,700 33,000 44,500 200,000 40,000 76,200 250,000 500 6,000 135,000 150,000 45,000 5,000 The accounts of Attempts Corporation are listed along with their adjusted balances before closing for the year ended June 30, 2023 Prepaid Expenses Inventory Note payable, long-term Salary payable Supplies Expense Depreciation Expense Sales revenue Insurance Expense Land Rent Expense Office Supplies Unearned sales revenue Sales Returns & Allowances 6,000 125,000 100,000 37,500 2,500 7,500 500,000 12,000 75,000 84,000 6,000 40,000 50,000 Accounts payable Accounts receivable Accumulated depreciation Common Stock Retained Earnings, July 1, 2022 Cash Cost of goods sold Miscellaneous Expense Advertising Expense Equipment Salaries Expense Notes payable, short-term Sales Discounts All month-end adjustments have already been made. Assume all accounts have normal balances. No dividends were declared or paid during the fiscal year. Requirements: 1. Prepare a multi-step income statement 2. Prepared the statement of retained earnings 3. Prepared a classified balance sheet 16,700 33,000 44,500 200,000 40,000 76,200 250,000 500 6,000 135,000 150,000 45,000 5,000
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Answer rating: 100% (QA)
1 MultiStep Income Statement Net Sales Sales Revenue 500000 Less Sales Discounts 500 Sales Returns Allowances 45000 Net Sales 500000 500 45000 Net sales 454500 Gross Profit Net Sales 454500 Cost of Go... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
Posted Date:
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