The following is a list of the accounts and balances taken from the adjusted trial balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31 2021 for Meilleur Merchants. Meilleur uses a perpetual inventory system and the earnings approach for revenue recognition. The list of accounts is in alphabetical order. All accounts have normal balances. Balance Dec. 31 Account 1 Accounts payable $15,000 2 Accounts receivable 30,000 3 Accumulated depreciation-building 15,500 4 Accumulated depreciation-equipment 10,000 5 Advertising expense 4,300 6 Building 84,600 7 S. Meilleur, capital 75,000 8 S. Meilleur, drawings 28,300 9 Cash 4,500 10 Cost of goods sold 235,500 11 Depreciation expense 5,800 12 Equipment 24,500 13 Freight out 650 14 Insurance expense 1,550 15 Interest expense 1,720 16 Interest revenue 1,140 17 Land 12,000 18 Merchandise inventory 105,000 19 Mortgage payable 57,600 20 Prepaid insurance 2,100 21 Property tax expense 1,400 22 Property taxes payable 600 23 Rent revenue 1,900 24 Salaries expense 25 Salaries payable 41,500 650 422,600 15,500 26 Sales 27 Sales discounts 28 Sales returns and allowances 17,700 29 Unearned revenue 23,000 + 0.2K/s 30 Utilities expense 2,200 OK/s 22% Prepare a multiple-step income statement for Meilleur Merchant for the year ended December 31, 2021. MEILLEUR MERCHANTS Income Statement ▼ $ T The following is a list of the accounts and balances taken from the adjusted trial balance at December 31 2021 for Meilleur Merchants. Meilleur uses a perpetual inventory system and the earnings approach for revenue recognition. The list of accounts is in alphabetical order. All accounts have normal balances. Balance Dec. 31 Account 1 Accounts payable $15,000 2 Accounts receivable 30,000 3 Accumulated depreciation-building 15,500 4 Accumulated depreciation-equipment 10,000 5 Advertising expense 4,300 6 Building 84,600 7 S. Meilleur, capital 75,000 8 S. Meilleur, drawings 28,300 9 Cash 4,500 10 Cost of goods sold 235,500 11 Depreciation expense 5,800 12 Equipment 24,500 13 Freight out 650 14 Insurance expense 1,550 15 Interest expense 1,720 16 Interest revenue 1,140 17 Land 12,000 18 Merchandise inventory 105,000 19 Mortgage payable 57,600 20 Prepaid insurance 2,100 21 Property tax expense 1,400 22 Property taxes payable 600 23 Rent revenue 1,900 24 Salaries expense 25 Salaries payable 41,500 650 422,600 15,500 26 Sales 27 Sales discounts 28 Sales returns and allowances 17,700 29 Unearned revenue 23,000 + 0.2K/s 30 Utilities expense 2,200 OK/s 22% Prepare a multiple-step income statement for Meilleur Merchant for the year ended December 31, 2021. MEILLEUR MERCHANTS Income Statement ▼ $ T
Expert Answer:
Answer rating: 100% (QA)
MEILLEUR MERCHANTS Income Statement For the year ended December 3... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
The following is a list of selected accounts and ending account balances taken from the books of the Adams Company on December 31, 2007: Account Title Amount Premium on preferred stock .......... $...
-
The following is a list of costs that were incurred in the production and sale of lawn mowers:a. Attorney fees for drafting a new lease for headquarters offices.b. Commissions paid to sales...
-
Tabulate the function f(x) = sin x for x = 0.0(0.2)1.6. From this table estimate, by linear interpolation, the value of sin 1.23. Construct a table equivalent to Figure 2.102, and so estimate the...
-
Between Wendys and McDonalds, which fast-food drive-through window is faster? To answer the question, a random sample of service times for each restaurant was measured. Can we infer from these data...
-
Sky Train Inc. originally issued 10-year bonds with a face value of $1000 at par. The bonds have a coupon rate of 8%, and coupons are paid semiannually. The bonds will mature in 6 years, and the...
-
A solid at an initial temperature of \(T_{0}\) is exposed to colder surroundings at \(T_{\mathrm{a}}\) and is cooling down by radiation heat loss. Develop a model based on the lumping approximation...
-
Aaron deposited $900 every 6 months for 20 years into a fund paying 5.5% compounded semi-annually. Five years after the last deposit, he converted the existing balance in the fund into an ordinary...
-
The following information is available for Oriole Company for the year ended December 31, 2022: Accounts payable 4,900 Stock investments (long-term) 9,100 Accumulated depreciation, equipment 4,400...
-
Imogen runs the Manor Park Hotel in Powys, Wales. She purchased the 50-bedroom hotel 10 years ago. She is wondering if the business is trading as well as it could be and would like a report stating...
-
What is the net present value of the following stream of cash flows assuming the opportunity cost rate is 11% and 10%? Solve NPV using each cash flow and the NPV function in Excel. Year 0: -$12,000...
-
What Culture Is and What It Does to Us" from "A Practical Guide to Culture" in the resource list for this devotional. Navigate to the threaded discussion and respond to the following discussion...
-
An effective Human Service Professional (Wellness, empathy, acceptance, competence, etc.) Using the characteristics listed, some of the qualities you possess as an individual that will allow you to...
-
Anna is a new licensed clinical social worker who has worked for a university counseling center for two months. Thomas is a student who was referred to her at the beginning of the semester for...
-
Cultural humility refers to the attitude and practice of working with clients at the micro, mezzo, and macro levels with a presence of humility while learning, communicating, offering help, and...
-
Toby wants to calculate her COGS for a fertilizing job she did last week. She used 4 0 pounds of fertilizer that she bought in bulk ( $ 1 , 0 0 0 for 2 , 0 0 0 pounds ) . It took her employee 1 . 5...
-
You are an ambitious Gen Z, twenty-something with a You Tube channel, with 1M followers, a social influencer, and a new Tik Tok sensation. Your skill is hearing sounds and quickly mimicking them,...
-
2. Assume a person bends forward to lift a load "with his back" as shown in Figure P12.42a. The person's spine piv- ots mainly at the fifth lumbar vertebra, with the principal supporting force...
-
On December 31, 2006 Marsh Company held 1,000 shares of X Company common stock in its portfolio of long-term investments in available-for-sale securities. The stock had cost $15 per share and has a...
-
In 2008, 3 years after it began operations, the Pearce Corporation decided to change from the direct write-off method of recording bad debts to estimating bad debts. The following information is...
-
The following is a partial list of the account balances, after adjustments, of the Silvoso Company on December 31, 2007: The following information is also available: 1. The company declared and paid...
-
A sample contains radioactive atoms of two types, A and B. Initially there are five times as many A atoms as there are B atoms. Two hours later, the numbers of the two atoms are equal. The half-life...
-
About \(12 \%\) of your body mass is carbon; some of this is radioactive \({ }^{14} \mathrm{C}\), a beta-emitter. If you absorb \(100 \%\) of the\(49 \mathrm{keV}\) energy of each \({ }^{14}...
-
You are assisting in an anthropology lab over the summer by carrying out \({ }^{14} \mathrm{C}\) dating. \(\mathrm{A}\) graduate student found a bone he believes to be 20,000 years old. You extract...
Study smarter with the SolutionInn App