Question: The work sheet for Courtland Corp. is shown below. Complete the classified multi-step income statement on the right. Balance Sheet and Statement of Accumulated
The work sheet for Courtland Corp. is shown below. Complete the classified multi-step income statement on the right. Balance Sheet and Statement of Accumulated Depreciation, Store Equipment Income Statement Debit Credit Changes in Equity Debit Credit 41,500 20,500 Accumulated Depreciation, Store Fixtures...... X Cost Of Goods Sold 41,500 X Depreciation Expense, Store Equipment 9,000 X Depreciation Expense, Store Fixtures 18,000 Dividends 27,500 Income Taxes Expense.. 19,300 Income Taxes Payable.. Interest Expense. Liabilities Merchandise Inventory. X Office Salaries Expense.. Rent Earned 19,300 30,000 45,500 170,000 125,000 303,500 X Rent expense, office space.. 102,000 X Rent expense, selling space. 108,500 Retained Earnings.. 128,500 X Sales, 413,500 X Sales Discounts. 17,500 X Sales Returns and Allowances 16,500 X Sales Salaries Expense... 152,500 Share Capital Store Equipment. 162,500 204,500 93,000 Store Fixtures, Totals Net Income Totals.. 639,800 717,000 495,000 417,800 77,200 77,200 717,000 717,000 495,000 495,000
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