Question: What is the MULTI- STEP format income statement. Not single step CREDIT DEBIT 34,990 $ S 59,881 29,204 114,000 36,000 1.825 7,301 220,000 150,000 Fresh
What is the MULTI- STEP format income statement. Not single stepCREDIT DEBIT 34,990 $ S 59,881 29,204 114,000 36,000 1.825 7,301 220,000 150,000 Fresh Thinking Ltd. Adjusted Trial Balance December 31, 2019 Account Names Cash Accounts Payable Accounts Receivable Accumulated Depreciation, Building Accumulated Depreciation, Furniture & Equipment Advertising Expense Allowance for Doubtful Accounts Bad Debt Expense Bank Loan ($20,000 due in 2020) Building Common Shares (3,000 shares at $10 each) Cost of Goods Sold Depreciation Expense, Building Depreciation Expense, Furniture & Equipment Dividends Declared Dividends Payable Furniture & Equipment Income Tax Expense Insurance Expense Interest Expense Interest Revenue Inventory Land Other revenue or expense Prepaid Expenses Retained Earnings 30,000 87,255 6,000 12,000 5,000 5.000 60,000 5,600 3,531 11.000 75.226 190.000 14,108 10,120 40.236 27,130 Unearned Revenue Utilities Expense Wages Expense TOTALS $ 48,750 742,555 742,555
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
