Please help me prepare single step income statement only which is requirement 4. Thanks The following are adjusted ledger account balances of Anya Hardware Company for thecurrent year, its third year of operations.CashNotes ReceivableAccounts ReceivableAllowance for Doubtful AccountsMerchandise InventoryPrepaid InsuranceOffice SuppliesStore EquipmentAccumulated Depreciation-Store Eqpt.Office EquipmentAccumulated Depreciation-Office Eqpt.Accounts PayableNotes payableVAT PayableAnya Rama, CapitalAnya Rama, DrawingSalesSales Returns & AllowancesP130,11530,000125,7504,835785,3456,0003,750120,00036,00060,00018,000335,53550,00010,550586,23048,0001,950,34516,75024,8201,320,50012,58520,35031,475115,60018,00012,26012,0006,87565,900Sales DiscountsPurchasesPurchases Returns & AllowancesPurchases DiscountsTransportation InSales Salary ExpenseAdvertising ExpenseTransportation OutDepreciation-Store Eqpt.Misc. Selling ExpenseOffice Salary ExpenseRent ExpenseInsurance ExpenseSupplies ExpenseTax ExpenseDepreciation-Office EquipmentBad Debts ExpenseMisc. General ExpenseInterest IncomeInterest Expense48,009,0008,6506,7506,0002,5154,9756006,000Required: Prepare the following1. A Multi-Step Income Statement for the year ended December 31, of the currentyear. Assume that the merchandise Inventory on January 1, was P715,250.2. The Statement of Owner's Equity for the year ended December 31, of the currentyear. Assume that Anya Rama, capital on January 1, was P510,4503. A Balance Sheet as of December 31 of the current year. Assume that only P10,000of Notes Payable is a current liability.4. A Single-Step Income Statement for the year ended December 31, of the currentyear. Use the data from your Multi-Step Income Statemment

Here in this question we are required to prepare single step income statement. Single step income…

Answered: 4. A Single-Step Income Statement for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Noor started her business on June 1, 2020. Noor Trial Balance August 31, 2020 SL Particulars Debit Credit 1 Cash 55,600 2 Supplies 16,300 3 Prepaid Insurance 16,000 4 Land 22,000 5 Cottages 5,000 Furniture 26,000 7 Account Payable 16,500 8 Unearned Rent 10,400 Mortgage Payable 10,000 10 Сapital 70,000 11 Drawing 5,000 12 Rent Revenue 57,000 13 Repair Expense 3,600 14 Salaries Expense 5,000 15 Utility Expense 9,400 ТОTAL 163,900 163,900 Other information: (1) End of August 31 the balance of prepaid insurance is Tk. 1600 (2) Supplies used during the period Tk. 800 (3) Furniture has 6 years life with no salvage value and cost is Tk 26000 [formula: Depreciation = (cost - salvage value) / lifetime] (4) Balance of unearned revenue is 700 at the end of August 31.
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4. A Single-Step Income Statement for the year ended December 31, of the current year. Use the data from your Multi-Step Income Statemment