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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The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Advertising expenses Buildings Cash ommon shares Cost of goods sold Deferred revenue Depreciation expense ype here to search Amis 21 $128,640 179,520 94,080 217,920 107,520 410.880 68.160 220,800 1.069.440 30,720 180,480 Equipment Income tax expense Insurance expense Inventory $907,200 Sales 58,560 112,320 222,720 Land 1,056,000 Loan payable (due in 2 years) 1,872,000 Prepaid expenses 27,840 Property tax payable Refund liability Salaries expense Salaries payable 17,280 20,160 744.960 24.960 2.519,040 23°C Mostly
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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