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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

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

FINANCIAL ACCOUNTING
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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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 the current year, its third year of operations. Cash Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Office Supplies Store Equipment Accumulated Depreciation-Store Eqpt. Office Equipment Accumulated Depreciation-Office Eqpt. Accounts Payable Notes payable VAT Payable Anya Rama, Capital Anya Rama, Drawing Sales Sales Returns & Allowances P130,115 30,000 125,750 4,835 785,345 6,000 3,750 120,000 36,000 60,000 18,000 335,535 50,000 10,550 586,230 48,000 1,950,345 16,750 24,820 1,320,500 12,585 20,350 31,475 115,600 18,000 12,260 12,000 6,875 65,900 Sales Discounts Purchases Purchases Returns & Allowances Purchases Discounts Transportation In Sales Salary Expense Advertising Expense Transportation Out Depreciation-Store Eqpt. Misc. Selling Expense Office Salary Expense Rent Expense Insurance Expense Supplies Expense Tax Expense Depreciation-Office Equipment Bad Debts Expense Misc. General Expense Interest Income Interest Expense 48,00 9,000 8,650 6,750 6,000 2,515 4,975 600 6,000 Required: Prepare the following 1. A Multi-Step Income Statement for the year ended December 31, of the current year. 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 current year. Assume that Anya Rama, capital on January 1, was P510,450 3. A Balance Sheet as of December 31 of the current year. Assume that only P10,000 of Notes Payable is a current liability. 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
Transcribed Image Text:The following are adjusted ledger account balances of Anya Hardware Company for the current year, its third year of operations. Cash Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Office Supplies Store Equipment Accumulated Depreciation-Store Eqpt. Office Equipment Accumulated Depreciation-Office Eqpt. Accounts Payable Notes payable VAT Payable Anya Rama, Capital Anya Rama, Drawing Sales Sales Returns & Allowances P130,115 30,000 125,750 4,835 785,345 6,000 3,750 120,000 36,000 60,000 18,000 335,535 50,000 10,550 586,230 48,000 1,950,345 16,750 24,820 1,320,500 12,585 20,350 31,475 115,600 18,000 12,260 12,000 6,875 65,900 Sales Discounts Purchases Purchases Returns & Allowances Purchases Discounts Transportation In Sales Salary Expense Advertising Expense Transportation Out Depreciation-Store Eqpt. Misc. Selling Expense Office Salary Expense Rent Expense Insurance Expense Supplies Expense Tax Expense Depreciation-Office Equipment Bad Debts Expense Misc. General Expense Interest Income Interest Expense 48,00 9,000 8,650 6,750 6,000 2,515 4,975 600 6,000 Required: Prepare the following 1. A Multi-Step Income Statement for the year ended December 31, of the current year. 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 current year. Assume that Anya Rama, capital on January 1, was P510,450 3. A Balance Sheet as of December 31 of the current year. Assume that only P10,000 of Notes Payable is a current liability. 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
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