a. Create a single-step Income Statement b. Create a multi-step Income Statement Happy Hounds, Inc. Adjusted Trial Balance For the Year ended December 31, 2024 Debit Credit Cash 2,675 Supplies 1,000 Accounts Receivable 4,000 Inventory 4,500 Equipment 8,000 Accumulated Depreciation 3,745 Accounts Payable 1,800 Notes Payable 950 Unearned Fees 590 Retained Earnings 10,000 Dividends 400 Sales 9,400 Wages Expense 2,500 Cost of Goods Sold 2,250 Supplies Expense 50 Utilities Expense 850 Depreciation Expense 250 Interest Expense 85 Interest Revenue 75 Totals
a. Create a single-step Income Statement b. Create a multi-step Income Statement Happy Hounds, Inc. Adjusted Trial Balance For the Year ended December 31, 2024 Debit Credit Cash 2,675 Supplies 1,000 Accounts Receivable 4,000 Inventory 4,500 Equipment 8,000 Accumulated Depreciation 3,745 Accounts Payable 1,800 Notes Payable 950 Unearned Fees 590 Retained Earnings 10,000 Dividends 400 Sales 9,400 Wages Expense 2,500 Cost of Goods Sold 2,250 Supplies Expense 50 Utilities Expense 850 Depreciation Expense 250 Interest Expense 85 Interest Revenue 75 Totals
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| Using the information from page 2: | ||
| a. Create a single-step Income Statement | ||
| b. Create a multi-step Income Statement | ||
| Happy Hounds, Inc. | ||
| Adjusted |
||
| For the Year ended December 31, 2024 | ||
| Debit | Credit | |
| Cash | 2,675 | |
| Supplies | 1,000 | |
| 4,000 | ||
| Inventory | 4,500 | |
| Equipment | 8,000 | |
| 3,745 | ||
| Accounts Payable | 1,800 | |
| Notes Payable | 950 | |
| Unearned Fees | 590 | |
| 10,000 | ||
| Dividends | 400 | |
| Sales | 9,400 | |
| Wages Expense | 2,500 | |
| Cost of Goods Sold | 2,250 | |
| Supplies Expense | 50 | |
| Utilities Expense | 850 | |
| Depreciation Expense | 250 | |
| Interest Expense | 85 | |
| Interest Revenue | 75 | |
| Totals | 26,560 | 26,560 |
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