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Accounts Receivable Accumulated Depr-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight Out Equipment Depreciation Expense Insurance Expense 30,300 35,000 26,000 40,200 509,000 10,500 5,000 146,500 30,300 Notes payable 46,000 26,000 40,200 509,000 10,500 5,000 146,500 11,000 7,100 Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances 36,500 10,500 17,000 61,700 94,900 6,500 7.800 36,500 3,400 2,500 2,500 17,000 61,700 94,900 11,000 4,500 7.800

Accounts Receivable Accumulated Depr-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight Out Equipment Depreciation Expense Insurance Expense 30,300 35,000 26,000 40,200 509,000 10,500 5,000 146,500 30,300 Notes payable 46,000 26,000 40,200 509,000 10,500 5,000 146,500 11,000 7,100 Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances 36,500 10,500 17,000 61,700 94,900 6,500 7.800 36,500 3,400 2,500 2,500 17,000 61,700 94,900 11,000 4,500 7.800

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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The Concord Corporation is located in midtown Madison. During the past several years, net income has been declining because suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Unadjusted $25,000 30,300 35,000 26,000 40,200 509,000 10,500 5,000 146,500 Adjusted $25,000 Inventory 30,300 Notes payable 46,000 26,000 40,200 509,000 10,500 5,000 146,500 11,000 7,100 Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Unadjusted Adjusted $29,000 $29,000 36,500 36,500 3,400 10,500 17,000 61.700 94,900 6,500 7,800 2,500 2,500 17,000 61,700 94,900 11,000 4,500 7,800
Transcribed Image Text:The Concord Corporation is located in midtown Madison. During the past several years, net income has been declining because suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Unadjusted $25,000 30,300 35,000 26,000 40,200 509,000 10,500 5,000 146,500 Adjusted $25,000 Inventory 30,300 Notes payable 46,000 26,000 40,200 509,000 10,500 5,000 146,500 11,000 7,100 Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Unadjusted Adjusted $29,000 $29,000 36,500 36,500 3,400 10,500 17,000 61.700 94,900 6,500 7,800 2,500 2,500 17,000 61,700 94,900 11,000 4,500 7,800
Interest Expense Interest Revenue (a1) 6,200 9,000 6,200 9,000 Sales Revenue Utilities Expense 700,000 700,000 8,200 8,200 Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) Concord Corporation Income Statement
Transcribed Image Text:Interest Expense Interest Revenue (a1) 6,200 9,000 6,200 9,000 Sales Revenue Utilities Expense 700,000 700,000 8,200 8,200 Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) Concord Corporation Income Statement
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