I am stuck on preparing a multi step income statement and statement of retained earnings
I am stuck on preparing a multi step income statement and statement of retained earnings
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I am stuck on preparing a multi step income statement and statement of
![End of Period Worksheet
Fort the year ended December 31,2020
Account Title
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
1,36,789
1,36,789
1,36,789
Accounts Receivable
3,78,956
3,78,956
3,78,956
Allownace for doubtful accounts
16,782
21,145
37,927
37,927
Interest Receivable
588
588
588
1,50,000
3,61,866
Notes Receivable
1,50,000
1,50,000
Merchandise Inventory
3,61,866
3,61,866
Prepaid Insurance
60,000
10,000
50,000
50,000
Prepaid Rent
30,000
10,000
20,000
20,000
Supplies
46,777
44,277
2,500
2,500
Equipment
Accumulated depreciation - Equipment
4,00,000
4,00,000
4,00,000
75,000
75,000
1,50,000
1,50,000
Accounts Payable
51,709
51,709
51,709
Salaries and wages Payable
Unearned revenue
70,000
70,000
70,000
24,000
2,000
22,000
22,000
Interest payable
Utilities payable
1,575
7,000
1,575
1,575
7,000
7,000
Note payable (final payment due 2023)
3,50,000
2,70,600
3,50,000
3,50,000
Common stock
2,70,600
2,70,600
Retained earnings
4,24,500
4,24,500
4,24,500
Dividends
1,20,000
1,20,000
1,20,000
Sales
40,50,864
40,50,864
40,50,864
Consulting Revenue
35,933
2,000
37,933
37,933
Sales Return and Allowances
3,00,000
3,00,000
3,00,000
Sales Discounts
1,00,000
1,00,000
1,00,000
19,50,000
Cost of goods sold
19,50,000
19,50,000
Salaries & wages expenses
12,70,000
75,000
12,00,000
70,000
12,70,000
Depreciation expense - Equipment
Bad debt expense
75,000
75,000
21,145
10,000
21,145
21,145
Insurance expense
10,000
10,000
Rent expense
Supplies expense
10,000
10,000
10,000
44,277
44,277
44,277
Utilities expense
65,000
7,000
72,000
72,000
Interest revenue
588
588
588
Interest expense
1,575
1,575
1,575
Total
52,99,388
52,99,388
2,41,584 2,41,584 54,74,695 54,74,695 38,53,997 40,89,385 16,20,699 13,85,311
2,35,388
40,89,385 40,89,385 16,20,699 16,20,699
Net Income
2,35,388
Total](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fca9940e3-89e3-43ef-9a30-a400490082bf%2F3007cac2-c7dc-49cc-ad7c-dcc57c80742e%2Fk7joeep_processed.png&w=3840&q=75)
Transcribed Image Text:End of Period Worksheet
Fort the year ended December 31,2020
Account Title
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
1,36,789
1,36,789
1,36,789
Accounts Receivable
3,78,956
3,78,956
3,78,956
Allownace for doubtful accounts
16,782
21,145
37,927
37,927
Interest Receivable
588
588
588
1,50,000
3,61,866
Notes Receivable
1,50,000
1,50,000
Merchandise Inventory
3,61,866
3,61,866
Prepaid Insurance
60,000
10,000
50,000
50,000
Prepaid Rent
30,000
10,000
20,000
20,000
Supplies
46,777
44,277
2,500
2,500
Equipment
Accumulated depreciation - Equipment
4,00,000
4,00,000
4,00,000
75,000
75,000
1,50,000
1,50,000
Accounts Payable
51,709
51,709
51,709
Salaries and wages Payable
Unearned revenue
70,000
70,000
70,000
24,000
2,000
22,000
22,000
Interest payable
Utilities payable
1,575
7,000
1,575
1,575
7,000
7,000
Note payable (final payment due 2023)
3,50,000
2,70,600
3,50,000
3,50,000
Common stock
2,70,600
2,70,600
Retained earnings
4,24,500
4,24,500
4,24,500
Dividends
1,20,000
1,20,000
1,20,000
Sales
40,50,864
40,50,864
40,50,864
Consulting Revenue
35,933
2,000
37,933
37,933
Sales Return and Allowances
3,00,000
3,00,000
3,00,000
Sales Discounts
1,00,000
1,00,000
1,00,000
19,50,000
Cost of goods sold
19,50,000
19,50,000
Salaries & wages expenses
12,70,000
75,000
12,00,000
70,000
12,70,000
Depreciation expense - Equipment
Bad debt expense
75,000
75,000
21,145
10,000
21,145
21,145
Insurance expense
10,000
10,000
Rent expense
Supplies expense
10,000
10,000
10,000
44,277
44,277
44,277
Utilities expense
65,000
7,000
72,000
72,000
Interest revenue
588
588
588
Interest expense
1,575
1,575
1,575
Total
52,99,388
52,99,388
2,41,584 2,41,584 54,74,695 54,74,695 38,53,997 40,89,385 16,20,699 13,85,311
2,35,388
40,89,385 40,89,385 16,20,699 16,20,699
Net Income
2,35,388
Total
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