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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

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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I am stuck on preparing a multi step income statement and statement of retained earnings

 

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
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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