I need help with D and E PA11. LO 6.6 The following is the adjusted trial balance data for Emma's Alterations as of December 31, 2019.EMMA'S ALTERATIONSAdjusted Trial BalanceYear Ended December 31, 2019DebitCreditCash$ 600,538Accounts Receivable50,689EquipmentMerchandise InventoryAccounts PayableCommon StockSales199,430169,744$ 234,893502,200393,426100,97665,500Interest RevenueRent RevenueSales Salaries ExpenseOffice Supplies ExpenseSales Discounts26,7504,90361,347Interest Expense3,57055,432Sales Returns and AllowancesCost of Goods Sold90,333Rent Expense10,4008,5603,42111,878$1,296,995Depreciation Expense: Office EquipmentInsurance ExpenseAdvertising ExpenseTotals$1,296,995A. Use the data provided to compute net sales for 2019.B. Compute the gross margin for 2019.C. Compute the gross profit margin ratio (rounded to nearest hundredth).D. Prepare a simple income statement for the year ended December 31, 2019.E. Prepare a multi-step income statement for the year ended December 31, 2019.

Single step Income statement does not show revenue and expenses in categories whereas Multi step…

PA11. LO 6.6 The following is the adjusted trial balance data for Emma's Alterations as of December 31, 2019. EMMA'S ALTERATIONS Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $ 600,538 Accounts Receivable 50,689 199,430 Equipment Merchandise Inventory Accounts Payable 169,744 $ 234,893 Common Stock 502,200 Sales 393,426 100,976 Interest Revenue Rent Revenue 65,500 Sales Salaries Expense Office Supplies Expense Sales Discounts 26,750 4,903 61,347 3,570 Interest Expense Sales Returns and Allowances 55,432 90,333 10,400 8,560 3,421 11,878 $1,296,995 Cost of Goods Sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals $1,296,995 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.

PA11. LO 6.6 The following is the adjusted trial balance data for Emma's Alterations as of December 31, 2019. EMMA'S ALTERATIONS Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $ 600,538 Accounts Receivable 50,689 199,430 Equipment Merchandise Inventory Accounts Payable 169,744 $ 234,893 Common Stock 502,200 Sales 393,426 100,976 Interest Revenue Rent Revenue 65,500 Sales Salaries Expense Office Supplies Expense Sales Discounts 26,750 4,903 61,347 3,570 Interest Expense Sales Returns and Allowances 55,432 90,333 10,400 8,560 3,421 11,878 $1,296,995 Cost of Goods Sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals $1,296,995 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.

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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