Please help me answer this. The requirements are multi-step and single step income statements and balance sheet. Thank you From the following data of Ann-Jess variety store, prepare a multi-step andsingle step Income Statement, Balance Sheet & Owner's Equity Statementfor the month ended July 30, 2020Cash on handCash in bankAccounts receivableMerchandise inventory, July 1, 2019Furnitures & FixturesOffice equipmentAccounts payableNotes payableAnn-Jess, capitalAnn-Jess, drawingSalesSales discountSales returns & allowancesPurchasesPurchase discountFreight-inPurchase returns & allowancesSalary expenseInsurance expenseSupplies expenseFreight-outTaxes & licensesInterest expenseP2,000.003,000.005,000.001,000.004,000.003,000.006,000.003,000.0015,100.001,000.0025,000.001,000.00500.0021,000.001,000.00500.00500.006,000.001,000.00800.00300.00600.00100.00

Income statement and Balance sheet are two financial statements which are prepared to analyse…

Answered: Please help me answer this. The…

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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Please help me answer this. The requirements are multi-step and single step income statements and balance sheet. Thank you

From the following data of Ann-Jess variety store, prepare a multi-step and
single step Income Statement, Balance Sheet & Owner's Equity Statement
for the month ended July 30, 2020
Cash on hand
Cash in bank
Accounts receivable
Merchandise inventory, July 1, 2019
Furnitures & Fixtures
Office equipment
Accounts payable
Notes payable
Ann-Jess, capital
Ann-Jess, drawing
Sales
Sales discount
Sales returns & allowances
Purchases
Purchase discount
Freight-in
Purchase returns & allowances
Salary expense
Insurance expense
Supplies expense
Freight-out
Taxes & licenses
Interest expense
P2,000.00
3,000.00
5,000.00
1,000.00
4,000.00
3,000.00
6,000.00
3,000.00
15,100.00
1,000.00
25,000.00
1,000.00
500.00
21,000.00
1,000.00
500.00
500.00
6,000.00
1,000.00
800.00
300.00
600.00
100.00

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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