Please prepare. Income Statement (Multi-step) and Financial Positionthank yooouu! Carmelite Street, Escalante City.6124 Negros Occidental, PhilippinesStore Furniture andEquipmentAccounts Payable26,400.003,700.00Rent IncomeSales Return andAllowances%24$14,000.00Freight-inStore Rent ExpenseAllowance for Bad Debts$4245,000.0040,000.004,800.00790,400.00%$4Mr. G, CapitalPrepaid InsuranceAccumulated Depreciation- Store Furniture andEquipmentMerchandise Inventory,31 DecemberIncome SummaryTaxes and Licenses54,000.00$56,000.00$175,000.00175,000.0077,500.0055,000.00110,000.00Insurance ExpenseMr.G. DrawingsStore Furniture andEquipmentOffice Supplies UsedAdvertising andPromotion209,000.006,500.00$4$4250,000.00Totals2,572,300.002,572,300.00Cs Scanned with Camscanner Kakapoy Computer Enterprise began operations in 2017.A disorganized trial balance as of end of second year, 2018, is given below.Prepare the SCI (Multi-Step Form) and SFP (Report Form)All currency is in US DollarsKakapoy Computer EnterpriseTrial BalanceDecember 31, 2018AccountOffice RentCash on HandDebitCredit$420,000.0060,000.00309,000.00Cash in BankMerchandise Inventory, 1JanuaryVAT PayableSupplies InventoryAccoumulated24$137,500.00%$454,500.00$46,000.00Depreciation - OfficeFurniture and EquipmentOffice Salaries and WagesNotes Payable (due 2021)$49,000.00$4130,000.00140,000.001,257,500.00%24Sales--PurchasesSalaries and Wages -StorePurchase DiscountOffice Furniture and%$4500,000.00$40,500.0015,000.00$214,500.00EquipmentDepreciation Expense -Office Furniture and$25,000.00EquipmentAccounts RecievableBad Debts ExpenseInterest ExpenseStore Supplies UsedDepreciation Expense -38,000.002,800.0067,500.005,500.0020,000.002$2$cs Scarmed wilh Carrsuarer

Multi step income statement is one of the financial statement which is prepared for analysing…

Answered: Please prepare. Income Statement…

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 prepare. Income Statement (Multi-step) and Financial Position thank yooouu!

Carmelite Street, Escalante City.
6124 Negros Occidental, Philippines
Store Furniture and
Equipment
Accounts Payable
26,400.00
3,700.00
Rent Income
Sales Return and
Allowances
%24
$
14,000.00
Freight-in
Store Rent Expense
Allowance for Bad Debts
$4
24
5,000.00
40,000.00
4,800.00
790,400.00
%$4
Mr. G, Capital
Prepaid Insurance
Accumulated Depreciation
- Store Furniture and
Equipment
Merchandise Inventory,
31 December
Income Summary
Taxes and Licenses
54,000.00
$
56,000.00
$
175,000.00
175,000.00
77,500.00
55,000.00
110,000.00
Insurance Expense
Mr.G. Drawings
Store Furniture and
Equipment
Office Supplies Used
Advertising and
Promotion
209,000.00
6,500.00
$4
$4
250,000.00
Totals
2,572,300.00
2,572,300.00
Cs Scanned with Camscanner

Kakapoy Computer Enterprise began operations in 2017.
A disorganized trial balance as of end of second year, 2018, is given below.
Prepare the SCI (Multi-Step Form) and SFP (Report Form)
All currency is in US Dollars
Kakapoy Computer Enterprise
Trial Balance
December 31, 2018
Account
Office Rent
Cash on Hand
Debit
Credit
$4
20,000.00
60,000.00
309,000.00
Cash in Bank
Merchandise Inventory, 1
January
VAT Payable
Supplies Inventory
Accoumulated
24
$
137,500.00
%$4
54,500.00
$4
6,000.00
Depreciation - Office
Furniture and Equipment
Office Salaries and Wages
Notes Payable (due 2021)
$
49,000.00
$4
130,000.00
140,000.00
1,257,500.00
%24
Sales
--Purchases
Salaries and Wages -
Store
Purchase Discount
Office Furniture and
%$4
500,000.00
$
40,500.00
15,000.00
$
214,500.00
Equipment
Depreciation Expense -
Office Furniture and
$
25,000.00
Equipment
Accounts Recievable
Bad Debts Expense
Interest Expense
Store Supplies Used
Depreciation Expense -
38,000.00
2,800.00
67,500.00
5,500.00
20,000.00
2$
2$
cs Scarmed wilh Carrsuarer

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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