Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare a multi-step income statement in proper form.

Prepare a multi-step income statement in proper form.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Prepare a multi-step income statement in proper form.

Unadjusted Adjusted Account Title Trial Balance Adjustments Trial Balance Income Statement Balance Sheet DR CR DR CR DR CR DR CR DR CR Cash 136,789 378,956 136,789 378,956 Accounts Receivable Allowance for Doubtful Accounts 16,782 21,145 37,927 Interest Receivable 588 588 Note Receivable 150,000 361,866 150,000 361,866 50,000 Merchandise Inventory Prepaid Insurance Prepaid Rent Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries & Wages Payable 60,000 10,000 30,000 46,777 400,000 10,000 44,277 20,000 2,500 75,000 75,000 51,709 150,000 51,709 70,000 70,000 Unearned Revenue 24,000 2,000 22,000 Interest Payable Utilities Payable Note Payable (final payment due 2023) 1,575 7,000 1,575 7,000 350,000 270,600 350,000 Common Stock 270,600 424,500 Retained Earnings 424,500 Dividends 120,000 120,000 Sales 4,050,864 4,050,864 37,933 Consulting Revenue Sales Returns and Allowances 35,933 2,000 300,000 100,000 300,000 100,000 Sales Discounts Cost of Goods Sold 1,950,000 1,200,000 1,950,000 1,270,000 75,000 21,145 Salaries & Wages Expense Depreciation Expense - Equipment Bad Debt Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense 70,000 75,000 21,145 10,000 10,000 10,000 10,000 44,277 7,000 44,277 65,000 58,000 Interest Revenue 588 588 Interest Expense 1,575 1,575 5,299,388 5,299,388 241,584 241,585 5,540,972 5,540,973 Net Income
Transcribed Image Text:Unadjusted Adjusted Account Title Trial Balance Adjustments Trial Balance Income Statement Balance Sheet DR CR DR CR DR CR DR CR DR CR Cash 136,789 378,956 136,789 378,956 Accounts Receivable Allowance for Doubtful Accounts 16,782 21,145 37,927 Interest Receivable 588 588 Note Receivable 150,000 361,866 150,000 361,866 50,000 Merchandise Inventory Prepaid Insurance Prepaid Rent Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries & Wages Payable 60,000 10,000 30,000 46,777 400,000 10,000 44,277 20,000 2,500 75,000 75,000 51,709 150,000 51,709 70,000 70,000 Unearned Revenue 24,000 2,000 22,000 Interest Payable Utilities Payable Note Payable (final payment due 2023) 1,575 7,000 1,575 7,000 350,000 270,600 350,000 Common Stock 270,600 424,500 Retained Earnings 424,500 Dividends 120,000 120,000 Sales 4,050,864 4,050,864 37,933 Consulting Revenue Sales Returns and Allowances 35,933 2,000 300,000 100,000 300,000 100,000 Sales Discounts Cost of Goods Sold 1,950,000 1,200,000 1,950,000 1,270,000 75,000 21,145 Salaries & Wages Expense Depreciation Expense - Equipment Bad Debt Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense 70,000 75,000 21,145 10,000 10,000 10,000 10,000 44,277 7,000 44,277 65,000 58,000 Interest Revenue 588 588 Interest Expense 1,575 1,575 5,299,388 5,299,388 241,584 241,585 5,540,972 5,540,973 Net Income
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS