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Prepare Multi step income statement

Prepare Multi step income statement

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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Prepare Multi step income statement

Cash $112,500 Gerri Faber, Drawing $67,400 Accounts Receivable 302,600 Sales 4,066,600 Merchandise Inventory 341,900 Cost of Merchandise Sold 2,383,000 Estimated Returns Inventory Office Supplies Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment 35,900 13,500 670,100 10,600 184,300 Prepaid Insurance Office Equipment 8,200 247,500 Miscellaneous Selling Expense 15,700 Accumulated Depreciation-Office Equipment 168,200 Office Salaries Expense Store Equipment 365,800 772,700 Rent Expense 54,000 Accumulated Depreciation-Store Equipment 247,500 Insurance Expense Accounts Payable 16,800 Depreciation Expense-Office Equipment 27,000 Office Supplies Expense Miscellaneous Administrative Exp. 171,300 Customer Refunds Payable Salaries Payable Note Payable (final payment due 2032) Gerri Faber, Capital 27,000 9,900 10,900 7,200 360,000 Interest Expense 10,900 606,000
Transcribed Image Text:Cash $112,500 Gerri Faber, Drawing $67,400 Accounts Receivable 302,600 Sales 4,066,600 Merchandise Inventory 341,900 Cost of Merchandise Sold 2,383,000 Estimated Returns Inventory Office Supplies Sales Salaries Expense Advertising Expense Depreciation Expense-Store Equipment 35,900 13,500 670,100 10,600 184,300 Prepaid Insurance Office Equipment 8,200 247,500 Miscellaneous Selling Expense 15,700 Accumulated Depreciation-Office Equipment 168,200 Office Salaries Expense Store Equipment 365,800 772,700 Rent Expense 54,000 Accumulated Depreciation-Store Equipment 247,500 Insurance Expense Accounts Payable 16,800 Depreciation Expense-Office Equipment 27,000 Office Supplies Expense Miscellaneous Administrative Exp. 171,300 Customer Refunds Payable Salaries Payable Note Payable (final payment due 2032) Gerri Faber, Capital 27,000 9,900 10,900 7,200 360,000 Interest Expense 10,900 606,000
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