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Problem 1. Prepare the following Financial Statements USING THE PROPER FORMATING for the Santa Company. These amounts were taken from the ledger after all adjustments have been made but before the accounts have been closed for the current year ending December 31, 20X3 (a) a Mulit-step Income Statement (b) a Statement of Owners' Equity (c) a Classified Balance Sheet (Hint - I would go through and mark which F/S the account should be shown on and cross them out after I used them.) Accounts Payable $ 48,200 Interest Revenue $ 1,300 Accounts Receivable 66,300 Merchandise Inventory 83,550 Accumulated Depreciation- 22,750 Note Payable (due in 2 years) 50,000 Office Equipment Note Receivable (6 month, 5%) 10,000 Accumulated Depreciation- 62,100 Office Equipment 49,750 Store Equipment Prepaid Insurance 6,500 Administrative Expenses 75,500 Rent Revenue 6,500 Allowance for Doubtful Accounts 3,000 Salaries Payable 2,700 Cash 39,700 Sales 821,500 Cost of Merchandise Sold 546,000 Selling Expenses 106,500 R. Nose, Capital * 151,750 Store Equipmemt 121,000 R. Nose, Drawing 52,000 Supplies 4,000 Interest Expense 9,000 * No Investments this year

Problem 1. Prepare the following Financial Statements USING THE PROPER FORMATING for the Santa Company. These amounts were taken from the ledger after all adjustments have been made but before the accounts have been closed for the current year ending December 31, 20X3 (a) a Mulit-step Income Statement (b) a Statement of Owners' Equity (c) a Classified Balance Sheet (Hint - I would go through and mark which F/S the account should be shown on and cross them out after I used them.) Accounts Payable $ 48,200 Interest Revenue $ 1,300 Accounts Receivable 66,300 Merchandise Inventory 83,550 Accumulated Depreciation- 22,750 Note Payable (due in 2 years) 50,000 Office Equipment Note Receivable (6 month, 5%) 10,000 Accumulated Depreciation- 62,100 Office Equipment 49,750 Store Equipment Prepaid Insurance 6,500 Administrative Expenses 75,500 Rent Revenue 6,500 Allowance for Doubtful Accounts 3,000 Salaries Payable 2,700 Cash 39,700 Sales 821,500 Cost of Merchandise Sold 546,000 Selling Expenses 106,500 R. Nose, Capital * 151,750 Store Equipmemt 121,000 R. Nose, Drawing 52,000 Supplies 4,000 Interest Expense 9,000 * No Investments this year

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.3P
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Problem 1. Prepare the following Financial Statements USING THE PROPER FORMATING for the Santa Company. These amounts were taken from the ledger after all adjustments have been made but before the accounts have been closed for the current year ending December 31, 20X3 (a) a Mulit-step Income Statement (b) a Statement of Owners' Equity (c) a Classified Balance Sheet (Hint - I would go through and mark which F/S the account should be shown on and cross them out after I used them.) Accounts Payable $ 48,200 Interest Revenue $ 1,300 Accounts Receivable 66,300 Merchandise Inventory 83,550 Accumulated Depreciation- 22,750 Note Payable (due in 2 years) 50,000 Office Equipment Note Receivable (6 month, 5%) 10,000 Accumulated Depreciation- 62,100 Office Equipment 49,750 Store Equipment Prepaid Insurance 6,500 Administrative Expenses 75,500 Rent Revenue 6,500 Allowance for Doubtful Accounts 3,000 Salaries Payable 2,700 Cash 39,700 Sales 821,500 Cost of Merchandise Sold 546,000 Selling Expenses 106,500 R. Nose, Capital * 151,750 Store Equipmemt 121,000 R. Nose, Drawing 52,000 Supplies 4,000 Interest Expense 9,000 * No Investments this year
Transcribed Image Text:Problem 1. Prepare the following Financial Statements USING THE PROPER FORMATING for the Santa Company. These amounts were taken from the ledger after all adjustments have been made but before the accounts have been closed for the current year ending December 31, 20X3 (a) a Mulit-step Income Statement (b) a Statement of Owners' Equity (c) a Classified Balance Sheet (Hint - I would go through and mark which F/S the account should be shown on and cross them out after I used them.) Accounts Payable $ 48,200 Interest Revenue $ 1,300 Accounts Receivable 66,300 Merchandise Inventory 83,550 Accumulated Depreciation- 22,750 Note Payable (due in 2 years) 50,000 Office Equipment Note Receivable (6 month, 5%) 10,000 Accumulated Depreciation- 62,100 Office Equipment 49,750 Store Equipment Prepaid Insurance 6,500 Administrative Expenses 75,500 Rent Revenue 6,500 Allowance for Doubtful Accounts 3,000 Salaries Payable 2,700 Cash 39,700 Sales 821,500 Cost of Merchandise Sold 546,000 Selling Expenses 106,500 R. Nose, Capital * 151,750 Store Equipmemt 121,000 R. Nose, Drawing 52,000 Supplies 4,000 Interest Expense 9,000 * No Investments this year
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