Problem 31. Prepare the following Financial Statements USING THE PROPER FORMATINGfor the Santa Company. These amounts were taken from the ledger after all adjustmentshave been made but before the accounts have been closed for the current year endingDecember 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 crossthem out after I used them.)Accounts Payable$48,200Interest Revenue$1,300Accounts Receivable66,300Merchandise Inventory83,550Accumulated Depreciation-22,750Note Payable (due in 2 years)50,000Office EquipmentNote Receivable (6 month, 5%)10,000Accumulated Depreciation-62,100Office Equipment49,750Store EquipmentPrepaid Insurance6,500Administrative Expenses75,500Rent Revenue6,500Allowance for Doubtful Accounts3,000Salaries Payable2,700Cash39,700Sales821,500Cost of Merchandise Sold546,000Selling Expenses106,500R. Nose, Capital *151,750 Store Equipmemt121,000R. Nose, Drawing52,000Supplies4,000Interest Expense* No Investments this year9,000

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Answered: Problem 3 1. Prepare the following…

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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The following selected accounts an their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2. Required: 1. Prepare a multiple-step income statement. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. 2. Prepare a Statement of Stockholders' Equity. Additional common stock of $75,000 was issued during the year ended May 31, 20Y2. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 3. Prepare the Balance Sheet, assuming that the current portion of the note payable is $58,000. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided…
Select 30 transactions of various kinds such as sales, costs (direct and indirect), revenues earned, revenue received in advance, expenses incurred, paid in advance, outstanding expenses, assets (current, non-current), liabilities (current, long term), Equity and so on.1. Record those transactions in journal,2. post them to ledger,3. Transfer the balances in trail balance,4. Prepare income statement and balance sheet.5. Follow the proper format considering IAS-1.6. Explanation: At the end, apply the concepts such as long term assets, capital or revenueincomes or expenses and their treatment involved in your above requirements Transactions of Mr. Akram travel world business Mr Akram started business with cash for rs 400,000. Paid wages rs 20,000. Paid office rent in advance 2000. Paid rs 10000 for insurance in advance. Babar and sons paid 2500 for goods on advance. Purchased office equipment on credit rs 5000. Paid 7000 for advertising expenses. Paid 3000 to accounts payable. Provided…
What is the significance of preparing the Income Statement
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The first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.
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Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate: Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense 1-Dec: Issue common stock in exchange for cash of $6,000. 1-Dec: Paid the premium in advance on a one-year insurance policy, $480. 1-Dec: Purchased Equipment for $3,600 cash. 5-Dec: Purchased office supplies from XYZ Company on account, $400. 15-Dec: Provided services to customers for $5,400 cash. 16-Dec: Provided services to customer ABC Inc. on account, $2,500. 17-Dec: Received $800 cash in advance from a customer for services to be provided in January. 22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on…
Please answer within the format with detailed working, please answer in text form (without image)
Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.
CREATE YOUR OWN FORM OF “CHART OF ACCOUNTS”
16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C D

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