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Required: Prepare the following 1. Income Statement 2. Statement of Changes in Owner’s Equity 3. Statement of Financial Position

Required: Prepare the following 1. Income Statement 2. Statement of Changes in Owner’s Equity 3. Statement of Financial Position

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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Required: Prepare the following 1. Income Statement 2. Statement of Changes in Owner’s Equity 3. Statement of Financial Position
Trial Balance Accounts Debit Credit Cash 358750 Merchandise Inventory 200000 RRR Capital 625000 Taxes and License Expense 1260 Office Equipment Accounts Payable 125000 307500 Freight-In 400 Prepaid Rent 49000 Supplies Inventory 1250 Purchases 137000 Prepaid Advertisement 10000 Sales 246560 Furniture and Fixtures 40000 Accounts Receivable 6500 Freight-Out 3120 Sales Return and Allowances 11700 Sales Salaries Expense 24000 Office Salaries Expense 33000 Delivery Van 850000 Sales Discount 9180 Notes Payable 8000 Purchase Returns and Allowances 4500 Notes Receivable 6000 RRR Drawings Prepaid Insurance Light and Water Expense 12000 24000 20500 Purchase Discount 600 Total 1557410 1557410
Transcribed Image Text:Trial Balance Accounts Debit Credit Cash 358750 Merchandise Inventory 200000 RRR Capital 625000 Taxes and License Expense 1260 Office Equipment Accounts Payable 125000 307500 Freight-In 400 Prepaid Rent 49000 Supplies Inventory 1250 Purchases 137000 Prepaid Advertisement 10000 Sales 246560 Furniture and Fixtures 40000 Accounts Receivable 6500 Freight-Out 3120 Sales Return and Allowances 11700 Sales Salaries Expense 24000 Office Salaries Expense 33000 Delivery Van 850000 Sales Discount 9180 Notes Payable 8000 Purchase Returns and Allowances 4500 Notes Receivable 6000 RRR Drawings Prepaid Insurance Light and Water Expense 12000 24000 20500 Purchase Discount 600 Total 1557410 1557410
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