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Requirement 1. Prepare Thiem Department Store's multi-step income statement for the year ended December 31, 2024. Assume ending Merchandise Inventory is $37,500. (Use a minus sign or parentheses to show other expenses.) Begin by calculating the gross profit, then complete the income statement in the next step. Thiem Department Store Less: Gross Profit Less: Plus: Income Statement Year Ended December 31, 2024 Data table Account Title Cash Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total $ $ Debit 8,400 84,500 37,200 400 81,000 89,300 291,000 $ 550 42,300 27,500 3,100 665,250 $ Credit 18,100 29,400 2,300 14,000 34,000 40,000 12,350 394,000 115,000 6,100 665,250

Requirement 1. Prepare Thiem Department Store's multi-step income statement for the year ended December 31, 2024. Assume ending Merchandise Inventory is $37,500. (Use a minus sign or parentheses to show other expenses.) Begin by calculating the gross profit, then complete the income statement in the next step. Thiem Department Store Less: Gross Profit Less: Plus: Income Statement Year Ended December 31, 2024 Data table Account Title Cash Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total $ $ Debit 8,400 84,500 37,200 400 81,000 89,300 291,000 $ 550 42,300 27,500 3,100 665,250 $ Credit 18,100 29,400 2,300 14,000 34,000 40,000 12,350 394,000 115,000 6,100 665,250

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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Requirement 1. Prepare Thiem Department Store's multi-step income statement for the year ended December 31, 2024. Assume ending Merchandise Inventory is $37,500. (Use a minus sign or parentheses to show other expenses.) Begin by calculating the gross profit, then complete the income statement in the next step. Thiem Department Store Less: Gross Profit Less: Plus: C Income Statement Year Ended December 31, 2024 Data table Account Iitle Cash Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total $ $ Debit 8,400 84,500 37,200 400 81,000 89,300 291,000 $ 550 42,300 27,500 3,100 665,250 $ Credit 18,100 29,400 2,300 14,000 34,000 40,000 12,350 394,000 115,000 6,100 665,250 ►
Transcribed Image Text:Requirement 1. Prepare Thiem Department Store's multi-step income statement for the year ended December 31, 2024. Assume ending Merchandise Inventory is $37,500. (Use a minus sign or parentheses to show other expenses.) Begin by calculating the gross profit, then complete the income statement in the next step. Thiem Department Store Less: Gross Profit Less: Plus: C Income Statement Year Ended December 31, 2024 Data table Account Iitle Cash Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total $ $ Debit 8,400 84,500 37,200 400 81,000 89,300 291,000 $ 550 42,300 27,500 3,100 665,250 $ Credit 18,100 29,400 2,300 14,000 34,000 40,000 12,350 394,000 115,000 6,100 665,250 ►
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