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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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