7.The trial balance of Terry Manning Fashion Center contained the following accounts atNovember 30, the end of the company's fiscal year.TERRY MANNING FASHION CENTERCashAccounts ReceivableMerchandise InventoryStore SuppliesStore EquipmentAccumulated Depreciation-Store EquipmentDelivery EquipmentAccumulated Depreciation-Delivery EquipmentNotes PayableAccounts PayableTerry Manning, CapitalTerry Manning, DrawingSalesSales Returns and AllowancesCost of Goods SoldSalaries ExpenseAdvertising ExpenseUtilities ExpenseRepair ExpenseDelivery ExpenseTrial BalanceNovember 30, 2020Rent ExpenseTotalsDebit$ 28,70030,70044,7006,20085,00048,000Page 3 of 412,0008,800497,400140,00024,40014,00012,10016,70024,000$992,700(iii) Interest of $4,080 is accrued on notes payable at November 30.(iv) Merchandise inventory actually on hand is $44,400.Credit$ 22,0006,00051,00048,500110,000755,200Adjustment data:(i) Store supplies on hand totaled $2,500.(ii) Depreciation is $9,000 on the store equipment and $5,000 on the deliveryequipment.$992.700Scanned with CamRequired:year,Prepare a multiple-step income statement and an owner's equity statement for theand a classified balance sheet as of November 30, 2020. Notes payable of $30,000 aredue in January 2021.

Financial statements are those statements and reports which are prepared at the end of accounting…

Store Equipment Accumulated Depreciation-Store Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Notes Payable Accounts Payable Terry Manning, Capital Terry Manning, Drawing Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense Totals 85,000 48,000 Page 3 of 4 12,000 8,800 497,400 140,000 24,400 14,000 12,100 16,700 24,000 $992,700 (iii) Interest of $4,080 is accrued on notes payable at November 30. (iv) Merchandise inventory actually on hand is $44,400. $ 22,000 6,000 51,000 48,500 110,000 755,200 Adjustment data: (i) Store supplies on hand totaled $2,500. (ii) Depreciation is $9,000 on the store equipment and $5,000 on the delivery equipment. $992,700 Scanned with Car Required: Prepare a multiple-step income statement and an owner's equity statement for the year, and a classified balance sheet as of November 30, 2020. Notes payable of $30,000 are due in January 2021.

Store Equipment Accumulated Depreciation-Store Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Notes Payable Accounts Payable Terry Manning, Capital Terry Manning, Drawing Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Rent Expense Totals 85,000 48,000 Page 3 of 4 12,000 8,800 497,400 140,000 24,400 14,000 12,100 16,700 24,000 $992,700 (iii) Interest of $4,080 is accrued on notes payable at November 30. (iv) Merchandise inventory actually on hand is $44,400. $ 22,000 6,000 51,000 48,500 110,000 755,200 Adjustment data: (i) Store supplies on hand totaled $2,500. (ii) Depreciation is $9,000 on the store equipment and $5,000 on the delivery equipment. $992,700 Scanned with Car Required: Prepare a multiple-step income statement and an owner's equity statement for the year, and a classified balance sheet as of November 30, 2020. Notes payable of $30,000 are due in January 2021.

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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