The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31, 2019.Prepare a simple income statement for the year ended December 31, 2019.Prepare a multi-step income statement for the year ended December 31, 2019. NINO'S PIZZERIAAdjusted Trial BalanceYear Ended December 31, 2019DebitCredit$ 775,98445,688CashAccounts ReceivableBuildingsMerchandise Inventory200,460135,624Accounts Payable$437,880Common Stock410,542Sales555,696Interest Revenue84,652Rent Revenue00Sales Salaries ExpenseOffice Supplies Expense24,5006,270Sales Discounts102,890Interest Expense4,577Sales Returns and Allowances105,854Cost of goods soldRent ExpenseDepreciation Expense: Office EquipmentInsurance ExpenseAdvertising ExpenseTotals122,85320,00010,5552,78017,635$1,575,670$1,575,670

Income statement is one of the financial statement of business, which shows all incomes and all…

The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31, 2019. Prepare a simple income statement for the year ended December 31, 2019. Prepare a multi-step income statement for the year ended December 31, 2019.

The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31, 2019. Prepare a simple income statement for the year ended December 31, 2019. Prepare a multi-step income statement for the year ended December 31, 2019.

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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Question

The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31, 2019.

Prepare a simple income statement for the year ended December 31, 2019.
Prepare a multi-step income statement for the year ended December 31, 2019.

NINO'S PIZZERIA
Adjusted Trial Balance
Year Ended December 31, 2019
Debit
Credit
$ 775,984
45,688
Cash
Accounts Receivable
Buildings
Merchandise Inventory
200,460
135,624
Accounts Payable
$437,880
Common Stock
410,542
Sales
555,696
Interest Revenue
84,652
Rent Revenue
00
Sales Salaries Expense
Office Supplies Expense
24,500
6,270
Sales Discounts
102,890
Interest Expense
4,577
Sales Returns and Allowances
105,854
Cost of goods sold
Rent Expense
Depreciation Expense: Office Equipment
Insurance Expense
Advertising Expense
Totals
122,853
20,000
10,555
2,780
17,635
$1,575,670
$1,575,670

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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