The Marigold Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in two of its trial balances All accounts balances are normal Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue (al) Unadjusted $25.300 30.800 33,500 27,000 21.300 515.000 9.500 5,300 146,000 6.300 9.500 Adjusted $25,000 30.000 Notes payable Inventory 44,000 Prepaid Insurance 27,000 Property Tax Expense 21,300 Property Taxes Payable $15,000 Rent Expense 9.500 Retained Earnings 5,300 Salaries and Wages Expense 146,000 Sales Commissions Expense 10,500 Sales Commissions Payable 7,200 Sales Returns and Allowances 6.300 Sales Revenue 9,500 Utilities Expense नत्र The Marigold Corp. Income Statement $ Unadjusted Adjusted $29.500 $29,500 V 38.000 10,300 15.200 61,700 92.400 6.500 7.300 Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using either a negative sin preceding the number eg 45 or parentheses eg (45)) 38,000 3,100 2.500 2,500 15,200 61,700 92.600 8.000 11,000 4,500 7,300 720.000 720,000 8,000 E E
The Marigold Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in two of its trial balances All accounts balances are normal Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue (al) Unadjusted $25.300 30.800 33,500 27,000 21.300 515.000 9.500 5,300 146,000 6.300 9.500 Adjusted $25,000 30.000 Notes payable Inventory 44,000 Prepaid Insurance 27,000 Property Tax Expense 21,300 Property Taxes Payable $15,000 Rent Expense 9.500 Retained Earnings 5,300 Salaries and Wages Expense 146,000 Sales Commissions Expense 10,500 Sales Commissions Payable 7,200 Sales Returns and Allowances 6.300 Sales Revenue 9,500 Utilities Expense नत्र The Marigold Corp. Income Statement $ Unadjusted Adjusted $29.500 $29,500 V 38.000 10,300 15.200 61,700 92.400 6.500 7.300 Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using either a negative sin preceding the number eg 45 or parentheses eg (45)) 38,000 3,100 2.500 2,500 15,200 61,700 92.600 8.000 11,000 4,500 7,300 720.000 720,000 8,000 E E
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:Current Attempt in Progress
The Marigold Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban
shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in two of its trial
balances. All accounts balances are normal
Accounts Payable
Accounts Receivable
Accumulated Depr.-Equipment
Cash
Common Stock
Cost of Goods Sold
Dividends
Freight Out
Equipment
Depreciation Expense
Insurance Expense
Interest Expense
Interest Revenue
(al)
Unadjusted
Adjusted
$25.300 $25,300
30.800
33,500
44,000
27,000 27,000
21,300
$15,000
9.500
21,300
515.000
9.500
5.300
146.000
6.300
9.500
30,800
>
5,300
146,000
10,500
7,200
6.300
9,500
Inventory
Notes payable
Prepaid Insurance
Property Tax Expense
Property Taxes Payable
Rent Expense
Retained Earnings
Salaries and Wages Expense
Sales Commissions Expense
Sales Commissions Payable
Sales Returns and Allowances
Sales Revenue
Utilities Expense
Unadjusted Adjusted
$29.500
$29.500
38.000
38,000
10,300
The Marigold Corp.
Income Statement
15.200
61,700
92.400
6.500
3,100
2,500
2,500
15,200
61,700
92,600
8,000
11.000
4,500
7,300
7,300
720,000 720,000
Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using
either a negative sin preceding the number eg -45 or parentheses eg. (45))
8,000
E
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education