Use the following trial balance to prepare a multiple step income statement: Account title Debit Credit Cash 60,000 Accounts Receivable 117,000 Allowance for Uncollect/Accts 600 Equipment 12,000 Accumulated Depr 1,200 Accounts Payable 7,200 Notes Payable-Long Term 24,000 Common Stock 48,000 Retained Earnings 24,000 Sales Revenue 456,000 Salaries Expense 51,600 Utilities Expense 68,400 Income Tax Expense 60,000 Cost of Goods Sold 156,000 Interest Expense 36,000 Check figure: Operating Income $180,000

Use the following trial balance to prepare a multiple step income statement: Account title Debit Credit Cash 60,000 Accounts Receivable 117,000 Allowance for Uncollect/Accts 600 Equipment 12,000 Accumulated Depr 1,200 Accounts Payable 7,200 Notes Payable-Long Term 24,000 Common Stock 48,000 Retained Earnings 24,000 Sales Revenue 456,000 Salaries Expense 51,600 Utilities Expense 68,400 Income Tax Expense 60,000 Cost of Goods Sold 156,000 Interest Expense 36,000 Check figure: Operating Income $180,000

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Description: Use the following trial balance to prepare a multiple step income statement:Account titleDebitCreditCash60,000Accounts Receivable117,000Allowance for Uncollect/Accts600Equipment12,000Accumulated Depr1,200Accounts Payable7,200Notes Payable-Long Term2

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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