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V1. Net income $1,143,100 The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Sales Salaries Expense Office Supplies Prepaid Insurance Office Equipment 16,400 1,110,100 9,700 Advertising Expense 666,500 1,005,800 Depreciation Expense- Accumulated Depreciation- Office Equipment Store Equipment Miscellaneous Selling Expense 169,700 666,500 46,100 Store Equipment Accumulated Depreciation- 4,362,700 Office Salaries Expense 787,700 Rent Expense 113,900 Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable Depreciation Expense– Office Equipment Insurance Expense Office Supplies Expense 2,205,600 395,100 60,600 48,500 58,200 50,300 34,100 Miscellaneous Administrative Exp. Interest Expense 17,600 (final payment due in 10 years) Kristina Marble, Capital 363,600 25,400 4,179,800 (Continued)

V1. Net income $1,143,100 The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Sales Salaries Expense Office Supplies Prepaid Insurance Office Equipment 16,400 1,110,100 9,700 Advertising Expense 666,500 1,005,800 Depreciation Expense- Accumulated Depreciation- Office Equipment Store Equipment Miscellaneous Selling Expense 169,700 666,500 46,100 Store Equipment Accumulated Depreciation- 4,362,700 Office Salaries Expense 787,700 Rent Expense 113,900 Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable Depreciation Expense– Office Equipment Insurance Expense Office Supplies Expense 2,205,600 395,100 60,600 48,500 58,200 50,300 34,100 Miscellaneous Administrative Exp. Interest Expense 17,600 (final payment due in 10 years) Kristina Marble, Capital 363,600 25,400 4,179,800 (Continued)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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Instructions 1. Prepare a multiple-step income statement.

2. Prepare a statement of owner’s equity.

3. Prepare a balance sheet, assuming that the current portion of the note payable is $60,600.

4. Briefly explain how multiple-step and single-step income statements differ.

V1. Net income $1,143,100 The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Sales Salaries Expense Office Supplies Prepaid Insurance Office Equipment 16,400 1,110,100 9,700 Advertising Expense 666,500 1,005,800 Depreciation Expense- Accumulated Depreciation- Office Equipment Store Equipment Miscellaneous Selling Expense 169,700 666,500 46,100 Store Equipment Accumulated Depreciation- 4,362,700 Office Salaries Expense 787,700 Rent Expense 113,900 Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable Depreciation Expense– Office Equipment Insurance Expense Office Supplies Expense 2,205,600 395,100 60,600 48,500 58,200 50,300 34,100 Miscellaneous Administrative Exp. Interest Expense 17,600 (final payment due in 10 years) Kristina Marble, Capital 363,600 25,400 4,179,800 (Continued)
Transcribed Image Text:V1. Net income $1,143,100 The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Sales Salaries Expense Office Supplies Prepaid Insurance Office Equipment 16,400 1,110,100 9,700 Advertising Expense 666,500 1,005,800 Depreciation Expense- Accumulated Depreciation- Office Equipment Store Equipment Miscellaneous Selling Expense 169,700 666,500 46,100 Store Equipment Accumulated Depreciation- 4,362,700 Office Salaries Expense 787,700 Rent Expense 113,900 Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable Depreciation Expense– Office Equipment Insurance Expense Office Supplies Expense 2,205,600 395,100 60,600 48,500 58,200 50,300 34,100 Miscellaneous Administrative Exp. Interest Expense 17,600 (final payment due in 10 years) Kristina Marble, Capital 363,600 25,400 4,179,800 (Continued)
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