Paulson's Pet Store completed the Adjusted Trial Balance for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $506,180. The current portion of Note Payable is $3,000.1) Prepare a multi-step income statement Paulson's Pet StoreEnd-of-Period Spreadsheet (Partial)December 31, 20--ADJUSTED TRIAL BALANCEACCOUNT TITLEDEBITCREDITCash23,430.00Accounts Receivable9,370.00Merchandise Inventory64,700.00Estimated Returns Inventory1,100.00Supplies2,300.00Prepaid Insurance1,800.00Land90,000.00Building350,000.00Accum. Depr.-Building20,000.00Store Equipment120,000.00Accum. Depr.-Store Equipment3,600.00Accounts Payable9,570.00Customer Refunds Payable1,500.00Wages Payable1,300.00Sales Tax Payable3,450.00Note Payable24,000.00B. Paulson, Capital526,180.00B. Paulson, Drawing4,800.00 Income Summary59,200.0064,700.00800.001,100.00SalesSales Returns and Allowances326,050.005,360.00Purchases162,640.00Purchases Returns and Allowances4,080.00Purchases Discounts3,200.00Freight-In1,600.00Wages Expense69,500.00Advertising ExpenseSupplies ExpensePhone Expense1,200.00700.002,736.00Utilities Expense2,864.00Insurance Expense1,600.00Depr. Expense-Building10,000.00Depr. Expense-Store Equipment1,800.00Miscellaneous ExpenseInterest Expense600.00630.00988,730.00988,730.00321,230.00399,130.00Net Income77,900.00

Financial Statements: Financial statements are considered as a summary of the events that took place…

Answered: repare a multi-step income statement

Business

Accounting

repare a multi-step income statement

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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