FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Carolina Communications reported the following figures from its adjusted trial balance
for its first year of business:
Cash
Selling Expenses
Accounts Payable
Common Stock
Notes Payable, long-term
Merchandise Inventory
Administrative Expenses
Sales Returns and Allowances
Requirements
1.
2.
3.
$
3 800 Cost of Goods Sold
1 000 | Equipment, net
4 100 Accrued Liabilities
4 230 Sales Revenue
700 Accounts Receivable
500 Interest Expense
2 500 Sales Discounts
7 200
Prepare Carolina Communications' multi-step income statement for the year ended July 31, 2022.
Prepare Carolina Communications' statement of owner's equity.
Prepare Carolina Communications' classified balance sheet in report form.
es
18 000
10 200
1 700
40 000
2 700
30
4 800
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Transcribed Image Text:Carolina Communications reported the following figures from its adjusted trial balance for its first year of business: Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses Sales Returns and Allowances Requirements 1. 2. 3. $ 3 800 Cost of Goods Sold 1 000 | Equipment, net 4 100 Accrued Liabilities 4 230 Sales Revenue 700 Accounts Receivable 500 Interest Expense 2 500 Sales Discounts 7 200 Prepare Carolina Communications' multi-step income statement for the year ended July 31, 2022. Prepare Carolina Communications' statement of owner's equity. Prepare Carolina Communications' classified balance sheet in report form. es 18 000 10 200 1 700 40 000 2 700 30 4 800
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