FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Financial Statements

Steven Company has provided the following information for the most recent quarter, January 1 through March 31 of 2020.  Prepare a multiple-step Income Statement and the Asset section of a classified Balance Sheet, including the correct headings.

Specific Account

Balance

Specific Account

Balance

Accounts Payable

45

Interest Revenue

26

Accounts Receivable

204

Interest Payable

6

Accumulated Depreciation (Buildings)

45

Inventory

112

Accumulated Depreciation (Equipment)

11

Land

218

Allowance for Doubtful Accounts

22

Loss on Sale of PPE

14

Bad Debt Expense

18

Notes Payable (maturity of less than 1 yr)

60

Bank Fees Expense

2

Notes Payable (maturity of more than 1 yr)

83

Buildings

255

Retained Earnings (beginning)

180

Cash

188

Salaries Expense

25

Common Stock

306

Salaries Payable

47

Cost of Goods Sold

560

Sales Discounts

8

Depreciation Expense

20

Sales Returns & Allowances

23

Dividends

48

Sales Revenue

1,125

Equipment

135

Supplies

9

Freight-Out

7

Supplies Expense

15

Income Tax Expense

138

Unearned Sales Revenue

41

Insurance Payable

2

 

 

 

Prepare, in good form, the multiple-step Income Statement for Steven Company for the most recent quarter, January 1 through March 31, 2020. (You can receive partial credit)

 

 

 
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