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From the adjusted trial balance for Brookstone Art Supplies, Inc. given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies, Inc. Adjusted Trial Balance December 31 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation-office equipment Accounts payable Notes payable Common stock Retained earnings Dividends Sales Debit $9,400 25,000 36,000 900 75,000 60,000 48,000 Credit $22,000 15,000 42,000 10,000 1,000 109,700 325,000

From the adjusted trial balance for Brookstone Art Supplies, Inc. given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies, Inc. Adjusted Trial Balance December 31 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation-office equipment Accounts payable Notes payable Common stock Retained earnings Dividends Sales Debit $9,400 25,000 36,000 900 75,000 60,000 48,000 Credit $22,000 15,000 42,000 10,000 1,000 109,700 325,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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From the adjusted trial balance for Brookstone Art Supplies, Inc. given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies, Inc. Adjusted Trial Balance December 31 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation-office equipment Accounts payable Notes payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Selling expenses General and administrative expenses Interest expense Totals Debit Credit $9,400 25,000 36,000 900 75,000 60,000 48,000 $22,000 15,000 42,000 10,000 1,000 109,700 325,000 6,000 16,500 195,000 32,500 19,800 600 $524,700 $524,700
Transcribed Image Text:From the adjusted trial balance for Brookstone Art Supplies, Inc. given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies, Inc. Adjusted Trial Balance December 31 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation-office equipment Accounts payable Notes payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Selling expenses General and administrative expenses Interest expense Totals Debit Credit $9,400 25,000 36,000 900 75,000 60,000 48,000 $22,000 15,000 42,000 10,000 1,000 109,700 325,000 6,000 16,500 195,000 32,500 19,800 600 $524,700 $524,700
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