FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Using the adjusted trial balance below, prepare in good form a multi step income statement. Include what the net income would be and the gp%
**Step BUY Step Adjusted Trial Balance** *For the year ending Dec 31, 2022* | Account | DR | CR | |--------------------------|------|------| | Cash | 125 | | | Accounts Receivable | 13 | | | Inventory | 15 | | | Prepaid Expenses | 20 | | | Accrued Liabilities | | 33 | | Loan Payable | | 50 | | Common Stock | | 12 | | Retained Earnings | | 13 | | Dividends | 8 | | | Sales | | 1,250| | Sales Discounts | 5 | | | Sales Returns & Allowances| 7 | | | Cost of Goods Sold | 500 | | | G&A Expenses | 350 | | | Selling Expenses | 275 | | | Income Tax Expense | 22 | | | Interest Expense | 18 | | | **TOTAL DR & CR** | $1,358 | $1,358 | **Explanation:** This table represents an adjusted trial balance for Step BUY Step for the year ending December 31, 2022. It displays the debit (DR) and credit (CR) balances for various accounts. Key accounts include Cash, Sales, Inventory, and Expenses, among others. The total debits equal the total credits, maintaining the accounting equation balance.
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Transcribed Image Text:**Step BUY Step Adjusted Trial Balance** *For the year ending Dec 31, 2022* | Account | DR | CR | |--------------------------|------|------| | Cash | 125 | | | Accounts Receivable | 13 | | | Inventory | 15 | | | Prepaid Expenses | 20 | | | Accrued Liabilities | | 33 | | Loan Payable | | 50 | | Common Stock | | 12 | | Retained Earnings | | 13 | | Dividends | 8 | | | Sales | | 1,250| | Sales Discounts | 5 | | | Sales Returns & Allowances| 7 | | | Cost of Goods Sold | 500 | | | G&A Expenses | 350 | | | Selling Expenses | 275 | | | Income Tax Expense | 22 | | | Interest Expense | 18 | | | **TOTAL DR & CR** | $1,358 | $1,358 | **Explanation:** This table represents an adjusted trial balance for Step BUY Step for the year ending December 31, 2022. It displays the debit (DR) and credit (CR) balances for various accounts. Key accounts include Cash, Sales, Inventory, and Expenses, among others. The total debits equal the total credits, maintaining the accounting equation balance.
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