FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 1-63A Income Statement, Retained Earnings Statement. and Balance Sheet
The following information relates to Ashton Appliances for 2019.

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Required:
1. Prepare a single-step income statement for 2019, a retained earnings statement for
2019, and a properly classified balance sheet as of December 31, 2019.
2. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for Ashton?

S 16,800
69,900
Income taxes expense
Income taxes payable
Insurance expense
Interest expense
Inventory
Other assets
S 16,650
12,000
36,610
15,500
59,850
92,800
Accounts payable
Accounts receivable
Accumulated depreciation (building) 104,800
Accumulated depreciation
(furniture)
Bonds payable (due in 7 years)
Building
Cash
27,600
192,000
300,000
41,450
243,610
511,350
11,050
12,000
130,000
Rent expense (store equipment)
Retained earnings, 12131/2018
Salaries expense
Salaries payable
80,800
54,000
228,710
7,190
948,670
Common stock
Cost of goods sold
Depreciation expense (building)
Depreciation expense (furniture)
Furniture
Sales revenue
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Transcribed Image Text:S 16,800 69,900 Income taxes expense Income taxes payable Insurance expense Interest expense Inventory Other assets S 16,650 12,000 36,610 15,500 59,850 92,800 Accounts payable Accounts receivable Accumulated depreciation (building) 104,800 Accumulated depreciation (furniture) Bonds payable (due in 7 years) Building Cash 27,600 192,000 300,000 41,450 243,610 511,350 11,050 12,000 130,000 Rent expense (store equipment) Retained earnings, 12131/2018 Salaries expense Salaries payable 80,800 54,000 228,710 7,190 948,670 Common stock Cost of goods sold Depreciation expense (building) Depreciation expense (furniture) Furniture Sales revenue
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