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repare a multi-step income statement

repare a multi-step income statement

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 7SEB: JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a...
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Paulson's Pet Store completed the Adjusted Trial Balance for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $506,180. The current portion of Note Payable is $3,000.

1) Prepare a multi-step income statement

Paulson's Pet Store End-of-Period Spreadsheet (Partial) December 31, 20-- ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT Cash 23,430.00 Accounts Receivable 9,370.00 Merchandise Inventory 64,700.00 Estimated Returns Inventory 1,100.00 Supplies 2,300.00 Prepaid Insurance 1,800.00 Land 90,000.00 Building 350,000.00 Accum. Depr.-Building 20,000.00 Store Equipment 120,000.00 Accum. Depr.-Store Equipment 3,600.00 Accounts Payable 9,570.00 Customer Refunds Payable 1,500.00 Wages Payable 1,300.00 Sales Tax Payable 3,450.00 Note Payable 24,000.00 B. Paulson, Capital 526,180.00 B. Paulson, Drawing 4,800.00
Transcribed Image Text:Paulson's Pet Store End-of-Period Spreadsheet (Partial) December 31, 20-- ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT Cash 23,430.00 Accounts Receivable 9,370.00 Merchandise Inventory 64,700.00 Estimated Returns Inventory 1,100.00 Supplies 2,300.00 Prepaid Insurance 1,800.00 Land 90,000.00 Building 350,000.00 Accum. Depr.-Building 20,000.00 Store Equipment 120,000.00 Accum. Depr.-Store Equipment 3,600.00 Accounts Payable 9,570.00 Customer Refunds Payable 1,500.00 Wages Payable 1,300.00 Sales Tax Payable 3,450.00 Note Payable 24,000.00 B. Paulson, Capital 526,180.00 B. Paulson, Drawing 4,800.00
Income Summary 59,200.00 64,700.00 800.00 1,100.00 Sales Sales Returns and Allowances 326,050.00 5,360.00 Purchases 162,640.00 Purchases Returns and Allowances 4,080.00 Purchases Discounts 3,200.00 Freight-In 1,600.00 Wages Expense 69,500.00 Advertising Expense Supplies Expense Phone Expense 1,200.00 700.00 2,736.00 Utilities Expense 2,864.00 Insurance Expense 1,600.00 Depr. Expense-Building 10,000.00 Depr. Expense-Store Equipment 1,800.00 Miscellaneous Expense Interest Expense 600.00 630.00 988,730.00 988,730.00 321,230.00 399,130.00 Net Income 77,900.00
Transcribed Image Text:Income Summary 59,200.00 64,700.00 800.00 1,100.00 Sales Sales Returns and Allowances 326,050.00 5,360.00 Purchases 162,640.00 Purchases Returns and Allowances 4,080.00 Purchases Discounts 3,200.00 Freight-In 1,600.00 Wages Expense 69,500.00 Advertising Expense Supplies Expense Phone Expense 1,200.00 700.00 2,736.00 Utilities Expense 2,864.00 Insurance Expense 1,600.00 Depr. Expense-Building 10,000.00 Depr. Expense-Store Equipment 1,800.00 Miscellaneous Expense Interest Expense 600.00 630.00 988,730.00 988,730.00 321,230.00 399,130.00 Net Income 77,900.00
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