The adjusted trial balance of Gibson Company for the year ended December 31, 2024, is as...

 

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The adjusted trial balance of Gibson Company for the year ended December 31, 2024, is as follows: Cash Accounts Receivable Notes Receivable Merchandise Inventory Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Notes Payable Accounts Payable G. Gibson, Capital G. Gibson, Drawings Sales Interest Revenue Cost of Goods Sold Salaries Expense Rent Expense Bad Debt Expense Service Charge Expense Debit $ 6,400 Credit 2,700 6,300 10,000 7,500 $ 300 1,000 1,100 600 28,000 1,000 13,000 100 8,000 1,400 700 60 40 $44,100 $44,100 Instructions Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet. Th notes payable is due on January 10, 2025. The note receivable is due on June 30, 2025. The allowance fo doubtful accounts applies to accounts receivable only. The adjusted trial balance of Gibson Company for the year ended December 31, 2024, is as follows: Cash Accounts Receivable Notes Receivable Merchandise Inventory Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Notes Payable Accounts Payable G. Gibson, Capital G. Gibson, Drawings Sales Interest Revenue Cost of Goods Sold Salaries Expense Rent Expense Bad Debt Expense Service Charge Expense Debit $ 6,400 Credit 2,700 6,300 10,000 7,500 $ 300 1,000 1,100 600 28,000 1,000 13,000 100 8,000 1,400 700 60 40 $44,100 $44,100 Instructions Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet. Th notes payable is due on January 10, 2025. The note receivable is due on June 30, 2025. The allowance fo doubtful accounts applies to accounts receivable only.

Answer rating: 100% (QA)

Based on the adjusted trial balance provided I will prepare the following financial statements 1 Mul... View the full answer