The following adjusted trial balance information was taken from the end of the July 31, 2023, fiscal
Question:
The following adjusted trial balance information was taken from the end of the July 31, 2023, fiscal year for Brilliant Sales:
Brilliant Sales uses a perpetual inventory system.
Required
1. Prepare a classified multiple-step income statement for use by internal users (like Exhibit 5.13).
2. Prepare a multiple-step income statement for external users (like Exhibit 5.14).
3. Prepare a single-step income statement (like Exhibit 5.15).
101 Cash....... 119 Merchandise inventory.... 125 Supplies........... 128 Prepaid insurance............ 165 Store equipment............. 166 Accumulated depreciation, store equipment............... 167 Office equipment. 168 Accumulated depreciation, office equipment........ 201 Accounts payable............. 301 Ty Brilliant, capital......... 302 Ty Brilliant, withdrawals....... 413 Sales......... 415 Sales discounts.......... 505 Cost of goods sold.. 612 Depreciation expense, store equipment.…................ 613 Depreciation expense, office equipment...... 622 Sales salaries expense....... 623 Office salaries expense..... 637 Insurance expense, store...... 638 Insurance expense, office.. 640 Rent expense, office space....... 641 Rent expense, selling space..... 651 Office supplies expense..... 652 Store supplies expense.................. 655 Advertising expense........ Totals.............. ********* Debit Credit $ 6,500 12,220 2,400 1,150 29,400 15,600 61,000 1,200 261,800 1,500 1,250 39,000 32,000 4,100 2,800 $ 7,500 8,100 6,400 107,920 395,400 13,100 21,000 2,600 1,800 14,900 $525,320 $525,320
Step by Step Answer:
1 Classified multiplestep income statement Sales Less Sales discounts Net sales Cost of goods sold G...View the full answer
Fundamental Accounting Principles Volume 1
ISBN: 9781260881325
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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