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Bridgeport Enterprises reported the following figures from its adjusted trial balance for its first year of business, which ended on June 30, 2019. Accounts
Bridgeport Enterprises reported the following figures from its adjusted trial balance for its first year of business, which ended on June 30, 2019. Accounts Payable 4,800 Accounts Receivable 3,600 Accrued Liabilities 1,400 Administrative Expenses 3,800 Cash 4,500 Common Stock 7,550 Cost of Goods Sold 23,500 Dividends 2,000 Equipment, net 8,500 Interest Expense 150 Merchandise Inventory 2,500 Net Sales Revenue 35,000 Notes Payable, Long-term 1,500 Selling Expenses 1,700 Requirements: a. Prepare a multi-step income statement. b. Prepare the statement of retained earnings. c. Prepare a classified balance sheet. d. Compute the gross profit percentage.
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