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Can you please show me the work? like how you find the plus: net purchases and all the calculations please? Exercise 1 MASON'S INCORPORATED (in
Can you please show me the work? like how you find the plus: net purchases and all the calculations please?
Exercise 1 MASON'S INCORPORATED (in 000s of dollars) Inventory, March 31, 2019 Gross income (profit) Long-term notes payable Store fixtures, net Selling expenses Accounts payable Income tax expense Retained earnings, April 1, 2018 Cash General and administrative expenses Accrued expenses payable Accounts receivable Dividends Notes payable Inventory, April 1, 2018 Common stock Sales Depreciation expense Income tax payable Store fixtures, cost $758 857 31 144 341 288 12 540 48 432 96 324 12 252 684 36 3,398 36 7 180 Assignment Different balance sheet and income statement accounts are listed above in random order. The balance sheet accounts are as at March 31, 2019, except where noted. The income statement amounts are for the year April 1, 2018, to March 31, 2019. 1. Determine whether each account is a balance sheet or an income statement item. 2. Prepare an income statement for Mason's Incorporated for the year ending March 31, 2019. 3. Prepare a statement of retained earnings for the year ended March 31, 2019. 4. Prepare a balance sheet as at March 31, 2019, for Mason's Incorporated Step by Step Solution
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