Question
Coldwater Co. has compiled the following account balances from its general ledger on June 30, 20Y8 (the last day of its fiscal year). +Trial Balance
Coldwater Co. has compiled the following account balances from its general ledger on June 30, 20Y8 (the last day of its fiscal year).
+Trial Balance
AccountAmountCash$62,460Accounts receivable150,120Inventory195,870Prepaid insurance25,030Equipment493,380Accumulated depreciation84,680Accounts payable63,865Notes payable111,865Common stock200,000Dividends52,870Retained earnings278,420Sales3,384,420Rent revenue (Nonoperating)19,930Cost of goods sold2,390,295Interest expense (Nonoperating)15,410Selling/general/administrative expense550,610Research and development expense168,080Depreciation expense39,055
The balance in the Retained Earnings account reflects the account balance before temporary accounts are closed. In addition, the Notes Payable balance includes notes payable of $22,375 due within the next year and $89,490 of notes payable that are not due for several years. Use the information given to create Coldwater Co.'s annual financial statements. Construct Coldwater's multiple-step income statement for 20Y8.
Coldwater Co.Income Statement (Multiple-step)For the Year Ending June 30, 20Y8Rent revenue (nonoperating)
$
$
$
$
$Other revenues and expenses
$
Total other revenues and expenses$
$
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