Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

*** Create the 3 following financial statements: (1) Multi-Step Income Statement (2) Statement of Owner's Equity (3) Classified Balance Sheet *** The adjusted trial balance

*** Create the 3 following financial statements: (1) Multi-Step Income Statement (2) Statement of Owner's Equity (3) Classified Balance Sheet ***

image text in transcribed image text in transcribed

The adjusted trial balance for Vandermeer Farm Supplies follows. The owner made no additional investments during the year. The data is as of 12/31/18 and for the year then ended. Credit 220 Vandermeer's Farm Supply Company Adjusted Trial Balance 12/31/2018 Debit Cash 19,600 Accounts Receivable 60,800 Allowance for Doubtful Accounts Merchandise Inventory 187,200 Supplies 7,240 Prepaid Insurance 3,160 Equipment 52,000 Accumulated Depreciation - Equipment Notes payable Accounts Payable Social Security Tax Payable Medicare Tax Payable Ken Vandemeer, Capital Ken Vandemeer, Drawing 75,000 Income Summary 181,000 Sales Sales Returns and Allowances 15,400 Purchases 487,900 Freight In 6,400 Purchases Returns & Allowances 18,800 10,500 9,700 1,490 410 271,140 187,200 778,000 9,500 6,300 Purchases Discounts Rent Expense Telephone Expense Salaries Expense Payroll Tax Expense Supplies Expense Insurance Expense Depreciation Expense - Equipment Uncollectible Accounts Expense Totals 34,800 6,340 124,140 12,700 7,600 1,660 9,100 1,220 1,293,260 1,293,260

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing With The Computer

Authors: Wayne S. Boutell

1st Edition

0520363329, 978-0520363328

More Books

Students also viewed these Accounting questions

Question

What are the steps in planning your personal insurance coverage?

Answered: 1 week ago