Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Credit 405 75 2300 200 3200 Adjusted Trial Balance December 31st, 2019 Debit Cash 126587 Accounts receivable 13500 Allowance for uncollectible accounts Interest receivable Supplies
Credit 405 75 2300 200 3200 Adjusted Trial Balance December 31st, 2019 Debit Cash 126587 Accounts receivable 13500 Allowance for uncollectible accounts Interest receivable Supplies 1800 Prepaid insurance 5500 inventory 5328 Notes receivable 15000 Buildings 62000 Gain Accumulated depreciation Accounts payable Deferred revenue 3480 Salaries payable Income tax payable Warranty liability Notes payable Common stock Dividends 1600 Service revenue Sales revenue Sales discounts Interest revenue Bad debt expense 405 Cost of goods sold 17280 Depreciation expense 500 Income tax expense 3700 Insurance expense 500 Interest expense Salaries expense 5200 Supplies expense 1400 Warranty expense 450 Total $265030 1200 3700 450 113670 96000 7830 36000 150 75 575 $265030 Multiple Step Income Statement For the Year Ended December 31st, 2019 Revenue: Net Revenue Less: Cost of Goods Sold Gross Profit Operating Expenses Total Operating Expenses Operating Income Other Revenue and Expenses Total Other Revenue and Expenses Income Before Income Tax Income Tax Expense Net Income Statement of Stockholders' Equity For the Year Ended December 31st, 2019 Common Stock Retained Earnings Beginning Balance (December 1st, 2019) $ 0 $ Total Issued Stock Net Income Less: Dividends Ending Balance (December 31st, 2019)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started