Cullumber Department Store is located near the Towne Shopping Mall. At the end of the company's calendar year on December 31. 2020 , the following accounts appeared in two of its trial balances. Prepare an income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. - 45 or parentheses e.g. (45).) Net Sales Income fram Operations Other income and Expense Interest Revenue Expense Net income/ [Loss) E eTextbook and Media List of Accounts Prepare a retained earnings statement. (List items that increase retained earnings first.) CULLUMBER DEPARTMENT STORE. Retained Earnings Statement Prepare a classified statement of financial position. 13,440 of the mortgage payable is due for payment next year, (List Current Assets in reverse order of liquidity. List Property. Plant and Equipment in order of Land, Buildings and Equipment.) CULLUMBER DEPARTMENT STORE Statement of Financial Position December 31, 2020 Assets Current Assets [E Total Property, Plant and Equipment 0 Total Assets Equity and Liabilities Current Liabilities Accounts Payable E Interest Payabie Total Property. Plant and Equipment Total Assets Equity and Liabilities Current Liabilities Accounts Payable E Interest Payable Date Account Titles and Explanation Debit Credit Dec. 31 (To adjust depreciation on buildings and equipment) Dec. 31 (To adjust insurance expense) Dec. 31 (To adjuat interest expense) Dec. 31 (To adjust property tax expense) Dec. 31 (To adjust sales commissions expense) Dec. 31 (To adjust utilities expense) eTextbook and Media List of Accounts Dec, 31 (To close accounts with credit balances) Dec. 31 (To close accounts with debit balances) Dec, 31 (To close net income ( loss)) Dec. 31 (To close dividends) eTextbook and Media List of Accounts Cullumber Department Store is located near the Towne Shopping Mall. At the end of the company's calendar year on December 31. 2020 , the following accounts appeared in two of its trial balances. Prepare an income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. - 45 or parentheses e.g. (45).) Net Sales Income fram Operations Other income and Expense Interest Revenue Expense Net income/ [Loss) E eTextbook and Media List of Accounts Prepare a retained earnings statement. (List items that increase retained earnings first.) CULLUMBER DEPARTMENT STORE. Retained Earnings Statement Prepare a classified statement of financial position. 13,440 of the mortgage payable is due for payment next year, (List Current Assets in reverse order of liquidity. List Property. Plant and Equipment in order of Land, Buildings and Equipment.) CULLUMBER DEPARTMENT STORE Statement of Financial Position December 31, 2020 Assets Current Assets [E Total Property, Plant and Equipment 0 Total Assets Equity and Liabilities Current Liabilities Accounts Payable E Interest Payabie Total Property. Plant and Equipment Total Assets Equity and Liabilities Current Liabilities Accounts Payable E Interest Payable Date Account Titles and Explanation Debit Credit Dec. 31 (To adjust depreciation on buildings and equipment) Dec. 31 (To adjust insurance expense) Dec. 31 (To adjuat interest expense) Dec. 31 (To adjust property tax expense) Dec. 31 (To adjust sales commissions expense) Dec. 31 (To adjust utilities expense) eTextbook and Media List of Accounts Dec, 31 (To close accounts with credit balances) Dec. 31 (To close accounts with debit balances) Dec, 31 (To close net income ( loss)) Dec. 31 (To close dividends) eTextbook and Media List of Accounts
