Question
CullumberStore is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of
CullumberStore is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances.
Unadjusted
Adjusted
Unadjusted
Adjusted
Accounts Payable$25,900$25,900Notes payable$36,500$36,500Accounts Receivable30,20030,200Owner's Capital84,50084,500Accumulated Depr.Equipment34,00045,000Owner's Drawings9,5009,500Cash26,50026,500Prepaid Insurance11,0003,400Cost of Goods Sold506,000506,000Property Tax Expense2,500Freight-Out5,1005,100Property Taxes Payable2,500Equipment145,500145,500Rent Expense15,00015,000Depreciation Expense11,000Salaries and Wages Expense96,00096,000Insurance Expense7,600Sales Revenue720,000720,000Interest Expense6,5006,500Sales Commissions Expense6,50011,000Interest Revenue1,9001,900Sales Commissions Payable4,500Inventory28,50028,500Sales Returns and Allowances8,0008,000Utilities Expense8,5008,500
(a1)
Prepare a multiple-step 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).)
CULLUMBERSTORE
Income Statement
Choose the accounting period
For the Year Ended November 30, 2020
November 30, 2020
For the Month Ended November 30, 2020
Select an opening name for section one
Drawings
Net Income / (Loss)
Owner's Capital, December 1, 2019
Owner's Capital, November 30, 2020
Sales
Total Revenues
Net Sales
Gross Profit
Operating Expenses
Total Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and Losses
Enter an income statement item
$
Enter a dollar amount
Select between addition and deduction
Less
Add
:
Enter an income statement item
Enter a dollar amount
Select a closing name for section one
Drawings
Net Income / (Loss)
Owner's Capital, December 1, 2019
Owner's Capital, November 30, 2020
Sales Revenues
Total Revenues
Net Sales
Gross Profit
Operating Expenses
Total Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and Losses
Enter a total amount for section one
Enter an income statement item
Enter a dollar amount
Select a summarizing line for the first part
Drawings
Net Income / (Loss)
Owner's Capital, December 1, 2019
Owner's Capital, November 30, 2020
Sales Revenues
Total Revenues
Net Sales
Gross Profit
Operating Expenses
Total Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and Losses
Enter a total amount for the first part
Select an opening name for section two
Drawings
Net Income / (Loss)
Owner's Capital, December 1, 2019
Owner's Capital, November 30, 2020
Sales Revenues
Total Revenues
Net Sales
Gross Profit
Operating Expenses
Total Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and Losses
Enter an income statement item
$
Enter a dollar amount
Enter an income statement item
Enter a dollar amount
Enter an income statement item
Enter a dollar amount
Enter an income statement item
Enter a dollar amount
Enter an income statement item
Enter a dollar amount
Enter an income statement item
Enter a dollar amount
Enter an income statement item
Enter a dollar amount
Enter an income statement item
Enter a dollar amount
Select a closing name for section two
Drawings
Net Income / (Loss)
Owner's Capital, December 1, 2019
Owner's Capital, November 30, 2020
Sales Revenues
Total Revenues
Net Sales
Gross Profit
Operating Expenses
Total Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and Losses
Enter a total amount for section two
Select a summarizing line for the second part
Drawings
Net Income / (Loss)
Owner's Capital, December 1, 2019
Owner's Capital, November 30, 2020
Sales Revenues
Total Revenues
Net Sales
Gross Profit
Operating Expenses
Total Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and Losses
Enter a total amount for the second part
Select an opening name for section three
Drawings
Net Income / (Loss)
Owner's Capital, December 1, 2019
Owner's Capital, November 30, 2020
Sales Revenues
Total Revenues
Net Sales
Gross Profit
Operating Expenses
Total Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and Losses
Enter an income statement item
Enter a dollar amount
Select an opening name for section four
Drawings
Net Income / (Loss)
Owner's Capital, December 1, 2019
Owner's Capital, November 30, 2020
Sales Revenues
Total Revenues
Net Sales
Gross Profit
Operating Expenses
Total Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and Losses
Enter an income statement item
Enter a dollar amount
Enter a subtotal of the two previous amounts
Select a closing name for this statement
Drawings
Net Income / (Loss)
Owner's Capital, December 1, 2019
Owner's Capital, November 30, 2020
Sales Revenues
Total Revenues
Net Sales
Gross Profit
Operating Expenses
Total Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and Losses
$
Enter a total income or loss amount
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Managerial Accounting
Authors: John J. Wild, Ken W. Shaw
2010 Edition
978-0073379586
