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Current Attempt in Progress The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2024, for
Current Attempt in Progress
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2024, for Hall Merchants.
Hall uses a perpetual inventory system and the earnings approach for revenue recognition. All accounts have normal balances,
Account
Balance
Dec. 31
Accounts payable
$14,100
Accounts receivable
31.100
Accumulated depreciation- building
16,000
Accumulated depreciation-equipment
10.800
Advertising expense
4.500
Building
84.000
S. Hall, capital
69,000
S. Hall, drawings
28.400
Cash
4.300
Cost of goods sold
234.600
Depreciation expense
6.200
Equipment
25,500
Delivery expense 640
Insurance expense 1,250
Interest expense
Interest revenue
Land
Merchandise inventory
Mortgage payable
Prepaid insurance
Property tax expense
Property taxes payable
Rent revenue
Salaries expense
Salaries payable
Sales
Sales discounts
Sales returns and allowances
Unearned revenue
Utilities expense
- / 24
1,250
2.020
1,440
12.100
102.780
56.400
2,200
1,500
1,500
41,000
422.400
18.000
24,200
1,900
Prepare a multiple-step income statement for Hall Merchant for the year ended December 31, 2024. (List Other Revenues before Other
Expenses.)
HALL MERCHANTS
Current Attempt in Progress
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2024, for Hall Merchants.
Hall uses a perpetual inventory system and the earnings approach for revenue recognition. All accounts have normal balances,
Account
Balance
Dec. 31
Accounts payable
$14,100
Accounts receivable
31.100
Accumulated depreciation- building
16,000
Accumulated depreciation-equipment
10.800
Advertising expense
4.500
Building
84.000
S. Hall, capital
69,000
S. Hall, drawings
28.400
Cash
4.300
Cost of goods sold
234.600
Depreciation expense
6.200
Equipment
25,500
Delivery expense 640
Insurance expense 1,250
Interest expense
Interest revenue
Land
Merchandise inventory
Mortgage payable
Prepaid insurance
Property tax expense
Property taxes payable
Rent revenue
Salaries expense
Salaries payable
Sales
Sales discounts
Sales returns and allowances
Unearned revenue
Utilities expense
- / 24
1,250
2.020
1,440
12.100
102.780
56.400
2,200
1,500
1,500
41,000
422.400
18.000
24,200
1,900
Prepare a multiple-step income statement for Hall Merchant for the year ended December 31, 2024. (List Other Revenues before Other
Expenses.)
HALL MERCHANTS income statement
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
14th Edition
978-0132960649, 132960648, 132109174, 978-0132109178
