Question
First Shot Photography Store has the following trial balance at their year-end, December 31, 2020. First Shot Photography Store Trial Balance For the year ended
First Shot Photography Store has the following trial balance at their year-end, December 31, 2020.
First Shot Photography Store Trial Balance For the year ended December 31, 2020
Account
Debit
Credit
Accounts Payable
$40,000
Accounts receivable
$85,000
Accumulated amortization, office equipment
10,000
Accumulated amortization, store cash register
3,000
Advertising expense
3,500
Amortization expense, office equipment
17,000
Amortization expense, store cash register
7,000
Sales Discounts
1,800
Cash
14,000
Cost of goods sold
216,900
Equipment
115,000
Insurance expense
7,500
Interest expense
1,400
Screen, capital
303,000
Screen, withdrawals
2,100
Inventory
219,000
Notes payable
5,000
Rent expense, office
15,000
Rent expense, sales
5,000
Rent revenue
2,200
Salaries expense, office
13,000
Salaries expense, selling
12,000
Sales
405,000
Sales returns and allowances
20,000
Supplies
8,000
Supplies expense, store
5,000
$768,200
$768,200
Prepare a classified multiple-step income statement in good form for First Shot Photography Store for their 2020 fiscal year.
First Shot Photography Store has the following trial balance at their year-end, December 31, 2020.
First Shot Photography Store Trial Balance For the year ended December 31, 2020 | ||
Account | Debit | Credit |
Accounts Payable |
| $40,000 |
Accounts receivable | $85,000 |
|
Accumulated amortization, office equipment |
| 10,000 |
Accumulated amortization, store cash register |
| 3,000 |
Advertising expense | 3,500 |
|
Amortization expense, office equipment | 17,000 |
|
Amortization expense, store cash register | 7,000 |
|
Sales Discounts | 1,800 |
|
Cash | 14,000 |
|
Cost of goods sold | 216,900 |
|
Equipment | 115,000 |
|
Insurance expense | 7,500 |
|
Interest expense | 1,400 |
|
Screen, capital |
| 303,000 |
Screen, withdrawals | 2,100 |
|
Inventory | 219,000 |
|
Notes payable |
| 5,000 |
Rent expense, office | 15,000 |
|
Rent expense, sales | 5,000 |
|
Rent revenue |
| 2,200 |
Salaries expense, office | 13,000 |
|
Salaries expense, selling | 12,000 |
|
Sales |
| 405,000 |
Sales returns and allowances | 20,000 |
|
Supplies | 8,000 |
|
Supplies expense, store | 5,000 |
|
| $768,200 | $768,200 |
Prepare a classified multiple-step income statement in good form for First Shot Photography Store for their 2020 fiscal year.
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