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.
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