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Glent Company prepared the following adjusted trial balance at its year-end of March 31, 2018. The company is owned by Bruce Glent. Glent Company Adjusted
Glent Company prepared the following adjusted trial balance at its year-end of March 31, 2018. The company is owned by Bruce Glent.
Glent Company Adjusted Trial Balance March 31, 2018 | ||
Account Titles | DR | CR |
Cash | $14,900 | |
Accounts Receivable | $5,600 | |
Merchandise Inventory | $6,100 | |
Prepaid Expenses | $1,900 | |
Store Equipment | $39,800 | |
Accumulated Depreciation - Equipment | $2,700 | |
Accounts Payable | $6,100 | |
Unearned Revenue | $5,100 | |
Notes Payable | $9,000 | |
Glent, Capital | $42,520 | |
Glent, Drawings | $1,900 | |
Sales Revenue | $50,380 | |
Gain on Sale of Equipment | $4,500 | |
Cost of Goods Sold | $15,600 | |
Depreciation Expense - Equipment | $2,700 | |
Interest Expense | $900 | |
Advertising Expense | $1,800 | |
Rent Expense - Retail Space | $10,600 | |
Rent Expense - Office Space | $5,700 | |
Sales Salaries Expense | $8,200 | |
Office Salaries Expense | $4,600 | |
Total | $120,300 | $120,300 |
Notes: Assume the balance of owner's equity is the opening balance. The note payable is payable over 9 years in equal annual installments.
Required
a) Prepare a multi-step income statement.
Do not enter dollar signs or commas in the input boxes. Enter the accounts into the appropriate statements in the order they are presented on the trial balance. Do not use negative signs.
Glent Company Income Statement For the Year Ended March 31, 2018 | |||
Sales Revenue | $Answer | ||
Cost of Goods Sold | $Answer | ||
Gross Profit | $Answer | ||
Operating Expenses | |||
Selling Expenses | |||
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue | $Answer | ||
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue | $Answer | ||
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue | $Answer | ||
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue | $Answer | ||
Total Selling Expenses | $Answer | ||
Administrative Expenses | |||
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue | $Answer | ||
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue | $Answer | ||
Total Administrative Expenses | $Answer | ||
Total Operating Expenses | $Answer | ||
Income from Operations | $Answer | ||
Other Income and Expenses | |||
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue | $Answer | ||
AnswerAccounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising ExpenseCashCost of Goods SoldDepreciation Expense - EquipmentGain on Sale of EquipmentGlent, CapitalGlent, DrawingsInterest ExpenseMerchandise InventoryNotes Payable, Current PortionNotes Payable, Long-Term PortionOffice Salaries ExpensePrepaid ExpensesRent Expense - Retail SpaceRent Expense - Office SpaceSales RevenueSales Salaries ExpenseStore EquipmentUnearned Revenue | $Answer | $Answer | |
Net Income | $Answer |
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