Glent Company prepared the following adjusted trial balance at its year$-$end of May $31,2018.$ The company is owned by Judas Glent.

Glent Company

Adjusted Trial Balance

May $31,2018$

Account Titles DR CR

Cash $$14,200$

Accounts Receivable $$6,500$

Merchandise Inventory $$6,600$

Prepaid Expenses $$2,200$

Store Equipment $$40,200$

Accumulated Depreciation $-$ Equipment $$2,500$

Accounts Payable $$6,600$

Unearned Revenue $$5,600$

Notes Payable $$18,000$

Glent, Capital $$35,700$

Glent, Drawings $$1,800$

Sales Revenue $$51,100$

Gain on Sale of Equipment $$4,500$

Cost of Goods Sold $$19,400$

Depreciation Expense $-$ Equipment $$2,500$

Interest Expense $$900$

Advertising Expense $$1,100$

Rent Expense $-$ Retail Space $$10,900$

Rent Expense $-$ Office Space $$5,400$

Sales Salaries Expense $$8,100$

Office Salaries Expense $$4,200$

Total $$124,000$ $$124,000$

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.

Only use negative signs for a Loss from Operations or a Net Loss.

Glent Company

Income Statement

For the Year Ended May $31,2018$

Sales Revenue $Answer

$51100$

Cost of Goods Sold $Answer

$19400$

Gross Profit $Answer

$31700$

Operating Expenses

Selling Expenses

Answer

Depreciation Expense $-$ Equipment

$Answer

$2500$

Answer

Advertising Expense

$Answer

$1100$

Answer

Rent Expense $-$ Retail Space

$Answer

$10900$

Answer

Sales Salaries Expense

$Answer

$8100$

Total Selling Expenses $Answer

$22600$

Administrative Expenses

Answer

Rent Expense $-$ Office Space

$Answer

$5400$

Answer

Office Salaries Expense

$Answer

$4200$

Total Administrative Expenses $Answer

$9600$

Total Operating Expenses $Answer

$32200$

Income from Operations $Answer

Other Income and Expenses

Answer

Gain on Sale of Equipment

$Answer

$4500$

Answer

Interest Expense

$Answer

$900$

$Answer

$3600$

Net Income $Answer

b$)$ Prepare a statement of owner's equity.

Glent Company

Statement of Owner's Equity

For the Year Ended May $31,2018$

Glent, Capital $($Beginning$)$ $Answer

$35700$

Add: Net Income $Answer

Less: Glent, Drawings $Answer

Subtotal $Answer

Glent, Capital, May $31,2018$ $Answer

c$)$ Prepare a classified balance sheet.

Glent Company

Balance Sheet

As at May $31,2018$

Assets

Current Assets

Answer

$Answer

Answer

$Answer

Answer

$Answer

Answer

$Answer

Total Current Assets $Answer

Property, Plant, and Equipment

Answer

$Answer

Answer

$Answer

Total Property, Plant, and Equipment $Answer

Total Assets $Answer

Liabilities

Current Liabilities

Answer

$Answer

Answer

$Answer

Answer

$Answer

Total Current Liabilities $Answer

Noncurrent Liabilities

Answer

$Answer

Total Noncurrent Liabilities $Answer

Total Liabilities $Answer

Owner's Equity

Answer

$Answer

Total Owner's Equity $Answer

Total Liabilities and Owner's Equity $Answer