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Glent Company prepared the following trial balance at its year end of September 30,2018. The company is owned by Wayne Glent. Cash 14600 A/R 6000
Glent Company prepared the following trial balance at its year end of September 30,2018. The company is owned by Wayne Glent.
Cash | 14600 | |
A/R | 6000 | |
Merchandise Inventory | 6600 | |
prepaid expenses | 2000 | |
store equipment | 40000 | |
accumulated depreciation-store equipment | 2500 | |
accounts payable | 8000 | |
unearned revenue | 6000 | |
notes payable | 9000 | |
glent,capital | 38750 | |
glent,withdrawals | 1000 | |
sales revenue | 61750 | |
gain on sale of equipment | 4000 | |
cost of goods sold | 30000 | |
depreciation expense-store equipment | 500 | |
interest expense | 600 | |
advertising expense | 1200 | |
rent expense-retail space | 10000 | |
Rent expense-office space | 5000 | |
Sales salries expense | 8000 | |
Office salaries expense | 4500 | |
Total | 130000 | 130000 |
Notes:
Assume the balance of owners equity is the opening balance
The note payable is payable over the next nine years in equal annual installments
A) Prepare a multiple step income statement using the trial balances
B) prepare a statement of owners equity using the trial balances
C) Prepare a classified balance sheet using the trial balances
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