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I could really use help with how to fill the Income Statement part in (highlighted in yellow) I never did an income statement like this.
I could really use help with how to fill the Income Statement part in (highlighted in yellow) I never did an income statement like this. Can someone please help me and let me know if I am on the right track or not, and how I can make sure I am doing it correctly?
Required 1. Record adjusting entries for the following information. a. A review of the store supplies on December 31, 2017, revealed a balance on hand of $2,000; a similar examination of the office supplies showed that $640 had been used. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $255 was unused at December 31, 2017. c. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a resale value at the end of its life of $14,490. d. Accrued salaries payable, $1,800. e. A count of the merchandise inventory revealed a balance on hand December 31, 2017, of $33,800. 2. Using adjusted trial balance numbers, prepare a multiple-step income statement showing the ex- penses in detail. Analysis Component: Explain why Interest income is shown under Other revenues and expenses on the multiple-step income statement. Problem 5-4A Adjusting entries and multi-step income statement-perpetual L05 eXcel CHECK FIGURES: 1. Income statement columns = $529,310; 2. Profit = $5,025 Information from the unadjusted trial balance of Jumbo's on December 31, 2017, the end of the annual accounting period, is as follows: Debit Credit $ 8,100 22,665 34,600 2,415 775 3,255 74,490 $ 13,655 8,000 -O- 168,965 Cash ............. Accounts receivable............. Merchandise inventory ..... Store supplies ...... Office supplies.. Prepaid insurance ..... Equipment..... Accumulated depreciation, equipment..... Accounts payable. Salaries payable. Sally Fowler, capital... Sally Fowler, withdrawals ....... Interest income..... Sales ........................... Sales returns and allowances Cost of goods sold.... Salaries expense ........... Rent expense..... Supplies expense.. Depreciation expense, equipment Insurance expense .......... Totals............ capital............. 62,000 310 529,000 5,070 381,160 96,300 29,100 $719,930 $719,930 Work Sheet For Year Ended December 31, 2017 Adjustments Debit Credit Income Statement Debit Credit Unadjusted Trial Balance Debit Credit 8,100 22,665 34,600 2,415 775 3,255 74,490 Adjusted Trial Balance Debit Credit 8,100 22,665 33,800 2,000 135 255 74.490 800 415 640 3,000 13,655 6,000 8,000 19,655 8,000 1,800 168,965 1,800 -0- 168,965 Account Cash Accounts receivable Merchandise inventory Store supplies Office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Sally Fowler, capital Sally Fowler, withdrawals Interest income Sales Sales returns and allowances Cost of goods sold Salaries expense Rent expense Supplies expense Depreciation expense, equipment Insurance expense Totals Profit Totals 62,000 62,000 310 310 529,000 310 529,000 529,000 5,670 381,690 5,070 381,160 96,300 29,100 800 1,800 5,070 381,960 98,100 29,100 1,055 98.100 29,100 1,055 1,055 6,000 3.000 12,655 6.000 3,000 727,730 6,000 3,000 727,730 671,925 719,930 719,930 12,655 382,000 5,025 387,025 | 671.925Step by Step Solution
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