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I need assistance creating a multi step income statement. On November 1, 2022, Teal Mountain had the following account balances. The company uses the perpetual
I need assistance creating a multi step income statement.
On November 1, 2022, Teal Mountain had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $13,500 Accumulated Depreciation-Equipment 3,360 Accounts Payable 1,290 Unearned Service Revenue 37,500 Salaries and Wages Payable $55,650 Common Stock Retained Earnings Credit $1,500 5,100 6,000 2,550 30,000 10,500 $55,650 During November, the following summary transactions were completed. Nov. 8 Paid $5,325 for salaries due employees, of which $2,775 is for November and $2,550 is for October. 10 Received $2,850 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $12,000, terms 2/10, n/30. 12 Sold merchandise on account for $8,250, terms 2/10, n/30. The cost of the merchandise sold was $6,000. 15 Received credit from Dimas Discount Supply for merchandise returned $450. 19 Received collections in full, less discounts, from customers billed on sales of $8,250 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $3,450 cash for services performed in November. 25 Purchased equipment on account $7,500. 27 Purchased supplies on account $2,550. 28 Paid creditors $4,500 of accounts payable due. 29 Paid November rent $562. 29 Paid salaries $1,950. 29 Performed services on account and billed customers $1,050 for those services. 29 Received $1,013 from customers for services to be performed in the future. (f1) Prepare a multiple-step income statement for November TEAL MOUNTAIN Income Statement For the Month Ended November 30, 2022 Sales Sales Revenue 3,250 Less Sales Discounts 165 Net Sales 8,085 Cost of Goods Sold 6,000 Gross Profit 2,085 Less expStep by Step Solution
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