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I was wondering if you can help me with Problem 5-4A (Chapter 5) in the book fundamental accounting principles. I need help with the analysis
I was wondering if you can help me with Problem 5-4A (Chapter 5) in the book fundamental accounting principles. I need help with the analysis component.
15 Receved beiance due from Green Rubu for the August 5 sae 17 Puchased office equioment om so on oredr $6,000, n/45. 18 Paid the amount due Jane Co for the August B purchese crede memo from Jane grenting a pri 14 Sald merchandse had cost 8990 Chi( Jewedevepested a po ro turton on thepst 1 q see because the merchandse specifications. Sent Chic Jewellery a gredit memo for $300 to esove the issue, z. Using adjusted trial penses in detail. Analysis Component: Explain whu multiple-step Income statement Problem 5-5A Income CHECK The following amounts appeared on Davison C end of its fiscal gear 29 Received Chic Crie lwleny's payment of the amount aue from the August 19 parchese Pad Lsu Company the amount due fram the August1purchase and formats A Adjusting entries and multbstep income statement-perpetual Los eXcel CHECK FIGURES: 1. Income statement columns $52310: 2. Prott-$5,025 Information accounting period, is as follows of the tion from the unadjusted trial balance of Jumbo's on December 31, 2017, the end Liabiliries Cash Accounts receivable Menchndise inventort, Store suppies Office supplies. $ 8.100 22,665 34,600 2,415 775 3,255 74,490 interest income Sales discounts Saies retuns and alowances Cost of goods sold Prepold insurance 13,655 8000 Accumulated depreciation, equipment Accounts Store supplies esperse Aovertising expense Office salaries expense Rent expense, ofice space. Office supplies expense Salaries payable Sally Fowler, capital 168,965 Sally Fowler, withdrawals Interest income Sales Sales retums and allowances Cost of goods sold... Salares expense Rent e 62.000 310 5,070 381.160 36.300 28,100 0 0 Required 1. Prepare a classified, multiple-step income st company's net sales, cost of goods sol amounts of selling expenses and general an 2. Present a condensed single-step income sta goods sold, selling expenses, and general a Supplies expense the Insurance expense Totals 719,930 $719,930 370 CHAPTER 5 Accounting for Activities rd adjusting entries for the following information. . Rerord review of the store supplies on December 31, 2017, revealed a balance on hand of $2.00 a similar examination of the office supplies showed that $640 had been used. The balance in the Prepaid Insurance account was reviewed and it was determined that $255 was unused at December 31, 2017 a. A . The records show that the equlpment was estimated to have a total estimated useful life of ars 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 , Using adjusted trial balance numbers, prepare a multiple-step income statement showing the ex- penses in detail. ysis Component: Explain why Interest income is shown under Other revenues and expenses on the multiple-step income statement Problem 5-5A Income statement calculations and formats-perpetual LOS Step by Step Solution
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