Income statement, Statement of Owners Equity, and Balance sheet

1. Prepare a Multiple-step income statement

2. Prepare a statement of owners equity

3. Prepare a balance sheet

Paulsons pet store completed the work sheet below for the year ended dec. 31, 20. Owners equity as of January 1,20, was $22,696. The current portion of mortgage payable is $536.

Paulson's Pet Store Work Sheet For Year Ended December 31, 20 - TRIAL BALANCE DEBIT CREDIT DEBIT CREDITDEBIT 15,872 ADJUSTMENTSADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEE ACCOUNT TITLE CREDIT DEBIT CREDIT DEBIT CREDIT Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Acc 15,872 15,872 2,366 16,550 579 477 5,900 2,366 2,366 15,024 (0 16,850 (0) 1504 16.550 772 636 5,900 (c) 193 (d) 159 579 477 5,900 um. Depr- Equipment Accounts Payable Wages Payable Sales Tax Payable Mortgage Payable B. Paulson, Capital B. Paulson, Drawing Income Summary Sales 450 (e) 450 900 4,942 292 858 4,034 24,706 4,942 4,942 292 858 4,034 24,706 292 858 4,034 24,706 1,210 1,210 1,220 (a) 15,024 (b) 16,550 15,024 16,550 15,024 16,550 71,546 71,546 71,546 Income Summary Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Wages Expense Advertising Expense Supplies Expense Phone Expense Utilities Expense Insurance Expense Depr. Expense-Equipment Miscellaneous Expense Interest Expense (a) 15,024 (b) 16,550 15,024 16,550 15,024 16,550 71,546 71,546 71,546 1,376 1,376 1,376 40,668 40,668 40,668 1,058 1,058 1,058 804 804 804 390 22,268 284 390 390 22,560 284 193 682 718 159 450 154 78 () 292 22,560 193 682 718 159 450 154 78 125,690 c) 193 682 718 (d) 159 (e) 450 154 78 108,398 108,398 32,668 32,668 125,690 82,736 89,958 42,954 35,732 7,222 89,958 89,958 42,954 42,954 Net Income 7,222