Merchandising Financial Statements

Make a Multi-Step Statement of Comprehensive Income

The adjusted trial balance columns of Falsetto Company's worksheet for the year ended December 31, 20CY are as follow:

Accounts: DebitCredit

Cash 14,500

Accounts Receivable 11,100

Inventory 29,000

Prepaid Insurance2,500

Equipment 95,000

Accumulated Depreciation-Equipment 18,000

Notes Payable25,000

Accounts Payable10,600

Owner's Capital81,000

Owner's Drawing 12,000

Sales Revenue536,800

Interest Revenue2,500

Sales Returns and Allowances 6,700

Sales Discounts5,000

Cost of Goods Sold 363,400

Freight-out 7,600

Advertising Expense 12,000

Salaries Expense 56,000

Utilities Expense 18,000

Rent Expense 24,000

Depreciation Expense9,000

Insurance Expense4,500

Interest Expense3,600

TOTAL673,900673,900