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Multi-Step Income State, Retained Earnings, and Balance Sheet I have been trouble with organizing and adding or subtracting for these accounts. I am trying to
Multi-Step Income State, Retained Earnings, and Balance Sheet
I have been trouble with organizing and adding or subtracting for these accounts. I am trying to practice with a problem my professor recommended but I'm still struggling.
Accounts Payable | $2,000 | Bonds Payable | $500,000 |
Accounts Receivable | $20,500 | Discount on Bonds Payable | $19,000 |
Cash | $12,000 | Retained Earnings (beg.) | $50,000 |
Operating Expenses | $200,000 | Dividends | $20,000 |
Equipment | $900,000 | Gross Sales | $1,006,000 |
Unearned Revenue | $1,000 | Common Stock | $1,000 |
Inventory | $58,000 | APIC- Common Stock | $60,000 |
Cost of Goods Sold | $600,000 | Sales Discounts | $6,000 |
Accumulated Depreciation | $300,000 | Interest Expense | $20,000 |
Allowance for Doubtful Accounts | $500 | Treasury Stock | $3,000 |
Income Taxes | $60,000 | Prepaid Rent | $2,000 |
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