Question
Munif Hardware had the following adjusted trial balance at the end of the companys fiscal year June 30, 2021: Account Title Debit Credit Salaries &wages
Munif Hardware had the following adjusted trial balance at the end of the companys fiscal year June 30, 2021:
Account Title | Debit | Credit |
Salaries &wages Payable |
| $20,200 |
Accounts Receivable | 25,500 |
|
Accumulated Depreciation-Equipment |
| 40,000 |
Cash | 21,000 |
|
Cost of goods sold | 513,000 |
|
Freight-out | 1,500 |
|
Equipment | 141,000 |
|
Depreciation expense | 6,000 |
|
Insurance expense | 2,000 |
|
Interest expense | 1,400 |
|
Dividend revenue |
| 2,000 |
Inventory | 22,000 |
|
Land | 50,000 |
|
Notes Payable |
| 32,000 |
Owners capital |
| 96,700 |
Owners Drawings | 5,000 |
|
Supplies | 3,500 |
|
Property tax expense | 2,500 |
|
Property tax payable |
| 2,500 |
Rent expense | 10,000 |
|
Salaries &wages expense | 86,000 |
|
Sales revenue |
| 705,000 |
Sales commissions expense | 6,000 |
|
Sales commissions payable |
| 4,500 |
Sales returns &allowance | 3,000 |
|
Sales discount | 3,500 |
|
Total | 902,900 | 902,900 |
Instructions
Prepare a multiple-step income statement, an owners equity statement, and a classified balance sheet. $15,000 of notes payable are due in 2022.
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