Question
Numerical Input 7.5 points possible (graded, results hidden) Given below are selected account balances from the Trial Balance of Juno Incorporation at June 30, 2021.
Numerical Input
7.5 points possible (graded, results hidden)
Given below are selected account balances from the Trial Balance of Juno Incorporation at June 30, 2021. The company which was incorporated in 2012 prepares its financial statements after every one year (July-June). Accounts Balances ($) Inventory 37400 Supplies 800 Prepaid Rent 6744 Equipment 63200 Accumulated Depreciation-Equipment 7700 Accounts Payable 9600 Mortgage Loan 30900 Common Stock ($100 Par Value) 38900 Retained Earnings 61200 Sales 564200 Sales Returns and Allowances 7900 Salaries Expense 35700 Cost of Goods Sold 304000 Utilities Expense 10700 Interest Expense 3300 Advertising Expense 13200 Interest Revenue 7200 Other Operating Expenses 1700 Additional Data: 1. Interest accrued but not paid $1200. 2. The company has to pay 20% tax on the profit it makes. 3. Prepaid rent was paid on January 1, 2021 for the next 2 years. 4. The company depreciates the equipment at the rate of 10% under the straight line method. The equipment is expected to have a salvage value of $5,000. 5. 15% cash dividend was declared on Common Stock. Required: Prepare a Multistep income statement for the year ending June 30, 2021.
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