On January 1 Year 1, the general ledger of Company A Includes the following account balances: Credit Debit $ 12,900 37,400 153,700 84,300 137,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounta Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 3,500 11,300 36,400 217,000 157.100 $425,300 $425,300 During January Year 1, the following transactions occur January Borrow $117,000 from Company Corporation. The installment note beare interest at 41 annually and matures in 5 years. Payments of $2,155 are required at the end of each month for 60 months. January Receive $32,700 from customers on accounts receivable. 4 January Pay cash on accounts payable, $20,000. 10 January Pay cash for salaries, 510,600. 15 January Company A sales for the month total $191,000. sales include $66,700 for each and $131,300 on account. January Pay the first monthly installment of $2.155 related to the $117,000 borrowed on January 1. Round your 31 interest calculation to the nearest dollar. 4. Prepare a multiple-step Income statement for the period ended January 31, Year 1. Company A Multiple-Step Income Statement For the month ended January 31, Year 1 0 Gross Profit Expenses: Salaries Expense Interest Expense 390 Total Operating Expenses 390 390 390 Net Income S 48,010 On January 1 Year 1, the general ledger of Company A Includes the following account balances: Credit Debit $ 12,900 37,400 153,700 84,300 137,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounta Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 3,500 11,300 36,400 217,000 157.100 $425,300 $425,300 During January Year 1, the following transactions occur January Borrow $117,000 from Company Corporation. The installment note beare interest at 41 annually and matures in 5 years. Payments of $2,155 are required at the end of each month for 60 months. January Receive $32,700 from customers on accounts receivable. 4 January Pay cash on accounts payable, $20,000. 10 January Pay cash for salaries, 510,600. 15 January Company A sales for the month total $191,000. sales include $66,700 for each and $131,300 on account. January Pay the first monthly installment of $2.155 related to the $117,000 borrowed on January 1. Round your 31 interest calculation to the nearest dollar. 4. Prepare a multiple-step Income statement for the period ended January 31, Year 1. Company A Multiple-Step Income Statement For the month ended January 31, Year 1 0 Gross Profit Expenses: Salaries Expense Interest Expense 390 Total Operating Expenses 390 390 390 Net Income S 48,010
