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Activity 2. Preparation of Multiple-Step Income Statement (Average). Solve for the requirement in each of the following case problems. Write your solution and answer on the space provided Case 1. ABS Warehouse Rental had the following adjusted trial balance on December 31, 2020, ABS Warehouse Rental Adjusted Trial Balance December 31, 2020 Debit Credit Cash 34,400 Merchandise inventory 32,000 Inventory returns estimated 4,000 Store equipment 75,900 Accumulated depreciation-store equipment 22,000 Office equipment 60,000 Accumulated depreciation-office equipment 15,000 Accounts payable 35,000 Sales refund payable 7,000 Notes payable 10,000 Common stock 1,000 Retained earnings 109,700 Dividends 48,000 Sales 325,000 Sales discounts 6,000 Sales returns and allowances 16,500 Cost of goods sold 195,000 Selling expenses 32,500 General and administrative expenses 19,800 Interest expense 600 Total 524,700 524,700 Requirement: Prepare the income statement of the company using a multiple-step format and function of expense method of expense analysis. Use a separate sheet of paper for your solution. Attach your answer to this activity sheet upon submission Case 2. A portion of the December 31, 2020 adjusted trial balance for the GV Company is shown below Sales (net of P8,000 sales discounts and P24,500 sales returns and allowances) Cost of goods sold Salaries expense Depreciation expense-building Advertising expense Office supplies expense Gain on disposal of store equipment Interest expense P417,500 P210,000 P38,000 P40,000 P12,300 P3,500 P3,000 P1,000 UCNHS LR | FABM2 AS | Page 33 Activity 3. Preparation of Multiple-Step Income Statement (Difficult). Solve for the requirement in each of the following case problems. Write your solution and answer on the space provided Case 1. The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. GAOLEE FASHION CENTER Trial Balance November 30, 2017 Debit Credit Cash 20,700 Accounts Receivable 30,700 Inventory 44,700 Supplies 6,200 Equipment 133,000 Accumulated Depreciation Equipment 28,000 Notes Payable 60,000 Accounts Payable 48,500 Owner's Capital 93,000 Owner's Drawings 12,000 Sales Revenue 755,200 Sales Returns and Allowances 8,800 Cost of Goods Sold 497.400 Salaries and Wages Expense 140,000 Advertising Expense 24,400 Utilities Expense 14,000 Maintenance and Repairs Expense 12,100 Freight Out 16,700 Rent Expense 24,000 984,700 984,700 Totals Adjustment data: a. Supplies on hand totaled P2,600. b. Depreciation is P11,500 on the equipment c Interest of P3,800 is accrued on notes payable at November 30 d. Inventory actually on hand is P44,400. Required: 1. Journalize the adjusting entries. 2. Enter the trial balance on a worksheet, and complete the worksheet. 3. Prepare a multiple-step income statement and an owner's equity statement for the year, and a classified balance sheet as of November 30, 2017. Notes payable of P20,000 are due in January 2018. Case 2. On December 1, 2017, Rodriguez Distributing Company had the following account balances. Credit Cash Accounts Receivable Inventory Supplies Equipment Debit 7,200 4,600 12,000 1,200 22,000 47,000 Accumulated Depreciation- Equipment Accounts Payable Salaries and Wages Payable Owner's Capital 2,200 4,500 1.000 39,300 47.000 UCNHS LR | FABM2 AS | Page 35 6 8 During December, the company completed the following summary transactions. Dec Paid P1,600 for salaries and wages due employees, of which P600 is for December and P1,000 is for November salaries and wages payable. Received P2,200 cash from customers in payment of account (no discount allowed) 10 Sold merchandise for cash P6,300. The cost of the merchandise sold was P4, 100. Purchased merchandise on account from Boehm Co. P9,000, terms 2/10,n/30. 15 Purchased supplies for cash P2,000. Sold merchandise on account P15,000, terms 3/10,n/30. The cost of the merchandise sold was P10,000 20 Paid salaries and wages P1,800. 23 Paid Boehm Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18 13 18 Adjustment data: 1. Accrued salaries and wages payable P840. 2. Depreciation P200 per month. 3. Supplies on hand P1,500. Instructions 1. Journalize the December transactions using a perpetual inventory system. 2. Enter the December 1 balances in the ledger T-accounts and post the December transactions. Use Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenue, Sales Discounts, and Supplies Expense. ournalize and post adjusting entries. 4. Prepare an adjusted trial balance. 5. Prepare an income statement and an owner's equity statement for December 31. ABIM UCNHST UCNHS LR | FABM2 AS | Page 36