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Please help: Income statement has 23 slots Owner's Equity has 5 slots Balance Sheet has 32 slots Labels Administrative expenses Current assets Current liabilities For
Please help:
Income statement has 23 slots
Owner's Equity has 5 slots
Balance Sheet has 32 slots
Labels | |
Administrative expenses | |
Current assets | |
Current liabilities | |
For the Year Ended May 31, 20Y2 | |
Long-term liabilities | |
May 31, 20Y2 | |
Operating expenses | |
Other revenue and expense | |
Property, plant, and equipment | |
Selling expenses | |
Amount Descriptions | |
Additional investment by owner | |
Book value-office equipment | |
Book value-store equipment | |
Gross profit | |
Maureen Leon, capital, June 1, 20Y1 | |
Maureen Leon, capital, May 31, 20Y2 | |
Net income | |
Net loss | |
Note payable (current portion) | |
Operating income | |
Total administrative expenses | |
Total assets | |
Total current assets | |
Total current liabilities | |
Total liabilities | |
Total liabilities and owner's equity | |
Total operating expenses | |
Total property, plant, and equipment | |
Total selling expenses | |
Withdrawals |
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2:
Cash | $243,100 |
Accounts receivable | 964,900 |
Inventory | 1,788,600 |
Estimated returns inventory | 21,200 |
Office supplies | 17,800 |
Prepaid insurance | 8,400 |
Office equipment | 825,900 |
Accumulated depreciation-office equipment | 543,800 |
Store equipment | 3,609,700 |
Accumulated depreciation-store equipment | 1,814,900 |
Accounts payable | 351,300 |
Salaries payable | 44,100 |
Customer refunds payable | 39,200 |
Estimated coupons payable | 5,000 |
Note payable (final payment due in 6 years) | 289,000 |
Maureen Leon, capital | 3,644,600 |
Maureen Leon, drawing | 94,200 |
Sales | 11,281,200 |
Cost of goods sold | 7,858,000 |
Sales salaries expense | 917,600 |
Advertising expense | 551,900 |
Depreciation expense-store equipment | 149,700 |
Miscellaneous selling expense | 36,600 |
Office salaries expense | 668,600 |
Rent expense | 99,800 |
Depreciation expense-office equipment | 56,200 |
Insurance expense | 38,600 |
Office supplies expense | 32,700 |
Miscellaneous administrative expense | 7,900 |
Interest expense | 21,700 |
Required: | |
---|---|
1. | Prepare a multiple-step income statement. |
2. | Prepare a statement of owner's equity. Maureen Leon invested an additional $75,000 in the business during the year ended May 31, 20Y2. |
3. | Prepare a balance sheet, assuming that the current portion of the note payable is $42,000. |
4. | Briefly explain how multiple-step and single-step income statements differ. |
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