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Prepare a multiple-step income statement for November. On November 1, 2022, Skysong had the following account balances. The company uses the perpetual inventory method. Cash
Prepare a multiple-step income statement for November.
On November 1, 2022, Skysong had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $20,700 5,152 1,978 57,500 $85,330 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,300 7,820 9,200 3,910 46,000 16,100 $85,330 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29 29 29 29 Paid $8,165 for salaries due employees, of which $4,255 is for November and $3,910 is for October. Received $4,370 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $18,400, terms 2/10, n/30. Sold merchandise on account for $12,650, terms 2/10, n/30. The cost of the merchandise sold was $9,200. Received credit from Dimas Discount Supply for merchandise returned $690. Received collections in full, less discounts, from customers billed on sales of $12,650 on November 12. Paid Dimas Discount Supply in full, less discount. Received $5,290 cash for services performed in November. Purchased equipment on account $11,500. Purchased supplies on account $3,910. Paid creditors $6,900 of accounts payable due. Paid November rent $862. Paid salaries $2,990. Performed services on account and billed customers $1,610 for those services. Received $1,553 from customers for services to be performed in the future. SKYSONG Adjusted Trial Balance November 30, 2022 Debit Credit Cash 8037 Accounts Receivable 2392 Inventory 8156 Supplies plies 368 Equipment 69000 Accumulated Depreciation-Equipment 2875 Accounts Payable Payable 16330 Unearned Service Revenue 1495 Salaries and Wages Payable 1150 Common Stock 46000 Retained Earnings 16100 Service Revenue 16158 Sales Revenue 12650 Sales Discounts 53 Cost of Goods Sold 9200 Salaries and Wages Expense 8395 Rent Expense Supplies Expense 2208 Depreciation Expense 575 Totals 12758 112758 Prepare a multiple-step income statement for November. SKYSONG Income Statement $Step by Step Solution
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