Question
PREPARE: MULTIPLE-STEP INCOME STATEMENT, RETAINED EARNINGS, AND BALANCE SHEET MotionWork Destiny Inc. Adjusted Trial Balance December 31, 2016 Cash 34,000 Petty Cash 900 Accounts Receivable
PREPARE: MULTIPLE-STEP INCOME STATEMENT, RETAINED EARNINGS, AND BALANCE SHEET
MotionWork Destiny Inc. |
|
|
Adjusted Trial Balance |
|
|
December 31, 2016 |
|
|
Cash | 34,000 |
|
Petty Cash | 900 |
|
Accounts Receivable | 159,000 |
|
Allowance for Doubtful Accounts |
| 5,400 |
Notes Receivable (due 4/20/2017) | 40,000 |
|
Inventory | 72,000 |
|
Estimated Returns Inventory | 26,700 |
|
Supplies | 2,000 |
|
Prepaid Insurance | 4,800 |
|
Land | 100,500 |
|
Equipment | 450,000 |
|
Accumulated Depreciation |
| 70,700 |
Accounts Payable |
| 63,150 |
Salaries Payable |
| 13,600 |
Customers Refunds Payable |
| 48,325 |
Income Tax Payable |
| 21,070 |
Bonds Payable, Due 12/31/2018 |
| 230,000 |
Premium on bonds payable |
| 2,000 |
Common Stock, $2 par, 100,000 shares authorized |
| 88,000 |
Paid in Capital in excess of parCommon stock |
| 8,500 |
Treasury Stock-common, 550 shares at cost | 55,000 |
|
Retained Earnings, 1/1/2016 |
| 393,300 |
Cash Dividends | 11,000 |
|
Sales |
| 2,210,005 |
Cost of Goods Sold | 1,582,250 |
|
Selling Expense | 356,200 |
|
Administrative Expenses | 242,700 |
|
Interest Revenues |
| 4,000 |
Interest Expense | 14,800 |
|
Income taxes expense | 6,200 |
|
| 3,158,050 | 3,158,050 |
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