prepare retained earnings statement and multi-step income statement

The following information relates to Ashton Appliances for the current year. $16,650 Accounts payable $16,800 Income taxes expense 68,000 Accounts receivable 12,800 Income taxes payable 36,610 Insurance expense 104,800 15,500 27,600 Accumulated depreciation (building) Accumulated depreciation (furniture) Bonds payable (due in 7 years) Building 59,850 192,000 300,000 92,800 80,700 Cash 41,450 Interest expense Inventory Other assets Rent expense (store equipment) Retained earnings, January 1 Salaries expense Salaries payable Sales revenue Common stock 113,700 Cost of goods sold Depreciation expense (building) Depreciation expense (furniture) 511,350 11,050 12,000 130,000 54,000 101,000 7,190 948,070 Furniture Prepare a retained earnings statement. Ashton Appliances Retained Earnings Statement For the year ending December 31 Net income x Feedhack Check My Work 1. Prepare a retained earnings statement with proper form. The retained earnings statement summarizes and explains the changes in retained earnings during the period. 2. Prepare a multiple-step income statement. Ashton Appliances Income Statement For the year ending December 31 Operating expenses: Total operating expenses Income from operations Other income and expenses: IQ IDI Income before income taxes Feedback