Question
Preparing a single-step income statement Prepare Budgets single- step income statement for the year ended March 31, 2015 BUDGET BUSINESS SYSTEMS ADJUSTED TRIAL BALANCE MARCH
Preparing a single-step income statement
Prepare Budgets single- step income statement for the year ended March 31, 2015
| BUDGET BUSINESS SYSTEMS ADJUSTED TRIAL BALANCE MARCH 31, 2015
BALANCE | ||
| ACCOUNT TITLE | DEBIT | CREDIT |
| CASH | $2,400 |
|
| ACCOUNT RECEIVABLE | 11,400 |
|
| MERCHANDISE INVENTORY | 31,700 |
|
| OFFICE SUPPLIES | 6,400 |
|
| EQUIPMENT | 42,500 |
|
| ACCUMULATED DEPRECIATION---EQUIPMENT |
| $13,900 |
| ACCOUNTS PAYABLE |
| 9,200 |
| SALARIES PAYABLE |
| 1,000 |
| NOTES PAYABLE, LONG TERM |
| 7,900 |
| COMMON STOCK |
| 20,000 |
| RETAINED EARNINGS |
| 14,000 |
| DIVIDENDS | 43,000 | 234,500 |
| SALES REVENUE | 1,000 | |
| SALES RETURNS AND ALLOWANCE | 1,500 |
|
| SALES DISCOUNT | 116,300 |
|
| COST OF GOOD SOLD | 27,200 |
|
| SELLING EXPERIENCE | 14,800 |
|
| ADMINISTRATIVE EXPENSE | 2,300 |
|
| INTEREST EXPENSE | $300,500 | $300,500 |
| TOTALT | ||
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