Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is the adjusted trial balance of Turn Into Earth, Inc., as of 12-31-2021. Accounts Debits Credits Cash $ 35,450. Accounts Payable $ 23,780.

Presented below is the adjusted trial balance of Turn Into Earth, Inc., as of 12-31-2021.

Accounts Debits Credits

Cash $ 35,450.

Accounts Payable $ 23,780.

Interest Expense 4,500.

Retained Earnings 47,720.

Prepaid Office Rent Expense 32,700.

Merchandise Inventories 75,250.

Gain on sale of delivery truck 27,000.

Bonds Payable (due 2032) 126,000.

Equipment 270,000.

Land 49,000.

Sales Salary Expense 33,900.

Delivery Expense 11,600.

Accounts Receivable 59,700.

Accumulated Depreciation, Equipment 43,000.

Sales 371,900.

Sales Commissions Expenses 11,000.

Accumulated Depreciation, Buildings 65,800.

Sales Returns and Allowances 12,400.

Common Stock 250,000.

Office Rent Expense 28,900.

Advertising Expense 17,200.

Office expenses 32,900.

Accounting Expenses 5,000.

Building 145,300.

Notes Payable (due 2022) 15,000.

Notes Payable (due 2025) 10,000.

Cost of Goods Sold 110,000.

Sales Discounts 3,200.

Investment Revenue 7,500.$

Salaries Payable 12,300.

Dividends 8,000.

Long Term Investments 54,000.

Totals 1,000,000 1,000,000

Write up a Multiple Step Income Statement for Turn Into Earth Inc., in good form for 2021.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principles A Systems Based Approach

Authors: Howard F. Stettler

5th Edition

0130517224, 9780130517227

More Books

Students also viewed these Accounting questions

Question

What symbols are used to represent decision nodes and event nodes?

Answered: 1 week ago

Question

=+For a different audience? In another tone of voice?

Answered: 1 week ago

Question

=+Can it illicit audience participation?

Answered: 1 week ago

Question

=+Create an open dialogue among users?

Answered: 1 week ago