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Question 5 [40 points] The work sheet for Barton Corporation is shown below. Complete the classified multi-step income statement on the right. Barton Corporation Income
Question 5 [40 points] The work sheet for Barton Corporation is shown below. Complete the classified multi-step income statement on the right. Barton Corporation Income Statement For the year ended December 31, 2014 ! +++++ TTTTT + + Balance Sheet and Income Statement of Statement Changes in Equity Debit Credit Debit Credit Accumulated Depreciation, Office Equipment 7,500 Accumulated Depreciation, Store Furniture 29,500 Cost Of Goods Sold 79,500 Depreciation Expense, Office Equipment 5,000 Depreciation Expense, Store Furniture 12,500 Dividends 34.000 Income Taxes Expense 16,400 Income Taxes Payable 16,400 Liabilities 118,000 Merchandise Inventory 102,500 Office Equipment 13,000 Office Supplies Expense 28,000 Rent Earned 252,000 Rent expense, office space 128,500 Rent expense, selling space 79,000 Retained Earnings 78,500 Sales 305,500 Sales Discounts 7,500 Sales Returns and Allowances 6,500 Sales Salaries Expense 58,500 Share Capital 90,000 Store Furniture 256.000 Store Supplies Expense 70.500 Totals 491,900 557,500 405,500 339,900 Net Income 65,600 65,600 Totals 557,500 557,500 405,500 405,500
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