Snipes Company 30. Beejoy Company paid Snipes Company on account for purchase of June 24 Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial state ments of (1) Snipes Company and C2) Bejoy Company. Identify each transaction by date. 1. Net income $1,550,000 P4-4 Multiple-step Income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30, 2048: $ 167.000 Retained Earnings 5 507.600 Accounts Receivable 300.000 Dividends 250.000 Inventory 735.000 Sales 7.134.000 Estimated Returns Inventory 25.000 Cost of Goods Sold 4350,000 Office Supplies 30.000 Sales Salaries Expense 777.600 Prepaid Insurance 24,000 Advertising Expense 91,800 Office Equipment 230,400 Depreciation Expense Accumulated Depreciation Store Equipment 16,600 Office Equipment 99,000 Miscellaneous Selling Expense 4.000 Store Equipment 1,023,000 Office Salaries Expense 154,000 Accumulated Depreciation- Rent Expense 79.000 Store Equipment 373.400 Insurance Expense 45.000 Accounts Payable 67,000 Depreciation Expense Customer Refunds Payable 30,200 Office Equipment 32400 Solarles Puyable 19,200 Office Supplies Expense 1300 Note Payable Miscellaneous Administrative final payment due in five years) 101.000 Expense 3.800 Common Stock 30.000 Interest Expense 24.000 Instructions 1. Prepare a multiple step income statement 2. Prepares matement of stockholders' equity. No common stock was issued during the year 3. Prepare a balance sheet, assuming that the current portion of the note payable is $16.000 4. Briefly explain how multiple step and single-step income statements differ Now the pre n de bi l e on the student.com www. me .com Chapter 4 Accounting for Retail Operations