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the following is a list of the accounts and balances taken
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The following is a list of the accounts and balances taken
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The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2014 for Meilleur Merchants. The list of accounts is in alphabetical order. Meilleur uses a periodic inventory system.
Account | Balance Dec. 31 | ||||
1 | Accounts payable | (15,000 | ) | ||
2 | Accounts receivable | 30,000 | |||
3 | Accumulated depreciationbuilding | (15,500 | ) | ||
4 | Accumulated depreciationequipment | (10,000 | ) | ||
5 | Advertising expense | 4,100 | |||
6 | Building | 84,600 | |||
7 | S. Meilleur, capital | (75,000 | ) | ||
8 | S. Meilleur, drawings | 28,300 | |||
9 | Cash | 8,790 | |||
10 | Depreciation expense | 5,700 | |||
11 | Equipment | 24,500 | |||
12 | Freight out | 630 | |||
13 | Freight in | 3,500 | |||
14 | Insurance expense | 1,250 | |||
15 | Interest expense | 2,220 | |||
16 | Interest revenue | (1,440 | ) | ||
17 | Land | 12,000 | |||
18 | Merchandise inventory, beginning | 90,200 | |||
19 | Mortgage payable | (57,600 | ) | ||
20 | Prepaid insurance | 2,100 | |||
21 | Property tax expense | 1,000 | |||
22 | Property taxes payable | (600 | ) | ||
23 | Purchase discounts | (6,300 | ) | ||
24 | Purchase returns and allowances | (14,900 | ) | ||
25 | Purchases | 267,900 | |||
26 | Rent revenue | (1,500 | ) | ||
27 | Salaries expense | 41,400 | |||
28 | Salaries payable | (650 | ) | ||
29 | Sales | (421,900 | ) | ||
30 | Sales discounts | 15,500 | |||
31 | Sales returns and allowances | 17,700 | |||
32 | Unearned revenue | (23,000 | ) | ||
33 | Utilities expense | 2,000 |
Additional information: According to the year end physical count, the merchandise inventory had a balance of $104,700.
Prepare a multiple-step income statement for Meilleur Merchants for the year ended December 31, 2014.
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