Take me to the text The following is Ponyman lndustries' adjusted trial balance in account order for the year end Ponyman Adjusted Trial Balance October 31. 2019 Account Titles DR $3,770 Accounts Receivable $2,180 Merchandise Inventory $1 8,140 Prepaid Rent $8,670 Equip me nt $43,420 Accumulated Depreciation $850 Accounts Payable $2,760 Unearned Revenue $2,190 Salaries Payable $2,830 Kiefer, Capital $65,650 Sales Revenue $78,140 Sales Discounts $1,500 Sales Returns and Allowances $480 Cost of Goods Sold $39,070 Depreciation Expense $1,700 Rent Expense $9,600 Salaries Expense $15,370 Utilities Expense $8,520 $152,420 $152,420 Do not enter dollar signs or commas in the input boxes. When closing accounts, use the income summary method. To close the expense accounts, enter them in the order presented on the trial balance. Prepare thejournal entries to close the appropriate accounts. Date Account Trde and Explanation Debit Credit 2019 Oct 31 0 0 Close revenue accounts Oct 31 0 0 0 0 0 0 0 0 Close expense accounts 0:131 0 0 Close income summary account A Bit of Fit operates several retail stores that specialize in products for a healthy lifestyle. Some of its financial information is shown below for its fiscal year ended November 30, 2019. Cost of Goods Sold $72,600 Depreciation Expense - Store Equipment $5,450 Gain on Sale of Equipment $4,590 Insurance Expense $11,000 Interest Expense $1,240 Office Salaries Expense $36,000 Office Supplies Expense $2,600 Sales Discounts $2, 100 Sales Returns and Allowances $5,700 Sales Revenue $192,600 Sales Salaries Expense $38,800 Utilities Expense - Office $3,500 Utilities Expense - Retail $6,000 Required Create a multi-step income statement. Do not enter dollar signs or commas in the input boxes. Enter all accounts under the appropriate section in alphabetical order. Do not use negative signs. A Bit of Fit Income Statement For the Year Ended November 30, 2019 Sales Revenue Less: to Subtotal Net Sales to Gross Profit Operating Expenses Selling Expenses 69 Total Selling Expenses Administrative Expenses $ Total Administrative Expenses $ Total Operating Expenses Income from Operations Other Income and Expenses $ Total Other Income and Expenses Net IncomeTake me to the text Glent Company prepared the following adjusted trial balance at its year-end of October 31, 2019. The company is owned by Glent. Glent Company Trial Balance October 31, 2019 Account Titles DR CR $14,400 Accounts Receivable $6,000 Merchandise Inventory $6,400 Prepaid Expenses $2,000 Store Equipment $39,800 Accumulated Depreciation-Equipment $2,800 Accounts Payable $6,90 Unearned Revenue $5,700 Bank Loan $9,000 Glent, Capital $40,920 Glent, Withdrawals $1,400 Sales Revenue $54,78 Gain on Sale of Equipment $4,100 Cost of Goods Sold $19,300 Advertising Expense $2,000 Depreciation Expense-Equipment $2,800 Interest Expense $600 Office Salaries Expense $4,900 Rent Expense-Retail Space $10,600 Rent Expense-Office Space $5,800 Sales Salaries Expense $8,200 $124,200 $124,200 Notes: Assume the balance of owner's equity is the opening balance. The bank loan is payable over 9 years in equal annual installments. Required a) Prepare a multi-step income statement. Do not enter dollar signs or commas in the input boxes. Enter the accounts into the appropriate statements in the order they are presented on the trial balance. Do not use negative signs. Glent Company Income Statement For the Year Ended October 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Total Selling Expenses Administrative Expenses otal Administrative Expenses Total Operating Expenses Income from Operations Other Income and Expenses Net Income ) Prepare a statement of owner's equity. Glent Company Statement of Owner's Equity For the Year Ended October 31, 2019 Glent, Capital (Beginning) dd: Net Income ess: Glent, Withdrawals Subtotal Glent, Capital, October 31, 2019 c) Prepare a classified balance sheet. lent Company Balance Sheet As at October 31, 2019 Assets Current Assets otal Current Assets Property, Plant, and Equipment Total Property, Plant, and Equipment Total Assets Liabilities Current Liabilities : S Total Current Liabilities Long-Term Liabilities tal Long-Term Liabilities otal Liabilities Owner's Equity tal Owner's Equity