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Thank you. thumbs up! Problem 5-03A al-a3, b-c The Deluxe Store is located in midtown Madison. During the past several years, net income has been
Thank you. thumbs up! Problem 5-03A al-a3, b-c The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Adjusted $25,200 30,500 45,000 26,000 40,000 507,000 Unadjusted $29,000 37,000 10,500 Unadjusted $25,200 30,500 34,000 26,000 40,000 507,000 10,000 6,500 146,000 Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Notes payable Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Sales Revenue Utilities Expense 10,000 Adjusted $29,000 37,000 3,500 2,500 2,500 15,000 61,700 96,000 11,000 4,500 8,000 700,000 8,500 15,000 61,700 96,000 6,500 6,500 146,000 11,000 7,000 6,400 8,000 6,400 8,000 8,000 700,000 8,500 Prepare a multiple step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Deluxe Store Income Statement SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a retained earnings statement. (List items that increase owner's equity first.) Deluxe Store Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet. Notes payable are due in 2023. (List Current Assets in order of liquidity.) Deluxe Store Balance Sheet Assets Liabilities and Stockholders' Equity
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