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The accounts for the year ended October 31, 2024, for Lake City Industries Inc. are listed next: Sales Revenue.. $371,300 Cost of Goods Sold......
The accounts for the year ended October 31, 2024, for Lake City Industries Inc. are listed next: Sales Revenue.. $371,300 Cost of Goods Sold...... $138,600 Equipment....... 85,000 Accumulated Depreciation, Accounts Payable.... 11,600 Equipment....... 26,400 Advertising Expense.. 12,300 Unearned Sales Revenue. 4,300 Interest Expense 1,700 Prepaid Rent 4,800 Salaries Payable 2,500 Office Salaries Expense (General) .... 43,600 Accounts Receivable.. 6,800 Accumulated Depreciation, Building 155,000 Building......... 61,200 Common Shares.. 65,000 Utilities Expense (General). _ 3,800 Depreciation Expense Dividends... 60,000 (General). 10,300 Cash............ 18,450 Inventory........ 19,100 Retained Earnings, 10/31/2023.... 7,850 Commission Expense.. 31,200 Delivery Expense..... 1,100 Insurance Expense (General) 7,500 Mortgage Payable (Long-Term). 50,000 Supplies..... 900 Requirements 1. Prepare Lake City Industries Inc.'s multistep statement of earnings. 2. Prepare Lake City Industries Inc.'s statement of retained earnings. 3. Prepare Lake City Industries Inc.'s classified statement of financial position in report form.
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