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The accounts of Rehearsal Corporation are listed along with their adjusted balances before closing for the year ended June 30, 2022. Prepaid Expenses 1,000
The accounts of Rehearsal Corporation are listed along with their adjusted balances before closing for the year ended June 30, 2022. Prepaid Expenses 1,000 Accounts payable 16,700 Inventory 39,000 Accounts receivable 33,000 Note payable, long-term 46,000 Accumulated depreciatio 37,000 Salary payable 2,000 Common Stock 100,000 Supplies Expense 2,500 Retained Earnings, July 1 54,000 Depreciation Expense 7,500 Cash 84,000 Sales revenue 400,000 Cost of goods sold 200,000 Rent Expense 38,000 Equipment 135,000 Supplies 6,000 Salaries Expense 80,000 Unearned sales revenue 13,000 Notes payable, short-ter 1,300 Sales Returns & Allowances 40,000 Sales Discounts 4,000 All month-end adjustments have already been made. Assume all accounts have normal balances. No dividends were declared or paid during the fiscal year. Requirements: 1. Prepare a multi-step income statement 2. Prepared the statement of retained earnings 3. Prepared a classified balance sheet
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