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The adjusted trial balance data for the year ended December 31 2023, for Rioux Company are as follows: Cash Accounts Receivable Merchandise inventory Prepaid
The adjusted trial balance data for the year ended December 31 2023, for Rioux Company are as follows: Cash Accounts Receivable Merchandise inventory Prepaid insurance Land Building Accumulated amortization - building Equipment Accumulated amortization-Equipment Mortgage payable - currently due Accounts Payable Property taxes payable Mortgage payable - long-term C. Rioux, Capital C. Rioux, Drawings Sales Sales returns and allowances Cost of Goods sold Salaries Expense Property tax Expense Utilities Expense Advertising Expense Freight Out Rioux Company Adjusted Trial Balance December 31 2023 Amortization expense Insurance Expense Interest Revenue Interest Expense Totals Debit $29 000.00 30 200.00 58 000.00 5 000.00 300 000.00 1 000 000.00 190 000.00 24 000.00 13 400.00 707 600.00 122 000.00 48 000.00 36 000.00 24 000.00 15 200.00 58 000.00 9 000.00 7 200.00 $2 676 600.00 Credit 80 000.00 36 000.00 50 000.00 21 200.00 8 000.00 1 060 000.00 162 000.00 1 254 400.00 5 000.00 $2 676 600.00 a. Prepare a multi-step income statement for the year ended December 31, 2023. Rioux Company does not use subgroupings for operating expenses. (10 marks) b. Prepare a statement of owner's equity for Rioux Company for the year ended December 31, 2023. No additional investments were made by Mr. Rioux during the year. (3 marks) c. Prepare a classified balance sheet as at December 31, 2023. (10 marks)
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