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The ADJUSTED Trial Balance of Practice Stores for the year ended December 31, 2020, follows: Practice Stores ADJUSTED Trial Balance December 31, 2020 Account
The ADJUSTED Trial Balance of Practice Stores for the year ended December 31, 2020, follows: Practice Stores ADJUSTED Trial Balance December 31, 2020 Account Title Debit Credit Cash $ 60,100 Accounts Receivable 50,000 Allowance For Doubtful Accoutns 5,000 Inventory 64,000 Office supplies 1,800 Prepaid insurance 2,500 Furniture & Fixtures 50,000 Accumulated depreciation-Equipment $ 12,500 Building 100,000 Accumulated depreciation-Building $ 25,000 Land Accounts payable Salaries & Wages payable 220,000 27,000 1,600 Unearned Sales Revenue Notes Payable (Short-Term) 10,000 50,000 Federal Income Tax Payable 2,200 FICA - Social Security Taxes Payable 610 FICA - Medicare Taxes Payable 90 Notes Payable (Long-Term) 95,000 Common Stock 200,000 Retained Earnings, January 1, 2020 71,000 Sales Revenue 300,000 Sales Returns & Allowances 20,000 Sales Discounts 10,000 Cost of Goods Sold 100,000 Salaries & Wages Expenses Depreciation expense Office supplies expense 100,000 7,500 3,500 Payroll Tax Expense Insurance expense Total Required: 7,000 3,600 $ 800,000 $ 800,000 Based on the adjusted account balances listed above, complete the following: a. Multi-Step Income Statement b. Statement of Retained Earnings c. Classified Balance Sheet Remember: All adjustments have already been made.
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