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The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, December 31, 2023: Account Debit Credit 101 Cash
The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, December 31, 2023: Account Debit Credit 101 Cash $ 7,000 119 Merchandise inventory 15,200 125 Supplies 9,000 128 Prepaid insurance 3,000 165 Store equipment 50,000 166 Accumulated depreciation, store equipment $ 45,800 167 Office equipment 68,000 168 Accumulated depreciation, office equipment 33,200 201 Accounts payable 15,000 301 Jonah Bell, capital 23,400 302 Jonah Bell, withdrawals 40,000 413 Sales 281,800 415 Sales discounts 1,000 505 Cost of goods sold 73,800 612 Depreciation expense, store equipment 4,200 613 Depreciation expense, office equipment 2,800 622 Sales salaries expense 45,000 623 Office salaries expense 31,000 637 Insurance expense, store 1,000 638 Insurance expense, office 1,100 640 Rent expense, office space 12,000 641 Rent expense, selling space 16,000 651 Office supplies expense 1,100 652 Store supplies expense 1,400 655 Advertising expense 16,600 Totals $ 399,200 $ 399,200 Required: 1. Prepare a classified multiple-step income statement that would be used by the businesss owner. 2. Prepare a multiple-step income statement that would be used by external users. 3. Prepare a single-step income statement that would be provided to decision makers outside the company. Analysis Component: If you were a decision maker external to Bell Servicing, which income statement format would you prefer and why, if you had a choice? Which income statement format(s) could you expect as an external user
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