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The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Mulberry Street Sportswear as they
The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Mulberry Street Sportswear as they appear on the 12/31/14 adjusted trial balance. |
Accounts Payable | $10,000 | |
Accounts Receivable | 11,000 | |
Advertising Expense | 12,000 | |
Cost of Goods Sold | 89,000 | |
Delivery Expense | 6,000 | |
Insurance Expense | 1,000 | |
Interest Expense | 2,000 | |
Merchandise Inventory | 20,000 | |
Rent Expense | 12,000 | |
Sales | 160,000 | |
Sales Discounts | 11,000 | |
Sales Returns and Allowances | 19,000 | |
Unearned Revenue | 2,000 | |
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Required: |
a. | Prepare a multi-step income statement for 2014 for Mulberry Street Sportswear.
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