File Home Insert Page Layout Formulas Data Review View Help X Calibri v 11 ' Tab Wrap Text General Paste B I U U v Merge & Center $ - %, 58.00 .000 Conditional Format Formatting Table Clipboard Font Alignment Number Styles C12 fx F A B C D E F G . J K L M N O Q 8 The following is Furry Friends Pet Supplies's adjusted trial balance at December 31, 2020, the company's fiscal year end: 9 10 Furry Friends Pet Supplies 11 Adjusted Trial Balance 12 December 31, 2020 13 PERPETUAL PERIODIC ADDITIONAL INFORMATION: 14 Debit Credit Debit Credit 1) Of the mortgage payable, $24,000 is to be paid April 30, 2021. 15 Cash $ 8,000 $ 8,000 2) A physical inventory count determined that merchandise inventory on December 31, 2020, was $21,500. 16 Accounts receivable 67,400 67,400 17 Merchandise inventory 21,500 12,600 18 Land 100,000 100,000 19 Building 250,000 250,000 20 Accumulated depreciation-building, $ 60,000 $ 60,000 IMPORTANT DIFFERENCES BETWEEN THE PERPETUAL AND PERIODIC INVENTORY SYSTEMS: 21 21 Equipment 84,000 84,000 29 22 Accumulated depreciation-equipment 24,900 24.900 ........ 1) Merchandise Inventory shown on the adjusted trial balance for PERIODIC inventory is the BEGINNING balance 23 Accounts payable 18,900 18,900 in inventory since this account hasn't been used all fiscal period. 24 Unearned revenue 4,400 4,400 DE wahle 25 Salaries payable 2,900 2,900 2) Purchases, purchase discounts, purchase returns and allowances, and freight-in are all accounts used only with the .. 26 Interest payable 450 450 PERIODIC inventory system. 27 Mortgage payable 210,000 210,000 20 28 George, capital 158,000 158,000 3) Cost of Goods Sold has only been used during the fiscal period under the PERPETUAL inventoy system. It is NOT 29 . George, drawings 45,000 45,000 used under the PERIODIC inventory system throughout the accounting period. 20 C. 30 Sales 896,300 896,300 24 31 Sales discounts 14,000 14,000 4) Cost of Goods Sold must be calculated at end of the fiscal period with the PERIODIC inventory system. 32 Sales returns and allowances Galeret 19,000 19,000 33 Purchases 451,300 20 ... 34 Purchase discounts 8,940 ... 35 Purchase returns and allowances 21,060 36 5,300 Freight in 27 37 Cost of Goods Sold 417,700 20 Prane 38 Salaries expense 276,000 .. 39 Depreciation expense 36,000 40 40 Utilities expense 12,000 12,000 21 ... 41 Insurance expense 9,600 9,600 12 42 Freight out 4,300 4,300 43 13 Property tax expense 4,000 4,000 44 Interest revenue 1,050 1,050 45 Interest expense 8,400 8,400 46 Total $ 1,376,900 $ 1,376,900 $ 1,406,900 $ 1,406,900 work area Pres 276,000 36.000 Paste B I U Merge & Center $ - %, Conditic Formattir Clipboard Font KI Alignment Number C12 X fc J K L M N A B C D E F G H 53 54 Prepare a multi-step and single-step income statement under each of the 2 inventory systems, using the area provided below. 55 MULTI-STEP - PERPETUAL MULTI-STEP - PERIODIC 71 74 75 75 78 02 94 89 87 89 90 91 work area Clipboard Font Alignment Number Style C12 X fx B D E F H 1 J K L M SINGLE-STEP - PERPETUAL SINGLE-STEP - PERIODIC 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124