Question
Use the following adjusted trial balance and additional information to prepare income statement for year ending 2011. 10 marks Ingorsell Antiques Adjusted Trial Balance December
Use the following adjusted trial balance and additional information to prepare income statement for year ending 2011. 10 marks
Ingorsell Antiques Adjusted Trial Balance December 31,2011 | ||
Cash | $19,300 |
|
Merchandise Inventory | 50,000 |
|
Store Supplies | 1,000 |
|
Equipment | 44,600 |
|
Accumulated depreciation equipment |
| $16,500 |
Accounts Payable |
| 8000 |
Salaries Payable |
| 1,000 |
Dee Rizzo, Capital |
| 69,000 |
Dee Rizzo, Withdrawals | 8,000 |
|
Interest Revenue |
| 300 |
Sales
|
| 325,000 |
Sales Discounts | 6,000 |
|
Sales Returns and allowances | 5,000 |
|
Cost of Goods sold | 148,000 |
|
Depreciation Expense, store equipment
| 4,000
|
|
Depreciation Expense, office equipment | 1,500 |
|
Sales salaries expense | 28,000 |
|
Office salaries expense | 32,000 |
|
Insurance expense | 12,000 |
|
Rent expense (70% is store,30% is office) | 24,000 |
|
Store Supplies expense | 6,000 |
|
Advertising expense | 30,400 |
|
Totals | $419,800 | $419,800 |
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