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Use the following information to prepare a Multi-Step Statement of Comprehensive income, statement of changes in Shareholder Equity, and a classified Statement of Financial Position
Use the following information to prepare a Multi-Step Statement of Comprehensive income, statement of changes in Shareholder Equity, and a classified Statement of Financial Position
Adjusted Trial Balance | ||
December 31, 2017 | ||
Debit | Credit | |
Cash | 33,400 | |
Accounts Receivable | 87,400 | |
Merchandise Inventory | 90,000 | |
Store Supplies | 7,000 | |
Store Equipment | 170,000 | |
Accumulated Depreciation - Store Equipment | 54,000 | |
Delivery Equipment | 96,000 | |
Accumulated Depreciation - Delivery Equipment | 26,000 | |
Notes Payable | 82,000 | |
Accounts Payable | 117,000 | |
Common Shares | 200,000 | |
Retained Earnings | 16,000 | |
Sales | 1,494,400 | |
Sales Returns and Allowances | 8,400 | |
Cost of Goods Sold | 994,800 | |
Salaries Expense | 280,000 | |
Advertising Expense | 52,800 | |
Utilities Expense | 28,000 | |
Repair Expense | 24,200 | |
Delivery Expense | 33,400 | |
Rent Expense | 48,000 | |
Store Supplies Expense | 4,000 | |
Depreciation Expense - Store Equipment | 18,000 | |
Depreciation Expense - Delivery Equipment | 14,000 | |
Interest Expense | 22,000 | |
Interest Payable | 22,000 | |
Totals | 2,011,400 | 2,011,400 |
Other Data:
1) Salaries Expense is 70% selling and 30% administrative
2) Rent Expense and utilities expense are 80% selling and 20% administrative
3) $60,000 of notes payable are due within 12 months
4) repair expense is 100% administrative
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