The accounts for the year ended March 31, 2013, for Clark Industries, Inc. are listed next:
Sales Revenue ........ $275,100
Equipment ......... 27,000
Accounts Payable ....... 16,500
Sales Discounts ........ 2,500
Advertising Expense ...... 11,500
Interest Expense ........ 700
Wages Payable ......... 1,000
Accounts Receivable ...... 8,800
Building .......... 190,000
Sales Returns and
Allowances ......... 4,900
Common Shares ........ 35,000
Utilities Expense ....... 14,000
Inventory ......... 29,000
Commission Expense ..... 31,700
Supplies ........... 1,200
Cost of Goods Sold ....... $119,000
Accumulated Depreciation,
Equipment ......... 13,000
Unearned Sales Revenue .... 2,500
Prepaid Rent ........ 5,000
Office Salaries Expense .... 54,000
Accumulated Depreciation,
Building ........... 52,500
Rent Expense ......... 5,200
Dividends .......... 12,000
Cash ........... 22,500
Retained Earnings ....... 112,800
Delivery Expense ...... 1,200
Insurance Expense ...... 10,200
Mortgage Payable
(Long-Term) ......... 42,000
Requirements
1. Prepare Clark Industries’ multi-step income statement.
2. Prepare Clark Industries’ statement of retained earnings.
3. Prepare Clark Industries’ classified balance sheet in report form.