The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the
Question:
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019:
Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2019, are presented in Problem 6-5A.
Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 12.
2. Prepare closing entries as of May 31, 2019.
Exhibit 12: Single-Step Income Statement
Transcribed Image Text:
240,000 966,000 1,690,000 22,500 Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- Kristina Marble, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense $100,000 11,343,000 7,850,000 916,000 550,000 13,500 Advertising Expense 8,000 830,000 Depreciation Expense- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Depreciation Expense- 140,000 38,000 650,000 94,000 550,000 3,600,000 Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable 1,820,000 326,000 40,000 41,500 Office Equipment Insurance Expense Office Supplies Expense Miscellaneous Administrative Exp. Interest Expense 50,000 48,000 28,100 14,500 21,000 (final payment due 2022) Kristina Marble, Capital 300,000 3,449,100 NetSolutions Income Statement For the Year Ended December 31, 2020 Revenues: Sales Rent revenue .. .. $708,255 600 $708,855 Expenses: Selling expenses 70,820 34,890 2,440 Total expenses 628,455 $ 80,400
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Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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