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Business, 25.01.2020 00:31 beanokelley
Multiple-step income statement and report form of balance sheet
.the following selected accounts and their current balances appear in the ledger of prescott inc. for the fiscal year ended september 30,20y8:
cash $167,000 retained earnings $507,600
acconts receivable 300,000 dividends 250,000
inventory 735,000 sales 7,134,000
estimated returns inventory 25,000 cost of goods sold 4,350,000
office supplies 30,000 sales salaries expense 777,600
prepaid insurance 24,000 advertising expense 91,800
office equipment accumulated depreciation 230,400 depreciation expense store equipment 16,600
office equipment 99,000 miscellaneous selling expense 4,000
store equipment accumulated depreciation 1,023,000 office salaries expense 154,800
store equipment 373,400 rent expense 79,800
accounts payable 67,000 insurance expense 45,900
customer refunds payable 30,200 depreciation expense office equipment 32,400
salaries payable 19,200 office supplies expense 3,300
note payable (final payment due in five years) 108,000 miscellaneous administartive expense 3,800
common stock 30,000 interest expense 24,000
.instructions
1. prepare a multiple-step income statement
2. prepare a statement of stockholders equity. no common stock was issued during the year.
3. prepare a balance sheet, assuming that the current portion of the note payable is 16,000
4. briefly explain how multiple-step and single-step income statements differ.
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Multiple-step income statement and report form of balance sheet
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