On March 31, 2018, the balances of the accounts appearing in the ledge of Royal Furnishings Company, a furniture wholesaler, are as follows: Accounts Receivable $169,900 Accumulated Depreciation-Building $746,350 Administrative Expenses $515,750 Building $2,419,500 Cash $184,750 Common Stock $300,500 Cost of Goods Sold $3,925,500 Dividends $185,950 Interest Expense $9,950 Inventory $1,020,900 Notes Payable $259,350 Office Supplies $19,150 Retained Earnings $1,343,400 Salaries Payable $7,600 Sales $6,144,850 Selling Expenses $732,500 Store Supplies $92,700 A. Prepare a multiple-step income statement for the year ended March 31, 2018.

On March 31, 2018, the balances of the accounts appearing in the ledge of Royal Furnishings Company, a furniture wholesaler, are as follows: Accounts Receivable $169,900 Accumulated Depreciation-Building $746,350 Administrative Expenses $515,750 Building $2,419,500 Cash $184,750 Common Stock $300,500 Cost of Goods Sold $3,925,500 Dividends $185,950 Interest Expense $9,950 Inventory $1,020,900 Notes Payable $259,350 Office Supplies $19,150 Retained Earnings $1,343,400 Salaries Payable $7,600 Sales $6,144,850 Selling Expenses $732,500 Store Supplies $92,700 A. Prepare a multiple-step income statement for the year ended March 31, 2018.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 4PB: The accounts and their balances in the ledger of Markeys Mountain Shop as of December 31, the end of...

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The balances of the ledger accounts of Beldren Home Center as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: ab. Merchandise Inventory at December 31, 102,765. c. Wages accrued at December 31, 1,834. d. Supplies inventory (on hand) at December 31, 645. e. Depreciation of store equipment, 5,782. f. Depreciation of office equipment, 1,791. g. Insurance expired during the year, 845. h. Rent earned, 2,500. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.
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