Prepare a Multiple-Step Income Statement, at December 31, 2018, for Boomer-Rang Clothing Corporation. Note that the template has not been created for the standard income statement beyond the corporation's name. Trial Balance December 31, 2018 Debits Credits Cash $ 22,500 Accounts Receivable, net 17,350 Inventory, December 31 70,350 Prepaid Insurance 5,200 Prepaid Rent 20,000 Prepaid Advertising 2,500 Equipment 60,000 Accumulated Depreciation- Eqpuipment $ 22,500 Accounts Payable 17,000 Notes Payable 25,000 Salaries Payable 5,400 Payroll Tax Payable 2,130 Interest Payable 250 Common Stock 10,000 Retained Earnings 100,525 Dividends 15,500 Sales Revenue 496,625 Cost of Goods Sold 207,400 Bad Debt Expense 4,900 Rent Expense 20,000 Interest Expense 2,000 Legal Fees Expense 450 Insurance Expense 5,200 Property Tax Expense 1,250 Postage Expense 224 Salaries Expense (admin) 59,850 Advertising Expense 26,700 Utilities Expense 22,500 Payroll Tax Expense (operations) 11,445 Income Tax Expense 8,133 Payroll Tax Expense (admin) 8,978 Salaries Expense (operations) 76,300 Depreciation Expense 6,500 Supplies Expense 4,200 Total $ 679,430 $ 679,430

Prepare a Multiple-Step Income Statement, at December 31, 2018, for Boomer-Rang Clothing Corporation. Note that the template has not been created for the standard income statement beyond the corporation's name. Trial Balance December 31, 2018 Debits Credits Cash $ 22,500 Accounts Receivable, net 17,350 Inventory, December 31 70,350 Prepaid Insurance 5,200 Prepaid Rent 20,000 Prepaid Advertising 2,500 Equipment 60,000 Accumulated Depreciation- Eqpuipment $ 22,500 Accounts Payable 17,000 Notes Payable 25,000 Salaries Payable 5,400 Payroll Tax Payable 2,130 Interest Payable 250 Common Stock 10,000 Retained Earnings 100,525 Dividends 15,500 Sales Revenue 496,625 Cost of Goods Sold 207,400 Bad Debt Expense 4,900 Rent Expense 20,000 Interest Expense 2,000 Legal Fees Expense 450 Insurance Expense 5,200 Property Tax Expense 1,250 Postage Expense 224 Salaries Expense (admin) 59,850 Advertising Expense 26,700 Utilities Expense 22,500 Payroll Tax Expense (operations) 11,445 Income Tax Expense 8,133 Payroll Tax Expense (admin) 8,978 Salaries Expense (operations) 76,300 Depreciation Expense 6,500 Supplies Expense 4,200 Total $ 679,430 $ 679,430

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.5: Preparing A Post-closing Trial Balance

Problem 1OYO

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Trial Balance
December 31, 2018

	Debits		Credits
Cash	$ 22,500
Accounts Receivable, net	17,350
Inventory, December 31	70,350
Prepaid Insurance	5,200
Prepaid Rent	20,000
Prepaid Advertising	2,500
Equipment	60,000
Accumulated Depreciation- Eqpuipment		$ 22,500
Accounts Payable			17,000
Notes Payable			25,000
Salaries Payable			5,400
Payroll Tax Payable			2,130
Interest Payable			250
Common Stock			10,000
Retained Earnings			100,525
Dividends	15,500
Sales Revenue			496,625
Cost of Goods Sold	207,400
Bad Debt Expense	4,900
Rent Expense	20,000
Interest Expense	2,000
Legal Fees Expense	450
Insurance Expense	5,200
Property Tax Expense	1,250
Postage Expense	224
Salaries Expense (admin)	59,850
Advertising Expense	26,700
Utilities Expense	22,500
Payroll Tax Expense (operations)	11,445
Income Tax Expense	8,133
Payroll Tax Expense (admin)	8,978
Salaries Expense (operations)	76,300
Depreciation Expense	6,500
Supplies Expense	4,200
Total	$ 679,430		$ 679,430

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