Please prepare Income Statement and Financial Position.Thank you! Kakapoy Computer Enterprise began operations in 2017.A disorganized trial balance as of end of second year, 2018, is given below.Prepare the SCI (Multi-Step Form) and SFP (Report Form)All currency is in US DollarsKakapoy Computer EnterpriseTrial BalanceDecember 31, 2018AccountOffice RentCash on HandDebitCredit$420,000.0060,000.00309,000.00Cash in BankMerchandise Inventory, 1JanuaryVAT PayableSupplies InventoryAccoumulated24$137,500.00%$454,500.00$46,000.00Depreciation - OfficeFurniture and EquipmentOffice Salaries and WagesNotes Payable (due 2021)$49,000.00$4130,000.00140,000.001,257,500.00%24Sales--PurchasesSalaries and Wages -StorePurchase DiscountOffice Furniture and%$4500,000.00$40,500.0015,000.00$214,500.00EquipmentDepreciation Expense -Office Furniture and$25,000.00EquipmentAccounts RecievableBad Debts ExpenseInterest ExpenseStore Supplies UsedDepreciation Expense -38,000.002,800.0067,500.005,500.0020,000.002$2$cs Scarmed wilh Carrsuarer Carmelite Street, Escalante City.6124 Negros Occidental, PhilippinesStore Furniture andEquipmentAccounts Payable26,400.003,700.00Rent IncomeSales Return andAllowances%24$14,000.00Freight-inStore Rent ExpenseAllowance for Bad Debts$4245,000.0040,000.004,800.00790,400.00%$4Mr. G, CapitalPrepaid InsuranceAccumulated Depreciation- Store Furniture andEquipmentMerchandise Inventory,31 DecemberIncome SummaryTaxes and Licenses54,000.00$56,000.00$175,000.00175,000.0077,500.0055,000.00110,000.00Insurance ExpenseMr.G. DrawingsStore Furniture andEquipmentOffice Supplies UsedAdvertising andPromotion209,000.006,500.00$4$4250,000.00Totals2,572,300.002,572,300.00Cs Scanned with Camscanner

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Answered: prepare Income Statement

Business

Accounting

prepare Income Statement

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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