sheet as of December 31.P4-3A. Multi-step Income Statements The adjusted trial balance of Molly Distributors on December 31 isLO2shown below.HOmeworkMBCMOLLY DISTRIBUTORSAdjusted Trial BalanceDecember 31DebitCreditCash....Accounts receivable...... $ 30,200110,200Inventory.....94,000Prepaid insurance.Supplies ...Delivery equipment. ...Accumulated depreciation.. .2,4006,40085,000$ 35,000Accounts payable. . . ..Common stock.. . .Retained earnings . ..100,000105,00022,800791,000Sales revenue. .Cost of goods sold. . . .Salaries expense.. . .Rent expense. . .Supplies expense . . ..Utilities expense. . . .513,400123,00040,000...6,4004,00016,000Depreciation expense .Insurance expense. ...Income tax expense. ..6,80016,000$1,053,800 $1,053,800RequiredPrepare a multi-step income statement for the year ended December 31. Combine all the operatingexpenses into one line on the income statement for selling, general and administrative expenses.

Income statement of Molly Distributor for year ended December 31.

Answered: sheet as of December 31. P4-3A.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 12PB: The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use...

See similar textbooks

Similar questions

Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended December 31, 2012 from the following adjusted trial balance:Deavours PhotographyAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200
The Sky Blue Corporation has the following adjusted trial balance at December 31.Debit CreditCash $ 1,310Accounts Receivable 2,800Prepaid Insurance 3,100Notes Receivable (long-term) 3,800Equipment 16,000Accumulated Depreciation $ 4,200Accounts Payable 6,220Salaries and Wages Payable 1,400Income Taxes Payable 3,700Deferred Revenue 760Common Stock 3,200Retained Earnings 1,320Dividends 380Sales Revenue 49,230Rent Revenue 380Salaries and Wages Expense 23,200Depreciation Expense 2,100Utilities Expense 5,020Insurance Expense 2,200Rent Expense 6,800Income Tax Expense 3,700Total $ 70,410 $ 70,410How would you make the adjusted trial balance sheet
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
A summary of selected ledger accounts appears as follows for Alberto's Plumbing Services for the current calendar year-end. Alberto, Capital 12/31 Clos. 8,541 1/1 Bal. 6,926 12/31 Clos. 13,530 Alberto, Drawing 6/30 2,512 12/31 Clos. 8,541 11/30 6,029 Net income for the period is a.$13,530 b.$32,457 c.$6,926 d.$18,927
The following unadjusted trial balance is prepared at month-end for Trey Company:TREY COMPANYUnadjusted trial balanceFor month ended February 28, 2003Account title Debit CreditCash $1,500Merchandise inventory 8,000Store supplies 500Prepaid insurance 700Store equipment 24,800Accum. Depr. – store equipment $4,300Accounts payable 7,200Trey A., Capital 15,300Trey A., Withdrawals 1,400Sales 58,800Sales discounts 600Sales returns and allowances 5,600Purchases 27,000Salaries expense 6,500Rent expense 2,000Advertising expense 7,000_________ _________Totals $85,600 $85,600Other Data:a. Store supplies available at month-end amount to $50.b. Expired insurance, an administrative expense, for the month is $350.c. Depreciation expense on store equipment, a selling expense, is $150 for the month.d. Closing inventory at year end is Rs. 6000Required:1. Prepare adjusting journal entries for the above data. 2. Prepare adjusted trial balance for the month ended on February 28, 2003. 3. Prepare a…
Presented below is Natalie’s tentative adjusted trial balance from her worksheet dated January 31, 2023: COOKIE CREATIONSAdjusted Trial BalanceDecember 31, 2023 Account Debit Credit Cash $2,696 Accounts Receivable 575 Inventory 2,053 Supplies 403 Prepaid Insurance 1,265 Equipment 1,380 Accumulated Depreciation—Equipment $71 Accounts Payable 345 Notes Payable 2,300 Owner’s Capital 3,828 Owner’s Drawings 863 Sales Revenue 6,613 Cost of Goods Sold 3,421 Depreciation Expense 23 Insurance Expense 127 Salaries and Wages Expense 184 Utilities Expense 81 Freight-Out 86 $13,157 $13,157 The adjusted trial balance above is tentative because Natalie had a transaction earlier in January that she was unsure how to record. The transaction took place on January 15, when a customer asked if she could purchase three gift cards, each good…
Presented below is Natalie’s tentative adjusted trial balance from her worksheet dated January 31, 2023: COOKIE CREATIONSAdjusted Trial BalanceDecember 31, 2023 Account Debit Credit Cash $2,696 Accounts Receivable 575 Inventory 2,053 Supplies 403 Prepaid Insurance 1,265 Equipment 1,380 Accumulated Depreciation—Equipment $71 Accounts Payable 345 Notes Payable 2,300 Owner’s Capital 3,828 Owner’s Drawings 863 Sales Revenue 6,613 Cost of Goods Sold 3,421 Depreciation Expense 23 Insurance Expense 127 Salaries and Wages Expense 184 Utilities Expense 81 Freight-Out 86 $13,157 $13,157 Prepare a multiple-step income statement. Include Service Revenue in “Other Revenue and Gains”. COOKIE CREATIONSIncome Statement For the Year Ended January 31, 2023For the…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

SEE MORE TEXTBOOKS