Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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Please see the picture below. I need help making a retained earnings statement, a balance statement, a comprehensive income statement and calculate the profit margin and the gross profit rate for the income statement I've included. Note that I have included the Income statement below.
Cash $ 112,987
Accounts Receivable $ 345,078
Coffee & Library Supplies $56,234
Rent Expense $3,550
Sales $32,097
Accounts Payable $10,087
Adverting Expense $3,450
Net Income…
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format.
Administrative expense
Officers' salaries
$4,900
Depreciation of office furniture and equipment
3,960
Cost of goods sold
60,570
Rent revenue
17,230
Selling expense
Delivery expense
2,690
Sales commissions
7,980
Depreciation of sales equipment
6,480
Sales revenue
96,500
Income tax
9,070
Interest expense
1,860
1) Prepare an income statment for the year 2014 using the single-step form.
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format.
Administrative expense
Officers' salaries
$4,900
Depreciation of office furniture and equipment
3,960
Cost of goods sold
60,570
Rent revenue
17,230
Selling expense
Delivery expense
2,690
Sales commissions
7,980
Depreciation of sales equipment
6,480
Sales revenue
96,500
Income tax
9,070
Interest expense
1,860
1) Prepare an income statment for the year 2014 using the multiple step form. Common shares standing for 2014 total 40,550(000 omitted).
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How To Analyze an Income Statement; Author: Daniel Pronk;https://www.youtube.com/watch?v=uVHGgSXtQmE;License: Standard Youtube License