College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
INCOME STATEMENT, STATEMENT OF OWNER’S EQUITY, AND BALANCE SHEET Backlund Farm Supply completed the Adjusted Trial Balance on page 607 for the year ended December 31, 20--. Owner’s equity as of January 1, 20--, was $507,752. The current portion of Note Payable is $3,000.
REQUIRED
- 1. Prepare a multiple-step income statement.
- 2. Prepare a statement of owner’s equity.
- 3. Prepare a balance sheet.
PROBLEM 15-8B
1.
Prepare a multi-step income statement of BFS.
Multi-step income statement:
Multi-step income statement provides step-by-step computation of net sales, cost of goods sold, operating expenses, gross profit, other revenues and expenses, income from operations and net income.
Prepare a multi-step income statement.
| BFS | ||||
| Income Statement | ||||
| For Year Ended December 31 | ||||
| Particulars | Amount | Amount | Amount | Amount |
| Revenue from sales: | ||||
| Sales | $358,644 | |||
| Less sales returns & allowances | $5,896 | |||
| Net sales | $352,748 | |||
| Cost of goods sold: | ||||
| Purchases | $178,904 | |||
| Less: Purchase returns & allowances | $4,488 | |||
| Â Â Â Â Â Â Â Â Â Â Purchase discounts | $3,520 | $8,008 | ||
| Net purchases | $170,896 | |||
| Add: freight-in | $1,760 | |||
| Cost of goods purchased | $172,656 | |||
| Goods available for sale | $172,656 | |||
| Less: Ending est... | ||||
2.
Prepare statement of owners’ equity of BFS.
3.
Prepare a balance sheet of BFS.
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