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Category > Accounting Posted 16 Aug 2017 My Price 10.00

Falcetto Company

The adjusted trial balance columns of Falcetto Company"s worksheet for the year ended December 31, 2014, are as follows.

Cash

Debit

Accumulated Depreciation

Credit

14,500

  

Accounts Receivable

11,100

Equipment

18,000

Inventory

29,000

Notes Payable

25,000

Prepaid Insurance

2,500

Accounts Payable

10,600

Equipment

95,000

Owner"s Capital

81,000

Owner"s Drawings

12,000

Sales Revenue

536,800

Sales Returns and Allowances

6,700

Interest Revenue

2,500

Sales Discounts

5,000

  

673,900

Cost of Goods Sold

363,400

    
 

Freight-Out

7,600

    

Advertising Expense

12,000

    

Salaries and Wages Expense

56,000

    

Utilities Expense

18,000

    

Rent Expense

24,000

    

Depreciation Expense

9,000

    

Insurance Expense

4,500

    

Interest Expense

3,600

    
 

673,900

    

Remember that the key components of the income statement are net sales, cost of goods sold, gross profit, total operating expenses, and net income (loss). Report these components in the right-hand column of the income statement.

Put nonoperating items after income from operations.

Instructions

Prepare a multiple-step income statement for Falcetto Company.

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 06:08 PM My Price 10.00

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