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Category > Accounting Posted 29 May 2017 My Price 8.00

Multiple-step income statement and report form of balance sheet

Multiple-step income statement and report form of balance sheet                    OBJ. 3 The following selected accounts and their current balances appear in the ledger  of Clairemont  Co.  for  the  fiscal  year  ended  May  31,    2016:

 

Cash

$  240,000

Dividends

$    100,000

Accounts Receivable

966,000

Sales

11,343,000

Merchandise Inventory

1,712,500

Cost of Merchandise Sold

7,850,000

Office Supplies

13,500

Sales Salaries Expense

916,000

Prepaid Insurance

8,000

Advertising Expense

550,000

Office Equipment

830,000

Depreciation Expense—

 

Accumulated  Depreciation—

 

Store Equipment

140,000

Office Equipment

550,000

Miscellaneous Selling Expense

38,000

Store Equipment

3,600,000

Office Salaries Expense

650,000

Accumulated  Depreciation—

 

Rent Expense

94,000

Store Equipment

1,820,000

Depreciation Expense—

 

Accounts Payable

366,000

Office Equipment

50,000

Salaries Payable

41,500

Insurance Expense

48,000

Note Payable

 

Office Supplies Expense

28,100

(final payment due 2022)

300,000

Miscellaneous Administrative Exp.

14,500

Common Stock

500,000

Interest Expense

21,000

Retained Earnings

2,949,100

 

 

Instructions

1.     Prepare a multiple-step income statement.

2.     Prepare a retained earnings statement.

3.     Prepare a report form of balance sheet, assuming that the current portion of the note payable is $50,000.

4.     Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.

 

Answers

Alpha Geek
(8)
Status NEW Posted 29 May 2017 10:05 AM My Price 8.00

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file 1496055074-Answer.docx preview (347 words )
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