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  3. 1. the following accounts appeared in the trial ba

1. The following accounts appeared in the trial balance of the MultiPlan Inc. at the...

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Accounting

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1. The following accounts appeared in the trial balance of the MultiPlan Inc. at the end of the fiscal year on December 31, 2020. Notes Payable $ 30300 Accounts payable $ 25300 Owner's capital 101,700 Accounts receivable 30500 7500 45000 Loss on disposal of Equipment Accumulated Depreciation - Equipment Prepaid Insurance 3600 Cash 51000 Property tax Expense 3800 Cost of goods sold 457,000 Property taxes payable 2500 Freight-out 4700 Rent Expense 22000 Equipment 206300 135000 Salaries and wages expense Depreciation Expense 13500 Sales revenue 850,000 Insurance Expense 850 17000 Interest Expense 11050 Sales commissions Expense 4500 Interest revenue 4500 Sales commissions payable 10500 Inventory 29000 Sales returns and allowances Utilities Expense 55000 Sales Discounts 5500 (a) Prepare a multiple-step Income Statement for the year ended December 31, 2020 [15] (b) Assumer closing entries have been done already, prepare a post-closing trial balance at December 31, 2020. (13)

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