Gecko Company prepared the following adjusted trial balance at its year-end of May 31,2018. The...
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Gecko Company prepared the following adjusted trial balance at its yearend of May The company is owned by Bruce Gecko. Gecko Company Adjusted Trial Balance May Account Titles DR CR Cash $ Accounts Receivable $ Merchandise Inventory $ Prepaid Expenses $ Store Equipment $ Accumulated Depreciation Equipment $ Accounts Payable $ Unearned Revenue $ Notes Payable $ Gecko, Capital $ Gecko, Drawings $ Sales Revenue $ Gain on Sale of Equipment $ Cost of Goods Sold $ Depreciation Expense Equipment $ Interest Expense $ Advertising Expense $ Rent Expense Retail Space $ Rent Expense Office Space $ Sales Salaries Expense $ Office Salaries Expense $ Total $ $ Notes: Assume the balance of owner's equity is the opening balance. The note payable is payable over years in equal annual installments. Required a Prepare a multistep income statement. Do not enter dollar signs or commas in the input boxes. Enter the accounts into the appropriate statements in the order they are presented on the trial balance. Do not use negative signs. Gecko Company Income Statement For the Year Ended May Sales Revenue $Answer Cost of Goods Sold $Answer Gross Profit $Answer Operating Expenses Selling Expenses Answer $Answer Answer $Answer Answer $Answer Answer $Answer Total Selling Expenses $Answer Administrative Expenses Answer $Answer Answer $Answer Total Administrative Expenses $Answer Total Operating Expenses $Answer Income from Operations $Answer Other Income and Expenses Answer $Answer Answer $Answer $Answer Net Income $Answer b Prepare a statement of owner's equity. Gecko Company Statement of Owner's Equity For the Year Ended May Gecko, Capital Beginning $Answer Add: Net Income $Answer Less: Gecko, Drawings $Answer Subtotal $Answer Gecko, Capital, May $Answer c Prepare a classified balance sheet. Gecko Company Balance Sheet As at May Assets Current Assets Answer $Answer Answer $Answer Answer $Answer Answer $Answer Total Current Assets $Answer Property, Plant, and Equipment Answer $Answer Answer $Answer Total Property, Plant, and Equipment $Answer Total Assets $Answer Liabilities Current Liabilities Answer $Answer Answer $Answer Answer $Answer Total Current Liabilities $Answer LongTerm Liabilities Answer $Answer Total LongTerm Liabilities $Answer Total Liabilities $Answer Owner's Equity Answer $Answer Total Owner's Equity $Answer Total Liabilities and Owner's Equity $Answer
Gecko Company prepared the following adjusted trial balance at its yearend of May The company is owned by Bruce Gecko.
Gecko Company
Adjusted Trial Balance
May
Account Titles DR CR
Cash $
Accounts Receivable $
Merchandise Inventory $
Prepaid Expenses $
Store Equipment $
Accumulated Depreciation Equipment $
Accounts Payable $
Unearned Revenue $
Notes Payable $
Gecko, Capital $
Gecko, Drawings $
Sales Revenue $
Gain on Sale of Equipment $
Cost of Goods Sold $
Depreciation Expense Equipment $
Interest Expense $
Advertising Expense $
Rent Expense Retail Space $
Rent Expense Office Space $
Sales Salaries Expense $
Office Salaries Expense $
Total $ $
Notes: Assume the balance of owner's equity is the opening balance. The note payable is payable over years in equal annual installments.
Required
a Prepare a multistep income statement.
Do not enter dollar signs or commas in the input boxes.
Enter the accounts into the appropriate statements in the order they are presented on the trial balance.
Do not use negative signs.
Gecko Company
Income Statement
For the Year Ended May
Sales Revenue $Answer
Cost of Goods Sold $Answer
Gross Profit $Answer
Operating Expenses
Selling Expenses
Answer
$Answer
Answer
$Answer
Answer
$Answer
Answer
$Answer
Total Selling Expenses $Answer
Administrative Expenses
Answer
$Answer
Answer
$Answer
Total Administrative Expenses $Answer
Total Operating Expenses $Answer
Income from Operations $Answer
Other Income and Expenses
Answer
$Answer
Answer
$Answer
$Answer
Net Income $Answer
b Prepare a statement of owner's equity.
Gecko Company
Statement of Owner's Equity
For the Year Ended May
Gecko, Capital Beginning $Answer
Add: Net Income $Answer
Less: Gecko, Drawings $Answer
Subtotal $Answer
Gecko, Capital, May $Answer
c Prepare a classified balance sheet.
Gecko Company
Balance Sheet
As at May
Assets
Current Assets
Answer
$Answer
Answer
$Answer
Answer
$Answer
Answer
$Answer
Total Current Assets $Answer
Property, Plant, and Equipment
Answer
$Answer
Answer
$Answer
Total Property, Plant, and Equipment $Answer
Total Assets $Answer
Liabilities
Current Liabilities
Answer
$Answer
Answer
$Answer
Answer
$Answer
Total Current Liabilities $Answer
LongTerm Liabilities
Answer
$Answer
Total LongTerm Liabilities $Answer
Total Liabilities $Answer
Owner's Equity
Answer
$Answer
Total Owner's Equity $Answer
Total Liabilities and Owner's Equity $Answer
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