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Given below are selected account balances from the Trial Balance of Juno Incorporation at June...

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Accounting

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Given below are selected account balances from the Trial Balance of Juno Incorporation at June 30, 2021. The company which was incorporated in 2012 prepares its financial statements after every one year (July-June). Accounts Inventory Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Mortgage Loan Common Stock ($100 Par Value) Retained Earnings Sales ...... Sales Returns and Allowances Salaries Expense Cost of Goods Sold.. Utilities Expense Interest Expense Advertising Expense Interest Revenue Other Operating Expenses Balances ($) 37700 900 6024 61700 7100 9200 31000 38400 65000 566600 7600 26900 298800 10400 3300 13700 6700 1400 Additional Data: 1. Interest accrued but not paid $1200. 2. The company has to pay 20% tax on the profit it makes. 3. Prepaid rent was paid on January 1, 2021 for the next 2 years. 4. The company depreciates the equipment at the rate of 10% under the straight line method. The equipment is expected to have a salvage value of $5,000. 5. 15% cash dividend was declared on Common Stock. Required: Prepare a Multistep income statement for the year ending June 30, 2021

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