Problem Two Below you will find the adjusted trial balance for Black Eyed Peas. Complete the Multiple-Step Income...

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--Income Statement

Black Eyed Peas
Income Statement
for the year ended Feb 28, 2019
Sales Revenue		$400,000
Cost of Goods Sold		$131,000
Gross Profits		$269,000
*Operating Expenses:*
Selling Expenses	$140,000
Administrative expenses	$54,000
Total Operating Expenses		$194,000
Operating Income		$75,000
Other revenue:
Other Expenses:
Interest Expense		$20,000
Net Income [before income tax expense]		$55,000

--Closing Entries

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Black-Eyed Peas
Adjusted Trial Balance
For the Year Ended February 28, 2019
	Debit	Credit
Cash	49,000
Accounts Receivable	29,000
Inventory	93,000
Prepaid Insurance	7,000
Office Supplies	3,000
Equipment	85,000
Accumulated Depreciation-Equipment		8,500
Accounts payable		12,000
Salaries payable		2,000
Unearned service revenue		20,000
Mortgage payable, Long-term		100,000
Common Stock		30,000
Retained Earnings		48,500
Dividends	10,000
Sales Revenue		400,000
Cost of Goods Sold	131,000
Selling Expenses	140,000
Administrative Expenses	54,000
Interest Expense	20,000	_______
Totals	621,000	621,000

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