Using the following balances to prepare a multi-step income statement for clubhouse lollipops for the...
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Accounting
Using the following balances to prepare a multi-step income statement for clubhouse lollipops for the year ended Dec 1, 2021
NEED A FULL INCOME STATEMENT PLEASE
CASH-$7000
ACCOUNTS RECEIVABLE 13,000
MERCHANDISE INVENTORY 60,000
STORE SUPPLIES 1,500
EQUIPMENT 45,600
ACCUMULATED DEPRECIATION EQUIPMENT 16,600
ACCOUNTS PAYABLE 9,000
SALARIES PAYABLE 2,000
COMMON STOCK 20,000
RETAINED EARNINGS 59,000
DIVIDENDS 10,000
SALES 332,250
COST OF GOODS SOLD 159,900
DEPRECIATION EXPENSE- STORE EQUIPMENT 4,100
DEPRECIATION EXPENSE- OFFICE EQUIPMENT 1,600
SALES SALARY EXPENSE 30,000
OFFICE SALARY EXPENSE 34,000
INSURANCE EXPENSE 11,000
RENT EXPENSE (70% store 30% office) 24,000
STORE SUPPLIES EXPENSE 5750
ADVERTISING EXPENSE 31400
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