ACC1020 Midterm Calculator Instructions Multiple-Step Income Statement Owner\'s

Question

ACC1020 Midterm Calculator Instructions Multiple-Step Income Statement Owner's Equity Statement Balance Sheet Instructions Income Statement, Statement of Owner's Equity, and Balance Sheet Prepare a multiple-step income statement. Prepare a statement of owner's equity Prepare a balance sheet rus Paulson's Pet Store Work Sheet For Year Ended December 31, 20 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE S DEBIT CREDIT DEBITCREDIT 15,864 DEBIT CREDITDEBIT CREDIT DEBIT CREDIT ACCOUNT TITLE Cash Accounts Receivable Merchandise Inventory 15,864 2,352 16,470 15,864 2,352 16,470 2,352 15,022 (b) 16470 (a) 15,022

Explanation / Answer

30042

Revenue from sales 71564 (-) Sales return -1322 70242 COGS (+) Opening Stock 15022 (+) Purchases 40678 (-) Purchase returns -1010 (-) Purchase discounts -788 (+) Frieght 402 (+) Wage exp 22678 (-) Closing Stck -16470 60512 Operating Exp Advt exp 298 Phone exp 684 Utillities exp 712 Insurance exp 426 Depretition exp 432 Misc exp 160 Interest exp 82 2794 Profit/Loss 6936

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