C. Using the information provided trom the Adjusted Trial Balance that tollows,

Question

C. Using the information provided trom the Adjusted Trial Balance that tollows, prepare Anderson Inc's multi-step Income Statement and the slouified ended September 30, 201x. Balance Sheet tor the month "Capital at the beginning of the month was $49.970. H. Anserson contributed sa.000 of equipment and $2.000 cash during the month. $400 of notes payable will be paid within the next 12 months, the rest is due in 3 years Accounts payable Accounts receivable Accum. de Cash 16,000 11.250 c A 7,400 8.200 CA 660 230.400 3.700 34.200 sold Depreciation expense- store equip H. Anderson. Capital" H. Anderson, Withdrawals Insurance expense (office 4,000 200 910 Interest revenue Land Land held for future expansion Merchandise inventory Note Payable 410 10.500 12,400 21,000 1,200 300 321.000 - 52500 268910 Prepaid insurance Sales ts 2000 43.800 Sales Returns and Allowances Sales salaries expense Sales salaries payable Store supplies Store supplies expense 800 820 Unearned revenue

Explanation / Answer

H.Anderson Trial Balance Account Head Debit Credit Accounts Payable $        16,000.00 Accounts Receivable $        11,250.00 Accumulated Dep-Store Equipment $          7,400.00 Cash $          8,200.00 Copyright $              660.00 Cost of goods sold $      230,400.00 Depreciation Exp-Store Equipment $          3,700.00 Equipment $        34,200.00 H.Anderson Capital $        41,580.00 H.Anderson Withdrawl $          4,000.00 Insurance Expenses(Office) $              600.00 Interest Expense $              200.00 Interest Revenue $              410.00 Land $        10,500.00 Land held for future expansion $        12,400.00 Mercendise Inventory $        21,000.00 Note Payable $          1,200.00 Prepaid Expenses $              300.00 Sales $      321,000.00 Sales discount $          4,300.00 Sales return & allowances $          2,000.00 Sales Salaries Expense $        43,800.00 Sales Salaries Payable $              400.00 Store Supplies $              800.00 Store Supplies Expense $              500.00 Unearned Revenue $              820.00 Total $      388,810.00 $      388,810.00 H.Anderson Multi Step Income Statement Sales $      321,000.00 Less: Sales Return & Allowance $          2,000.00 Less: Sales Discont $          4,300.00 Net Sales $      314,700.00 Cost of goods sold $      230,400.00 Gross Profit=(Net sales-Cost of goods sold) $        84,300.00 Operating Expenses Store Supplies Expenses $              500.00 Sales Salary Expenses $        43,800.00 Depreciation   $          3,700.00 Insurance Expenses $              600.00 Total Operting Expenses $        48,600.00 Operating Income $        35,700.00 Non Operating & Others Interest Income $              410.00 Interest Expense $            (200.00) $              210.00 Net Income after tax $        35,910.00 H.Anderson Multi Step Balane Sheet ASSETS Cash $          8,200.00 Copyright $              660.00 Mercendise Inventory $        21,000.00 Accounts Receivable $        11,250.00 Store Supplies $              800.00 Prepaid Insurance $              300.00 Land $        10,500.00 Land held for future use $        12,400.00 Equipment $        34,200.00 Total Assets $        99,310.00 LIABILITIES & STOCK HOLDER's EQUITY Liabilities Notes Payable $          1,200.00 Accounts Payable $        16,000.00 Unearned Revenue $              820.00 Sales salary Payable $              400.00 Accumulated depreciation $          7,400.00 Total Liabilities $        25,820.00 Shareholder's Equity Common Stock=($41580-$4000) $        37,580.00 Retained Earnings $        35,910.00 Total Shareholder's Equity $        73,490.00 Total Liabilities & Stockholder's Equity $        99,310.00

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