Inter 2 Terry S6..xlsx - Terry Co Multi-Step Income Statement For the Year Ended December 31 Year 3 Sales Revenue Sales Revenue Less Sales Discounts

Inter 2 Terry S6..xlsx - Terry Co Multi-Step Income...

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Terry Co. Terry Co. Multi-Step Income Statement Balance Sheet For the Year Ended December 31, Year 3 As of 12/31/Year 3 Sales Revenue Year 3 Year 2 Sales Revenue $8,375,200 Assets Less: Sales Discounts $89,100 Current Assets Sales Returns $708,750 $797,850 Cash $26,798 $405,000 Net Sales Revenue $7,577,350 A/R $729,000 $688,500 Allowance for Bad Debts ($40,500) ($202,500) Cost of Goods Sold Inventory $727,000 $1,134,000 Cost of Goods Sold $4,688,326 Prepaid Insurance $60,750 $121,500 Gross Profit $2,889,024 Prepaid Utilities $101,250 $81,000 Total Current Assets $1,604,298 $2,227,500 Long-term Investments Operating Activities Loans to other businesses $324,000 $324,000 Selling Expenses Net Pension Assets $25,828 Advertising Expense $175,875 Expansion Fund $41,420 $41,420 Bad Debt Expense $68,850 Total Long-term Investments $391,248 $365,420 Miscellaneous Selling Expenses $39,488 PPE Sales Force Salaries Expense $111,375 Land $891,000 $567,000 Selling Commissions Expense $405,000 ROU Asset $2,700,958 Shipping Expense $66,319 Building $648,000 $648,000 Total Selling Expenses $866,907 Equipment $2,268,000 $1,053,000 Administrative Expenses Accumulated Depreciation ($1,203,053) ($810,000) Executive Salaries Expense $423,375 Total PPE $5,304,905 $1,458,000 Depreciation & Amortization Expense $393,053 Intangible Assets Insurance Expense $29,363 Patents, net $121,500 $121,500 Miscellaneous Admin. Expenses $3,999 Total Assets $7,421,951 $4,172,420 Office Supplies Expense $31,388 R&D Expense $133,700 Utilities Expense $60,750 Liabilities and Stockholders' Equity Current Liabilities
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