- Jones Company is a merchandise company that uses the perpetual inventory method. The business prepares financial statements on a monthly basis and has the following adjusted trial balance at January 31:
8,000 Cash 10,000 Notes payable (all long-term)
11,000 Accounts receivable 42,600 Owner's capital, January 1
22,500 Merchandise inventory 4,000 Owner's withdrawals
34,200 Equipment 314,700 Sales revenue
7,400 Accumulated depreciation 230,400 Cost of goods sold
5,800 Accounts payable 71,400 Operating expenses
1,000 Wages payable
- Prepare a MUTLIPLE STEP income statement for Jones Company IN GOOD FORMAT for January.
- Prepare a statement of owner's equity for Jones Company IN GOOD FORMAT for January.
C. Prepare a classified balance sheet for Jones Company IN GOOD FORMAT for January.
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