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Jones Company is a merchandise company that uses the perpetual inventory method.

  1. 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


  1. Prepare a MUTLIPLE STEP income statement for Jones Company IN GOOD FORMAT for January.



  1. 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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