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Cash $ 26,500 Sales $ 1,500,000 Notes Receivable 50,000 Sales Returns & Allowances



Cash                                      $ 26,500          Sales                                       $ 1,500,000

Notes Receivable                       50,000          Sales Returns & Allowances            21,000

Accounts Receivable                   62,000          Sales Discounts                              11,000

Merchandise Inventory             100,000          Cost of Merchandise Sold          1,070,000

Office Supplies                            2,600          Sales Salaries Expense                  210,000

Prepaid Insurance                        6,800          Advertising Expense                       28,300

Office Equipment                      64,000          Depreciation Expense -

Accumulated Depreciation -                                 Store Equipment                         4,600

    Office Equipment                 10,800          Miscellaneous Selling Expense            1,100

Store Equipment                       117,500          Office Salaries Expense                    41,000

Accumulated Depreciation -                             Rent Expense                                 22,150

     Store Equipment                  48,600          Insurance Expense                          12,750

Accounts Payable                      27,000          Depreciation Expense -

Salaries Payable                          2,000                Office Equipment                       9,000

Note Payable (10 years)             30,000          Office Supplies Expense                      900

Capital Stock                             60,000          Miscellaneous Admin Expense            1,200     

Retained Earnings                    208,000          Interest Revenue                               5,000

Dividends                                 25,000          Interest Expense                               4,000



How would This information be put into:


1.         multiple-step income statement

2.       retained earnings statement

3.        balance statement 

Top Answer

1.Multiple step income statement Sales... View the full answer

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Other Answers

The Gross Profit for the year ending on 31st December 2016 is $409,000. The Operating Profit... View the full answer

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