Multi step income statement and adjusting entries 2023 Business Finance
2023 Multi step income statement and adjusting entries the Boston trading company whose accounting year ends on December 31 had
Multi step income statement and adjusting entries – the Boston trading company, whose accounting year ends on December 31, had the following normal balances in its general ledger at December 31:
Cash $13,000
Accounts Receivable $56,600
Inventory $73,000
prepaid insurance $6000
office supplies $4200
furniture and fixtures $21,000
accumulated depreciation –
furniture and fixtures $5000
delivery equipment $84,000
accumulated depreciation –
delivery equipment $12,000
Accounts Payable $41,000
long-term notes payable $30,000
common stock $75,000
retained earnings $51,400
sales revenue $630,000
cost of goods sold $404,000
utilities expense $4800
sales salaries expense $82,000
delivery expense $10,800
advertising expense $5500
rent expense $14,400
office salaries expense $56,000
income tax expense $9000
During the year, the accounting department prepared monthly statements but no adjusting entries were made in the journals and ledgers. Data for the year and procedures are as follows:
1. prepaid insurance, December 31, was $1200
2. depreciation expense on furniture and fixtures for the year was $1800
3. depreciation expense on delivery equipment for the year was $13,000
4. salaries payable, December 31 ($1800 sales and $1200 office) was $3000
5. unused office supplies on December 31 were $1000
Required
a. record the necessary adjusting entries at December 31
b. prepare a multi step income statement for the year. Combine all operating expenses into one line on the income statement for selling, general and administrative expenses.
We give our students 100% satisfaction for their assignment, which is one of the most important reasons students prefer us from other helpers. Our professional group and planners have more than ten years of rich experience. The only reason that our inception days, we have helped more than 100000 students with their assignments successfully. Our expert’s group have more than 2200 professionals of different topics, and that not all; we get more than 300 jobs every day more than 90% of the assignment get the conversion for payment.
Place Order Now