- Big Box Store Is Located In Midtown Madison During The Past Several Years Net Income Has Been Declining Because Of Sub 1 (152.42 KiB) Viewed 14 times
Big Box Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the
company's fiscal year on November 30, 2022, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Cost of Goods Sold Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Inventory Unadjusted $25,200 30,500 34,000 26,000 518,000 6,500 146,000 6,400 2,000 32,000 Adjusted $25,200 Notes payable 30,500 Owner's Capital 45,000 Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense 26,000 518,000 6,500 146,000 11,000 7,000 6,400 Sales Commissions Expense Sales Commissions Payable 32,000 Sales Returns and Allowances Sales Revenue 2,000 Utilities Expense Unadjusted $37,000 101,700 10,000 10,500 15,000 96,000 720,000 6,500 8,000 8,500
Prepare a balance sheet. Notes payable are due in 2025. (List Current Assets in order of liquidity.) BIG BOX STORE Balance Sheet Assets $ $
Liabilities and Owner's Equity $ $ $