- The Income Statement And Balance Sheet Columns Below Are From The Work Sheet Of Bleeker Street Bounty For The Year Ended 1 (61.8 KiB) Viewed 39 times
The Income
Statement and Balance Sheet columns below are from the work sheet of Bleeker Street Bounty for the year ended December 31, 2020. Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20- Account Title Income
Statement Debit Credit Balance Sheet Debit Credit 12,300 25,000 16,000 1,100 600 1,500 66,000 38,000 18,000 10,000 22,300 400 36,000 50,600 Cash Accounts Receivable Merchandise Inventory Store Supplies Office Supplies Prepaid Insurance Store Equipment Accumulated Depreciation Store Equipment Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Salaries Payable Long-Term Notes Payable Carlo Perez, Capital Carlo Perez, Drawing Income Summary Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Purchases Discounts Sales Salary Expense (selling) Office Salary Expense (general) Store Supplies Expense (selling) Office Supplies Expense (general) Insurance Expense (general) Depreciation Expense-Store Equipment (selling) Depreciation Expense-Office Equipment (general) 32,000 17,000 16,000 61,500 500 23,000 700 400 10.500 9.200 800 400 300 900 78,600 172,500 800 63,400 15,200 78,600 Net Income 157,300 15,200 172,500 78,600 172,500
From the work sheet, prepare a multiple-step income
statement, a
statement of owners' equity and a classified balance sheet. The current year's portion of the Long - Term payable is $6,000. 1. Prepare a multiple-step income
statement. Bleeker Street Bounty Income
Statement For Year Ended December 31, 2020 Revenue from sales: Cost of goods sold: Operating expenses: Selling expenses: Total selling expense Administrative expense: Total administrative expense Total operating expenses