- Problem 11 20 Points Ennio Morricone Company Had The Following Normal Account Balances On Selected Accounts Sales Rev 1 (35.82 KiB) Viewed 12 times
- Problem 11 20 Points Ennio Morricone Company Had The Following Normal Account Balances On Selected Accounts Sales Rev 2 (35.82 KiB) Viewed 12 times
Problem 11 (20 Points) Ennio Morricone
Company had the following normal account balances on selected accounts: Sales Revenue Advertising Expense Sales Returns and Allowances Cost of Goods Sold Common stock Dividends Freight-Out Income tax expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue Inventory Retained earnings Insurance Expense Sales Discounts $2,400,000 55,000 41,000 1,085,000 250,000 150,000 25,000 20,000 70,000 675,000 17,000 125,000 30,000 67,000 535,000 15,000 8,500 Instructions 1. Use the above information to prepare a multiple-step income
statement for the year ended December 31, 2022.