The adjusted trial balance columns of Falcetto Company’s worksheet for the year ended December 31, 2010, are as follows.
|
Debit |
Credit |
||
|
Cash |
14,500 |
Accumulated Depreciation |
18,000 |
|
Accounts Receivable |
11,100 |
Notes Payable |
25,000 |
|
Merchandise Inventory |
29,000 |
Accounts Payable |
10,600 |
|
Prepaid Insurance |
2,500 |
Larry Falcetto, Capital |
81,000 |
|
Store Equipment |
95,000 |
Sales |
536,800 |
|
Larry Falcetto, Drawing |
12,000 |
Interest Revenue |
2,500 |
|
Sales Returns and Allowances |
6,700 |
673,900 |
|
|
Sales Discounts |
5,000 |
||
|
Cost of Goods Sold |
363,400 |
||
|
Freight out |
7,600 |
||
|
Advertising Expense |
12,000 |
||
|
Salaries Expense |
56,000 |
||
|
Utilities Expense |
18,000 |
||
|
Rent Expense |
24,000 |
||
|
Depreciation Expense |
9,000 |
||
|
Insurance Expense |
4,500 |
||
|
Interest Expense |
3,600 |
||
|
673,900 |
Instructions
Prepare a multiple step income statement for Falcetto Company.