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WIT Financial Accounting Test Chapters 5 and 6 1. From the adjusted trial balance for Worker Products Company given below, prepare a multiple-step income statement in good form.??   Worker Products Company Adjusted Trial Balance December 31???Debit?Credit??Cash?$ 9,400???Accounts receivable?25,000???Merchandise inventory?36,000???Office supplies?900???Store equipment?75,000???Accumulated depreciation – store equipment??$ 22,000??Office equipment?60,000???Accumulated depreciation -office equipment??15,000??Accounts payable??42,000??Notes payable??10,000??F. Worker, Capital??110,700??F. Worker, Withdrawals?48,000???Sales??325,000??Sales discounts?6,000???Sales returns and allowances?16,500???Cost of goods sold?195,000???Sales salaries expense?32,500???Depreciation expense – store equipment?11,000???Depreciation expense – office equipment?7,500???Office supplies expense?1,300???Interest expense?600???Totals ?$524,700?$524,700?????? 2. From the adjusted trial balance for Worker Products Company given below, prepare the necessary closing entries. ?  Worker Products Company Adjusted Trial Balance December 31???Debit?Credit??Cash?$ 9,400???Accounts receivable?25,000???Merchandise inventory?36,000???Office supplies?900???Store equipment?75,000???Accumulated depreciation – store equipment??$ 22,000??Office equipment?60,000???Accumulated depreciation -office equipment??15,000??Accounts payable??42,000??Notes payable??10,000??F. Worker, Capital??110,700??F. Worker, Withdrawals?48,000???Sales??325,000??Sales discounts?6,000???Sales returns and allowances?16,500???Cost of goods sold?195,000???Sales salaries expense?32,500???Depreciation expense – store equipment?11,000???Depreciation expense – office equipment?7,500???Office supplies expense?1,300???Interest expense?600???Totals ?$524,700?$524,700??????  ???????????????????????????????????This document was truncated here because it was created in the Evaluation Mode.

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