Preparing a multi step income statement and a classified balance sheet The accounts of Taylor Electronics Company are listed along with their balances before closing for the month ended March 31, 2012.
|
Interest revenue |
$ 200 |
Accounts payable |
$ 16,700 |
|
Inventory |
45,100 |
Accounts receivable |
33,600 |
|
Note payable, long–term |
46,000 |
Accumulated depreciation |
37,700 |
|
Salary payable |
2,700 |
Retained earnings, Feb 28 |
38,600 |
|
Sales discounts |
2,900 |
Dividends |
20,000 |
|
Sales returns and allowances |
7,500 |
Cash |
8,000 |
|
Sales revenue |
297,000 |
Cost of goods sold |
162,300 |
|
Selling expense |
38,200 |
Equipment |
129,100 |
|
Supplies |
6,000 |
General expenses |
16,700 |
|
Unearned sales revenue |
13,800 |
Common stock |
15,500 |
|
Interest payable |
1,200 |
|
|
Requirements
1. Prepare Taylor Electronics’ multi step income statement.
2. Prepare Taylor Electronics’ statement of retained earnings.
3. Prepare Taylor Electronics’ classified balance sheet in report form.