Create an Muti Step Income Statement SWARS Consulting & Sales and Sales Inc PART
ID: 2395102 • Letter: C
Question
Create an Muti Step Income Statement
SWARS Consulting & Sales and Sales Inc
PARTIALLY ADJUSTED TRIAL BALANCE
March 31 2018
Adjusting
Part Adj T/B
March Jes
Trial
Balance
& Bank Rec
Jes
Adusted TB
DR
CR
DR
CR
DR
CR
DR
CR
DR
CR
Cash
$ 253,560.00
253,560
$ 9,351.00
$ 262,911.00
Accounts Receivable
$ 146,800.00
$12,100.00
158,900
$12,150.00
$ 146,750.00
Allowance for Uncollectible Accounts
$ 2,569.00
2,569
$ 471.00
$ 3,040.00
Supplies
$ 85,650.00
85,650
$ 85,650.00
Inventory
$ 2,600.00
$ 4,800.00
$ 6,000.00
1,400
$ 1,400.00
Prepaid Insurance
$ 16,800.00
16,800
$ 16,800.00
Land
$ 50,000.00
50,000
$ 50,000.00
Building
$ 125,500.00
125,500
$ 125,500.00
Accumulated Depr – Building
$ 5,670.00
5,670
$ 5,670.00
Computer equipment
$ 52,950.00
52,950
$ 52,950.00
Accumulated Depr – Comp Equip
$ 1,750.00
1,750
$ 1,750.00
Office Furniture
$ 85,960.00
85,960
$ 85,960.00
Accumulated Depr - Office Furniture
$ 890.00
890
$ 890.00
Accounts Payable
$ 48,526.00
$ 4,800.00
53,326
$ 54.00
$ 53,272.00
Interest Payable
$ 3,200.00
3,200
$ 3,200.00
$ 8,952.00
8,952
$ 8,952.00
$ 98,505.00
98,505
$ 98,505.00
Long term Note Payable
$ 90,000.00
90,000
$ 90,000.00
$ 60,000.00
60,000
$ 60,000.00
Common Stock
$ 400,000.00
400,000
$ 400,000.00
Retained Earnings
$ 106,468.00
106,468
$ 106,468.00
Dividends
$ 4,000.00
4,000
$ 4,000.00
Service Revenue
$ 345,650.00
345,650
$ 345,650.00
Tablet Sales Revenue
$ 210,250.00
$12,100.00
222,350
$ 222,350.00
Cost of Goods Sold
$ 165,850.00
$ 6,000.00
171,850
$ 171,850.00
Bad Debt Expense
$ 471.00
$ 471.00
Depreciation Expense – Building
$ 1,350.00
1,350
$ 1,350.00
Depreciation Expense - Computer Equip
$ 890.00
890
$ 890.00
Depreciation Expense - Office Furn
$ 650.00
650
$ 650.00
Interest Expense
$ 3,560.00
3,560
$ 3,560.00
Insurance Expense
$ 38,950.00
38,950
$ 38,950.00
Supplies expense
$ 72,860.00
72,860
$ 72,860.00
Bank fee (expense)
75,900
$ 95.00
$ 95.00
Utilities Expense
$ 75,900.00
198,600
$ 75,900.00
Wage Expense
$ 198,600.00
$ 198,600.00
Misc. Expense
$ 2,650.00
$ 2,650.00
SWARS Consulting & Sales and Sales Inc
PARTIALLY ADJUSTED TRIAL BALANCE
March 31 2018
Adjusting
Part Adj T/B
March Jes
Trial
Balance
& Bank Rec
Jes
Adusted TB
DR
CR
DR
CR
DR
CR
DR
CR
DR
CR
Cash
$ 253,560.00
253,560
$ 9,351.00
$ 262,911.00
Accounts Receivable
$ 146,800.00
$12,100.00
158,900
$12,150.00
$ 146,750.00
Allowance for Uncollectible Accounts
$ 2,569.00
2,569
$ 471.00
$ 3,040.00
Supplies
$ 85,650.00
85,650
$ 85,650.00
Inventory
$ 2,600.00
$ 4,800.00
$ 6,000.00
1,400
$ 1,400.00
Prepaid Insurance
$ 16,800.00
16,800
$ 16,800.00
Land
$ 50,000.00
50,000
$ 50,000.00
Building
$ 125,500.00
125,500
$ 125,500.00
Accumulated Depr – Building
$ 5,670.00
5,670
$ 5,670.00
Computer equipment
$ 52,950.00
52,950
$ 52,950.00
Accumulated Depr – Comp Equip
$ 1,750.00
1,750
$ 1,750.00
Office Furniture
$ 85,960.00
85,960
$ 85,960.00
Accumulated Depr - Office Furniture
$ 890.00
890
$ 890.00
Accounts Payable
$ 48,526.00
$ 4,800.00
53,326
$ 54.00
$ 53,272.00
Interest Payable
$ 3,200.00
3,200
$ 3,200.00
$ 8,952.00
8,952
$ 8,952.00
$ 98,505.00
98,505
$ 98,505.00
Long term Note Payable
$ 90,000.00
90,000
$ 90,000.00
$ 60,000.00
60,000
$ 60,000.00
Common Stock
$ 400,000.00
400,000
$ 400,000.00
Retained Earnings
$ 106,468.00
106,468
$ 106,468.00
Dividends
$ 4,000.00
4,000
$ 4,000.00
Service Revenue
$ 345,650.00
345,650
$ 345,650.00
Tablet Sales Revenue
$ 210,250.00
$12,100.00
222,350
$ 222,350.00
Cost of Goods Sold
$ 165,850.00
$ 6,000.00
171,850
$ 171,850.00
Bad Debt Expense
$ 471.00
$ 471.00
Depreciation Expense – Building
$ 1,350.00
1,350
$ 1,350.00
Depreciation Expense - Computer Equip
$ 890.00
890
$ 890.00
Depreciation Expense - Office Furn
$ 650.00
650
$ 650.00
Interest Expense
$ 3,560.00
3,560
$ 3,560.00
Insurance Expense
$ 38,950.00
38,950
$ 38,950.00
Supplies expense
$ 72,860.00
72,860
$ 72,860.00
Bank fee (expense)
75,900
$ 95.00
$ 95.00
Utilities Expense
$ 75,900.00
198,600
$ 75,900.00
Wage Expense
$ 198,600.00
$ 198,600.00
Misc. Expense
$ 2,650.00
$ 2,650.00
Explanation / Answer
Multi-step income statement $ $ Revenue: Service Revenue 345650 Tablet Sales Revenue 222350 568000 Less: Cost of goods sold 171850 Gross profit 396150 Less: Operating expenses Bad Debt Expense 471 Depreciation Expense – Building 1350 Depreciation Expense - Computer Equip 890 Depreciation Expense - Office Furn 650 Insurance Expense 38950 Supplies expense 72860 Bank fee (expense) 95 Utilities Expense 75900 Wage Expense 198600 389766 Operating income 6384 Less: Non-operating expense Interest Expense 3560 Misc. Expense 2650 6210 Net income 174
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