Income Statement, Statement of Owner's Equity, and Balance SheetPaulson's Pet Store completed the Adjusted Trial Balance for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $495,810. The current portion of Note Payable is $3,000. Paulson's Pet Store
End-of-Period Spreadsheet (Partial)
December 31, 20--
ACCOUNT TITLEADJUSTED TRIAL BALANCEDEBITCREDIT
Cash23,450.00
Accounts Receivable9,350.00
Merchandise Inventory64,900.00
Estimated Returns Inventory1,100.00
Prepaid Insurance Land 2,400.00 1,800.00 90,000.00 350,000.00 20,000.00 120,000.00 Building Accum. Depr.- Building Store Equipment Accum. Depr.–Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable Note Payable B. Paulson, Capital B. Paulson, Drawing 3,600.00 9,560.00 1,500.00 1,100.00 3,440.00 8,000.00 542,490.00 4,900.00 59,100.00 Income Summary 64,800.00 700.00 1,100.00 Sales 326,050.00 eBook Show Me How Income Summary 59,100.00 64,800.00 1,100.00 700.00 Sales 326,050.00 5,360.00 162,630.00 Sales Returns and Allowances Purchases Purchases Returns and Allowances Purchases Discounts Freight-In 4,080.00 3,200.00 Wages Expense 1,600.00 69,400.00 1,200.00 900.00 2,736.00 2,864.00 Advertising Expense Supplies Expense Phone Expense Utilities Expense Insurance Expense Depr. Expense-Building Depr. Expense-Store Equipment Miscellaneous Expense Interest Expense 1,600.00 10,000.00 1,800.00 600.00 640.00 988,920.00 988,920.00 321,130.00 399,230.00 Net Income 78,100.00
Required:
1. Prepare a multiple-step income statement. Paulson's Pet Store Income Statement For Year Ended December 31, 20-- Revenue from sales: Sales Less: Sales returns and allowances Net sales Cost of goods sold: Merchandise inventory, December 31, 20-- $ TA $ Operating expenses: Operating expenses: Other expenses:
2. Prepare a statement of owner's equity. Paulson's Pet Store Statement of Owner's Equity For Year Ended December 31, 20-- Total investment
3. Prepare a balance sheet. Paulson's Pet Store Balance Sheet December 31, 20-- Assets Current assets: > Total current assets Property, plant, and equipment: $ Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: G 음 Total liabilities Owner's Equity Total liabilities and owner's equity