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Income statement, Statement of Owner’s Equity, and Balance sheet

1. Prepare a Multiple-step income statement
2. Prepare a statement of owners equity
3. Prepare a balance sheet

Paulsons pet store completed the work sheet below for the year ended dec. 31, 20–. Owners equity as of January 1,20–, was $22,696. The current portion of mortgage payable is $536.
Paulsons Pet Store Work Sheet For Year Ended December 31, 20 - TRIAL BALANCE DEBIT CREDIT DEBIT CREDITDEBIT 15,872 ADJUSTMENTSADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEE ACCOUNT TITLE CREDIT DEBIT CREDIT DEBIT CREDIT Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Acc 15,872 15,872 2,366 16,550 579 477 5,900 2,366 2,366 15,024 (0 16,850 (0) 1504 16.550 772 636 5,900 (c) 193 (d) 159 579 477 5,900 um. Depr- Equipment Accounts Payable Wages Payable Sales Tax Payable Mortgage Payable B. Paulson, Capital B. Paulson, Drawing Income Summary Sales 450 (e) 450 900 4,942 292 858 4,034 24,706 4,942 4,942 292 858 4,034 24,706 292 858 4,034 24,706 1,210 1,210 1,220 (a) 15,024 (b) 16,550 15,024 16,550 15,024 16,550 71,546 71,546 71,546
Income Summary Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Wages Expense Advertising Expense Supplies Expense Phone Expense Utilities Expense Insurance Expense Depr. Expense-Equipment Miscellaneous Expense Interest Expense (a) 15,024 (b) 16,550 15,024 16,550 15,024 16,550 71,546 71,546 71,546 1,376 1,376 1,376 40,668 40,668 40,668 1,058 1,058 1,058 804 804 804 390 22,268 284 390 390 22,560 284 193 682 718 159 450 154 78 () 292 22,560 193 682 718 159 450 154 78 125,690 c) 193 682 718 (d) 159 (e) 450 154 78 108,398 108,398 32,668 32,668 125,690 82,736 89,958 42,954 35,732 7,222 89,958 89,958 42,954 42,954 Net Income 7,222
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Answer #1
Amount in USD
income statement Balance Sheet
Particulars 2018 2018 Assets 2018 Liabilities 2018
Sales 71546
add: Others (income summary) 1526 Current Assets Current liabilities
Less: Sales return 1376 Cash 15872 Accounts payable 4942
Net sales 71696 Accounts receivable 2366 Wages payable 292
Net Purchases and freight in 39196 Inventory 16550 Sales tax payable 858
Gross Profit 32500 supplies 579
Wages 22560 Prepaid insurance 477
Advertising 284 Common stock 23496
Supplies 193 Equipment less dep 5000 Retained earnings 7222
Phone and utilities 1400 Mortgage payable 4034
Insurance 159
Misc Expense 154
Depreciation 450 25200
Earnings before interest and tax 7300 Total assets 40844 Total liabilities 40844
Interest expense 78
Profit before tax 7222
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