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Question - An alphabetical list of Orioles Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances.
Accounts payable
$15,570
Notes payable
$42,000
Accumulated depreciation-equipment
14,000
Prepaid insurance
575
Accumulated depreciation-furniture
17,500
R. Smistad, capital
65,750
Cash
24,910
R. Smistad, drawings
78,000
Cost of goods sold
272,500
Rent expense
24,200
Depreciation expense
7,060
Salaries expense
50,400
Equipment
35,000
Salaries payable
2,250
Furniture
42,000
Sales
475,000
Insurance expense
3,575
Sales returns and allowances
16,300
Interest expense
2,110
Supplies
950
Interest payable
585
Supplies expense
6,325
Merchandise inventory
71,350
Unearned revenue
2,600
Additional information:
1. Of the notes payable, $6,200 becomes due on February 17, 2022. The balance is due in 2023.
2. On July 18, 2021, R. Smistad invested $3,500 cash in the business.
Required -
1. Prepare a multiple-step income statement.
2. Prepare a statement of owner's equity.
3. Prepare a classified balance sheet.
4. Calculate the gross profit margin and profit margin.
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