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Question - Sarda Electrical Enterprise began operations two years ago. Its adjusted account balances at December 31, 2017, are listed below:
Account
Debit
Credit
Cash
$11,300
Merchandise inventory
46,000
Store supplies
18,900
Loan receivable due in June 2020
8,500
Store equipment
167,600
Accumulated depreciation, store equipment
49,000
Accounts payable
30,500
Nymeth Sarda, capital
158,800
Nymeth Sarda, withdrawals
2,000
Sales
34,000
Sales discounts
3,000
Sales returns and allowances
9,000
Cost of goods sold
109,600
Sales salaries expense
94,000
Rent expense, selling space
12,000
Office supplies
800
Rent expense, office space
56,000
Advertising expense
39,600
Totals
$578,300
Required -
1. Prepare a classified multi-step income statement and statement of changes in equity for the year ended December 31, 2017.
2. Prepare a classified balance sheet as on December 31, 2017 based on the information provided.
3. Prepare the closing entries.
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