Prepare a complete multi-step income statement

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Reference no: EM132638886

Question 1: Drexel Co. had the following lists of some selected accounts taken from its adjusted trial balance at December 31, 2019. Prepare a complete multi-step income statement for 2019.

Accounts payable $10,000;             Accounts receivable $14,000
Accumulated depreciation 19,400;    Advertising expense 6,500
Sales revenue (gross) 148,000;    Common stock 40,000
Cash 50,000;    Purchases (net) 66,000
Depreciation expense 11,000; Insurance expense 2,900
Freight out 1,500;    Beginning inventory 22,200
Freight in 800;    Sales return and allowance 6,800
Prepaid expense 8,200:    Retained earnings 64,100
Salaries expense 26,000;           Salaries payable 3,800
Supplies expense 2,300;    Unearned revenue 6,100
Dividend 4,000; Ending inventory 16,000
Income tax rate = 30%

Reference no: EM132638886

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