Reference no: EM131693564
Question - Your assistant has prepared the following Adjusted Trial Balance data for Wisteria Company on December 31, 2017. The accounts are arranged in alphabetical order.
Accounts payable $36,000 Land $69,600
Accounts receivable 67,200 Long-term Investment 12,600
Accumulated amortization 19,800 Mortgage payable 48,000
Amortization expense 4,300 Note payable (Short-term) 15,000
Building 72,000 Other expenses 13,000
Cash 24,000 Prepaid insurance 500
Common shares 86,500 Retained earnings 30,000
Cost of goods sold 120,000 Salaries & wages 60,000
Dividends declared 12,400 Salaries & wages owed 3,000
Dividends payable 4,000 Sales 180,000
Expired insurance 1,400 Selling expenses 29,400
Income tax 8,000 Service fees earned 93,100
Income tax payable 2,000 Supplies on hand 800
Interest on mortgage and note 1,700 Supplies used 2,000
Interest payable 300 Unearned revenue 1,200
Inventory 20,000
Additional info:
1. Mortgage is due in 2025.
2. Jan 1, 2017 Retained earnings is $30,000.
a. Prepare a Multi-step Income Statement for the year ended Dec 31, 2017.
b. Prepare a Classified Balance Sheet in good form, as at Dec 31, 2017.