Prepare a year end multi step income statement

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Reference no: EM132681586

Question - 1) Use the following accounts to prepare a year end multi step income statement and a classified balance sheet for the Jones Company,

Administrative expenses 23000

Accumulated depreciation 30000

Equipment 45000

Cash 6000

Common stock 15000

Cost of merchandise sold 30000

Interest expense 500

Rent Revenue 12000

Unearned fees 400

Supplies I 450

Prepaid Insurance 500

Accounts Receivable 4500

Bonds payable 10000

Sales 84000

Selling Expenses 2000

Retained earnings 1050

2) Use the following accounts to prepare a year end multi-step income statement for the Jones Company.

3) Cost of merchandise sold $20,000; administrative expenses 5,000; interest expense 1000; rent revenue 5500; sales $31,000; and selling expenses $4600.

Reference no: EM132681586

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