Reference no: EM132789738
Question - The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year.
Cash $250,000
Retained Earnings 2,850,000
Accounts Receivable 1,197,000
Dividends 50,000
Inventory 1,790,000
Sales 9,350,000
Estimated Returns Inventory 23,500
Cost of Goods Sold 5,840,000
Office Supplies 14,000
Sales Salaries Expense 820,000
Prepaid Insurance 8,500
Advertising Expense 350,000
Office Equipment 870,000
Depr. Exp.-Store Equip. 120,000
Accum. Depr.-Office Equip. 580,000
Miscellaneous Selling Expense 58,000
Store Equipment 2,600,000
Office Salaries Expense 550,000
Accum. Depr.-Store Equip. 820,000
Rent Expense 104,000
Accounts Payable 336,000
Depr. Exp.-Office Equip. 60,000
Customer Refunds Payable 39,000
Insurance Expense 50,000
Salaries Payable 43,000
Office Supplies Expense 26,000
Notes Payable (long-term) 200,000
Miscellaneous Admin. Exp. 12,000
Common Stock 600,000
Interest Expense 25,000
Required - Prepare multiple-step income statement for Fernandez Co. for the year ended December 31.
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Prepare multiple-step income statement for Fernandez Co
: Notes Payable (long-term) 200,000. Prepare multiple-step income statement for Fernandez Co. for the year ended December 31
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