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Problem - The information on the next page was extracted from the general ledger of Miles Company on December 31, 20Y6 after all adjusting entries had been posted. All accounts have normal balances. There were no investments by the owner during the fiscal year. Miles Company has a December 31st fiscal year end.
Account
Balance
Accounts Payable
16,000
Accounts Receivable
31,000
Accumulated Depreciation - Office Equipment
13,000
Accumulated Depreciation - Store Equipment
72,000
Advertising Expense
27,000
Cash
52,000
Cost of Merchandise Sold
210,000
Customer Refunds Payable
3,000
Depreciation Expense - Office Equipment
6,000
Depreciation Expense - Store Equipment
14,000
Estimated Returns Inventory
4,000
Insurance Expense
12,000
Interest Expense
2,000
Land
90,000
Mark Miles, Capital
264,000
Mark Miles, Drawing
137,000
Merchandise Inventory
55,000
Miscellaneous Administrative Expense
7,000
Notes Payable - Long Term (Due 20Y8)
40,000
Notes Payable - Short Term
20,000
Office Equipment
60,000
Office Salaries Expense
49,000
Prepaid Insurance
8,000
Rent Expense - Office
32,000
Rent Revenue
24,000
Salaries Payable
Sales
600,000
Sales Salaries Expense
95,000
Store Equipment
160,000
Supplies
9,000
Unearned Rent
5,000
Required -
1. Prepare the Adjusted Trial Balance as of December 31, 20Y6.
2. Prepare the Multi-step Income Statement for the year ended December 31, 20Y6.
2. Prepare the Statement of Owner's Equity for the year ended December 31, 20Y6.
3. Prepare the Classified Balance Sheet (in report form) as of December 31, 20Y6.
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