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-   -   Richmond Wins, Inc. Had the following alphabetical list of accounts taken from its ad (https://www.askmehelpdesk.com/showthread.php?t=555244)

  • Feb 17, 2011, 10:40 AM
    sharon69
    Richmond Wins, Inc. had the following alphabetical list of accounts taken from its ad
    Richmond Wins, Inc. had the following alphabetical list of accounts taken from its adjusted trial balance at December 31, 20B:

    Accounts Payable $10,000
    Accounts Receivable 14,000
    Accumulated Depreciation-Building 13,400
    Advertising Expense 6,400
    Building 75,000
    Capital Stock 40,000
    Cash 10,000
    Cost of Goods Sold 52,000
    Depreciation Expense 1,000
    Insurance Expense 1,900
    Interest Payable 1,400
    Inventory of Merchandise 30,000
    Land 15,000
    Prepaid Insurance 2,200
    Rent Revenue 1,700
    Retained Earnings (Jan. 1, 20B) 65,900
    Salaries Expense 24,000
    Salaries Payable 3,800
    Sales 100,000
    Supplies 400
    Supplies Expense 800
    Unearned Rent Revenue 100

    Required:
    A. Prepare a multiple step income statement for 20B. (Include gross profit, but ignore income taxes.)

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