[jardi008]

I am in Accounting and I have a question on a homework problem that wasn't covered in the discussion. A trial balance sheet was given and a Classified (multi-step) Income Statement and a Classified Balance Sheet need to be made. If you could help me figure out what points should be under each that would be great!


Thomas Sales Company (organized as a corporation on April 1, 2006) has completed the accounting cycle for the second year, ended March 31, 2008. Thomas also has completed a correct trial balance as follows:




Account Titles:
Cash- Debit 53,000
Accounts Recievable- Debit 44,800
Office Supplies Inventory- Debit 300
Automobiles (company cars)- Debit 30,000
Accumulated Depreciation, automobiles- Credit 10,000
Office Equipment- Debit 3,000
Accumulated Depreciation, Office Equip.- Credit 1,000
Accounts Payable- Credit 20,250
Income Taxes Payable- Credit 0
Salaries and Commissions Payable- Credit 1,500
Note Payable, Long Term- Credit 30,000
Capital Stock (par $1; 30,000 shares)- Credit 30,000
Paid in Capital- Credit 5,000
Retained Earnings (on April 1, 2007)- Credit 7,350
Dividends declared and paid during the current year- Debit- 8,000
Sales Revenue- Credit 90,000
Cost of Goods Sold- Debit 30,000
Operating expenses (detail omitted to conserve your time)- Debit 18,000
Depreciation expense (on autos and including $500 on office equipment)- Debit 5,500
Interest Expense- Debit 2,500
Income Tax Expense (not yet computed)
Totals 195,100 195,100

[pready]

Revenues, Cost of Goods Sold, and expenses are Income Statement accounts. Your other accounts are all Balance Sheet accounts.