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Multi step income statement and adjusting entries- the Boston trading company, whose accounting year ends on December 31, had the following normal balances in its general ledger at December 31:
Cash
$13,000
Accounts Receivable
$56,600
Inventory
$73,000
prepaid insurance
$6,000
office supplies
$4,200
furniture and fixtures
$21,000
accumulated depreciation -
$5,000
delivery equipment
$84,000
$12,000
Accounts Payable
$41,000
long-term notes payable
$30,000
common stock
$75,000
retained earnings
$51,400
sales revenue
$630,000
cost of goods sold
$404,000
utilities expense
$4,800
sales salaries expense
$82,000
delivery expense
$10,800
advertising expense
$5,500
rent expense
$14,400
office salaries expense
$56,000
income tax expense
$9,000
During the year, the accounting department prepared monthly statements but no adjusting entries were made in the journals and ledgers. Data for the year and procedures are as follows:
1. prepaid insurance, December 31, was $12002. depreciation expense on furniture and fixtures for the year was $18003. depreciation expense on delivery equipment for the year was $13,0004. salaries payable, December 31 ($1800 sales and $1200 office) was $30005. unused office supplies on December 31 were $1000
Required
a. record the necessary adjusting entries at December 31
b. prepare a multi step income statement for the year. Combine all operating expenses into one line on the income statement for selling, general and administrative expenses.
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