Reference no: EM132948993
The following is an alphabetical list of Sarasota's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021:
Accounts payable $33,310
Accounts receivable 13,670
Accumulated depreciation-building 61,200
Accumulated depreciation-equipment 19,880
Building 175,000
B. Hachey, capital 104,480
B. Hachey, drawings 12,600
Cash 29,070
Depreciation expense 14,600
Equipment 57,000
Freight in 5,160
Freight out 8,200
Insurance expense 9,000
Interest expense 5,500
Land 80,000
Merchandise inventory $34,360
Mortgage payable 106,000
Prepaid insurance 4,500
Property tax expense 3,500
Purchases 624,700
Purchase discounts 6,300
Purchase returns and allowances 13,315
Rent revenue 3,600
Salaries expense 122,000
Salaries payable 8,500
Sales 878,000
Sales discounts 8,280
Sales returns and allowances 9,845
Unearned revenue 3,000
Utilities expense 20,600
Additional information:
- Sarasota's Bakery uses a periodic inventory system.
- Of the mortgage payable, $8,600 is due on March 31, 2022.
- A physical count determined that merchandise inventory on hand at November 30, 2021, was $37,440.
- The owner made no capital contributions during the year.
Problem 1: Prepare a multiple-step income statement for the November 30, 2021, year end. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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