The account balances

by | Sep 4, 2021 | Assignment Help

Data Table- XThe account balances for Everything Wholesale , Inc., for the year ended August 31 , 20{} ( Click the icon to view the account balances . !’Requirements*Cash519,6:00 Cost of goods sold ……………"132, 100. Prepare Everything Wholesale , Inc .’s single – step income statement .*Equipment40. 500 Accumulated depreciation .2. Would you recommend the use of the single -step income statement format by a meAccounts payable ………. .`4.500equipment14.500Sales revenue234.500Common stock .36,000Unearned revenues*3.500ExpensesLong-term notes payable ……30, 000*Sales revenue .234.500Cost of goods sold132100General expenses18, 200 Accounts receivable*4.500Selling Expenses2680 0Salaries payable`2, 400 Accumulated depreciation !General EXPENSES182010Supplies1 , 300building*18.500Interest expenseTOOBuilding .125, 000 Mortgage payable ( long-term ) …..43.500Total EXPENSESEstimated refund liability*3, 300 Dividends*34,000Net income ( 105.5)56700Prepaid rent*3, 100 Estimated inventory returns*2.300Interest expense .`100Selling expenses26. 8Requirement 2. Would you recommend the use of the single – step income statement forRetained earnings20, 100Inventory*2,700The single – step income statement is recommended*for Everything Wholesale as` the financial statement_choose from any list or enter any*is not recommendedno then continue toPrintDoneis recommended

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