Following Is a Random List of Accounts with Normal Balances

question 61

Essay

Following is a random list of accounts with normal balances for the Lexis Merchandising as of December 31, 2019. All adjusting entries have been made. Closing entries have not been made. $$\begin{array} { l r } \text { K. Lexis, Capital } & \$ 159,000 \\\text { Land } & 80,000 \\\text { Sales discounts } & 18,000 \\\text { Supplies expense } & 9,000 \\\text { Interest revenue } & 14,000 \\\text { Mortgage payable } & 80,000 \\\text { Cash } & 22,000 \\\text { Accounts receivable } & 34,000 \\\text { Unearned service revenue } & 11,000 \\\text { Salary expense } & 23,000 \\\text { Accounts payable } & 36,000 \\\text { Accumulated amort-building } & 17,000 \\\text { Equipment } & 46,000 \\\text { Prepaid insurance } & 8,000 \\\text { Interest expense } & 6,000 \\\text { K. Lexis, Withdrawals } & 15,000 \\\text { Sales revenue } & 285,000 \\\text { Interest receivable } & 5,000 \\\text { Inventory } & 28,000 \\\text { Accumulated amort-equipment } & 12,000 \\\text { Insurance expense } & 21,000 \\\text { Salary payable } & 6,000 \\\text { Supplies } & 4,000 \\\text { Cost of goods sold } & 156,000 \\\text { Sales returns \& allowances } & 13,000 \\\text { Amortization expense-building } & 8,000 \\\text { Amortization expense-equipment } & 8,000 \\\text { Interest payable } & 14,000 \\\text { Utilities expense } & 8,000 \\\text { Delivery expense } & 7,000 \\\text { Building } & 115,000\end{array}$$ Prepare a multi-step income statement for Lexis Merchandising for the year ended December 31, 2019

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Definitions:

Capabilities

The qualities or capacities that a person or entity possesses, enabling them to perform certain activities or functions.

Future Potential

The possible achievements or developments that an individual or entity can accomplish in the future.

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Tests designed to measure intelligence through a set of standardized tasks and problems, providing a quantitative assessment of an individual's intellectual capabilities.