An Adjusted Trial Balance of Meadows Company as of December

question 132

Essay

An adjusted trial balance of Meadows Company as of December 31, 2019 is given below. Prepare a multi-step income statement for the year for the company.
$\begin{array}{|l|r|r|}\hline& \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 15,000 & \\\hline \text { Accounts Receivable } & 42,000 & \\\hline \text { Merchandise Inventory } & 60,000 & \\\hline \text { Supplies } & 15,000 & \\\hline \text { Land } & 300,000 & \\\hline \text { Accounts Payable } & & \$ 3,000 \\\hline \text { Notes Payable } & & 25,000 \\\hline \text { Common Stock } & & 300,000 \\\hline \text { Retained Earnings } & &26,000 \\\hline \text { Dividends } & 3,000 \\\hline \text { Sales Revenue } && 465,000 \\\hline \text { Cost of Goods Sold } & 240,000 & \\\hline \text { Salaries Expense } & 15,000 & \\\hline \text { Utilities Expense } & 69,000 & \\\hline \text { Rent Expense } & 54,000& \\\hline \text { Interest Expense } &6,000 & \\\hline \text { Totals } &\$819,000 &\$819,000\\\hline\end{array}$

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