An Adjusted Trial Balance of Anders Retailers as of December

question 52

Essay

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

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Definitions:

Safety Regulations

Rules and standards developed to ensure the physical safety of workers and the public.

External Environment

The conditions, entities, events, and factors surrounding an organization that influence its activities and choices.

Corporate Strategies

High-level strategies formulated by top management to achieve corporate objectives and manage the business portfolio and growth of an organization.

Intended Strategies

Intended strategies are the planned strategies that an organization decides to pursue to achieve its goals, reflecting deliberate decision-making processes.