Bridgeport Enterprises Reported the Following Figures from Its Adjusted Trial

question 12

Essay

Bridgeport Enterprises reported the following figures from its adjusted trial balance for its first year of business,which ended on June 30,2019.
$$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 4,800 \\\hline \text { Accounts Receivable } & 3,600 \\\hline \text { Accrued Liabilities } & 1,400 \\\hline \text { Administrative Expenses } & 3,800 \\\hline \text { Bridgeport, Capital } & 7,550 \\\hline \text { Bridgeport, Withdrawals } & 2,000 \\\hline \text { Cash } & 4,500 \\\hline \text { Cost of Goods Sold } & 23,500 \\\hline \text { Equipment, net } & 8,500 \\\hline \text { Interest Expense } &150 \\\hline \text { Merchandise Inventory } & 2,500 \\\hline \text { Net Sales Revenue } & 35,000\\\hline \text { Notes Payable, Long-term } & 1,500\\\hline \text { Selling Expenses } &1,700\\\hline\end{array}$$ Requirements:
a.Prepare a multi-step income statement.
b.Prepare the statement of owner's equity.The owner contributed $7,550 cash to the business during the first year of operations.
c.Prepare a classified balance sheet.
d.Compute the gross profit percentage.

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Definitions:

Pricing Strategy

A plan or approach used by businesses to set prices for their products or services, aiming to achieve maximum profitability.

Sales Orientation

A business approach that focuses primarily on the sale of products or services, rather than understanding and meeting the needs of the customers.

Pricing Strategy

A plan or method used by companies to determine the best price for their products or services to maximize profits and meet market demands.

Five Cs

A marketing concept focusing on Customer, Company, Competitors, Collaborators, and Context as critical components of successful marketing strategies.