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:

Joint Venture

A business endeavor undertaken by two or more entities, pooling resources to achieve a specific goal.

Co-Owned Entity

A business or property that is legally owned by two or more parties.

Joint Goal

A shared objective or aim that is pursued by two or more parties in collaboration or partnership.

Diversification Benefits

The reductions in risk achieved by spreading investments across various assets, sectors, or markets to minimize the impact of any single investment's performance.