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Review the account balances of Ma and Pa Grocery as of December 31, 20##, in the Excel Template.
Module 2 Assignment:
Prepare the multi-step income statement for Ma and Pa Grocery for the year ended 12/31/20XX.
Calculate the gross profit % for the year.
| Sales Revenue | 322,800 | |||||
| Equipment | 104,000 | |||||
| Accounts Payable | 16,500 | |||||
| Sales Discounts | 2,200 | |||||
| Advertising Expense | 12,600 | |||||
| Interest Expense | 1,700 | |||||
| Wages Payable | 1,600 | |||||
| Accounts Receivable | 6,900 | |||||
| Building | 140,000 | |||||
| Common Stock | 35,000 | |||||
| Sales returns and Allownaces | 6,700 | |||||
| Utilities Expense | 10,300 | |||||
| Inventory | 16,400 | |||||
| Commission Expense | 22,300 | |||||
| Cost of goods sold | 158,400 | |||||
| Accumulated depreciation-equipment | 26,400 | |||||
| Unearned sales revenue | 2,500 | |||||
| Prepaid Rent | 1,200 | |||||
| Office salaries expense | 52,000 | |||||
| Accumulated depreciation-building | 40,500 | |||||
| Rent Expense | 5,800 | |||||
| Dividends | 14,000 | |||||
| cash | 7,800 | |||||
| retained earnings | 87,600 | |||||
| dielivery expense | 1,300 | |||||
| insurance expense | 5,700 | |||||
| mortgage payable(long term) | 37,000 | |||||
| Supplies | 600 | |||||
Requirements:
-
- Prepare the Income Statement for the period ending December 31, 20##.
- Calculate the gross profit % for the year.
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