module 7 prepare the multi step income statement statement of retained earnings and 498993

Module 7 Assignment

Prepare the multi-step income statement, statement of retained earnings, and balance sheet for Ma and Pa Grocery as of December 31, 20XX.

Calculate the gross profit % for the year; calculate the current ratio 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:

1. Prepare the Income Statement for the period ending December 31, 20XX.
2. Prepare the Statement of Retained Earnings for the period ending 12/31/20XX.
3. Prepare the Balance Sheet for the period ending 12/31/20XX.
4. Calculate the gross profit % for the year.
5. Calculate the current ratio for the year.