107 focusmore inc had the following list of accounts taken from its adjusted trial b 4314162

107 focusmore inc had the following list of accounts taken from its adjusted trial b 4314162

107.FocusMore, Inc., had the following list of accounts taken from its adjusted trial balance at December 31, 2016:

Accounts Payable$15,000

Accounts Receivable 18,000

Accumulated Depreciation-Building 26,200

Advertising Expense   12,800

Building 100,000

Common Stock 60,000

Cash 15,000

Cost of Goods Sold 56,500

Depreciation Expense   2,000

Utilities Expense   3,800

Utilities Payable   1,900

Inventory 25,000

Land 30,000

Prepaid Insurance   4,600

Interest Revenue   2,500

Retained Earnings (Jan. 1, 2016) 58,000

Wages Expense 48,000

Wages Payable   4,600

Sales150,000

Supplies Inventory     1,200

Supplies Expense     2,000

Deferred Rent Revenue      700

Required:

Prepare a multiple step income statement for the year ended December 31, 2016. (Include gross profit, but ignore income taxes.)  
 

108.The following data were taken from the adjusted trial balance of Kent Corporation.

Kent Corporation
Adjusted Trial Balance Data
December 31, 2016

Accounts Payable$12,000

Accounts Receivable 13,000

Accumulated Depreciation-Building   6,000

Accumulated Depreciation-Equipment   9,000

Building 60,000

Common Stock 40,000

Cash 24,000

Copyrights 22,000

Dividends Declared 12,000

Equipment 15,000

Land 25,000

Note Payable (10%, due in 5 years) 40,000

Office Supplies   1,000

Prepaid Insurance   3,000

Retained Earnings (January 1, 2016) 23,000

Wages Payable   2,000

Service Revenue 85,000

Wages Expense 28,000

Utilities Expense   2,000

Depreciation Expense   5,000

Insurance Expense   2,000

Office Supplies Expense   1,000

Interest Expense   4,000

Requirement:

Prepare a classified balance sheet in good form at December 31, 2016. (Ignore income taxes).  
 

 

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