Module 7 Assignment income statement retained earnings balance sheet

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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

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