After you have read and understood the learning resources in this module, work through the following exercises using Chapter 6, “Accounting for Merchandising Businesses,” from the textbook..
Part 1. Prepare the Trial Balance.
Part 2. The Mountain Furniture company has the following transactions in its ledger. Create a multi-stage income statement.
Part 3. Prepare a single stage statement of income and expenses. (one-step income statement) ACCOUNT BALANCE ACCOUNT BALANCE Cash $31,400 Sales $932,100 Accumulated Depreciation-Construction 60,000 Accounts Receivable 37,600 Building 200,000 Note payable 54,700 Land 92,000 Joe Doe, Capital 217,700 Cost of Goods Sold 709,900 Sales Discounts 11,700 Advertising Expenses 10,000 Accumulated Dep. Equip. 40,500 Utility expenses 11,400 Maint. and repair expenses 13,700 Inventory 70,000 Salaries Expenses 51,300 Accounts payable 17,500 Equipment 83,500
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