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Ma nd Pa Grocery_Financial statements

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Question;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;3,22,800;Equipment;1,04,000;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;1,40,000;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;1,58,400;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

 

Paper#37554 | Written in 18-Jul-2015

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