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Homework answers / question archive / The following selected accounts and their current balances appear in the ledger of Fernandez Co
The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year.
Cash
$250,000
Retained Earnings
2,850,000
Accounts Receivable
1,197,000
Dividends
50,000
Inventory
1,790,000
Sales
9,350,000
Estimated Returns Inventory
23,500
Cost of Goods Sold
5,840,000
Office Supplies
14,000
Sales Salaries Expense
820,000
Prepaid Insurance
8,500
Advertising Expense
350,000
Office Equipment
870,000
Depr. Exp.—Store Equip.
120,000
Accum. Depr.—Office Equip.
580,000
Miscellaneous Selling Expense
58,000
Store Equipment
2,600,000
Office Salaries Expense
550,000
Accum. Depr.—Store Equip.
820,000
Rent Expense
104,000
Accounts Payable
336,000
Depr. Exp.—Office Equip.
60,000
Customer Refunds Payable
39,000
Insurance Expense
50,000
Salaries Payable
43,000
Office Supplies Expense
26,000
Notes Payable (long-term)
200,000
Miscellaneous Admin. Exp.
12,000
Common Stock
600,000
Interest Expense
25,000
Prepare multiple-step income statement for Fernandez Co. for the year ended December 31.
