Homework answers / question archive / Single-Step Income Statement  The following selected accounts and their current balances appear in the ledger of Prescott Inc

Single-Step Income Statement  The following selected accounts and their current balances appear in the ledger of Prescott Inc

Accounting

Share With

Single-Step Income Statement 
The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30, 
20Y8: Cash $ 167,000 Retained Earnings $ 507,600 Accounts Receivable 300,000 Dividends 250,000 Inventory 735,000 Sales 7,134,000 Estimated Returns Inventory 25,000 Cost of Goods Sold 4,350,000 Office Supplies 30,000 Sales Salaries Expense 777,600 Prepaid Insurance 24,000 Advertising Expense 91,800 Office Equipment 230,400 Depreciation Expense— Store Equipment 16,600 Accumulated Depreciation— Office Equipment 99,000 Miscellaneous Selling Expense 4,000 Store Equipment 1,023,000 Office Salaries Expense 154,800 Accumulated Depreciation— Store Equipment 373,400 Rent Expense 79,800 Accounts Payable 67,000 Insurance Expense 45,900 Customer Refunds Payable 30,200 Depreciation Expense— Office Equipment 32,400 Salaries Payable 19,200 Office Supplies Expense 3,300 Note Payable (final payment due in five years) 108,000 Miscellaneous Administrative Expense 3,800 Common Stock 30,000 Interest Expense 24,000