How to write the Classified Balance Sheet, Multi-step Income Statement, Statement of Owner’s Equity, Closing entries.

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Connie Cooper, Inc.

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Adjusted Trial Balance

December 31, 2017

Dr.

Cr.

Cash

46,000

Accounts Receivable

27,000

Allowance for Doubtful Accounts

1,750

Merchandise Inventory (beginning)

84,375

Estimated Returns Inventory (beginning)

1,800

Prepaid Insurance

16,800

Land

120,000

Office Equipment

46,000

Accumulated Depreciation-Office Equipment

16,865

Buildings

350,000

Accumulated Depreciation-Buildings

48,125

Timber

20,000

Accumulated Depletion-Timber

4,000

Patent

12,500

Accounts Payable

36,500

Salaries Payable

5,750

Interest Payable

1,500

Customer Refunds Payable

6,500

Unearned Rent

2,000

Notes Payable

350,000

Capital, Connie Cooper

191,100

Connie Cooper, Drawings

5,000

Sales

379,650

Purchases

212,500

Purchases Returns and Allowances

3,800

Purchase Discounts

8,620

Freight-in

6,200

Bad Debt Expense

2,670

Insurance Expense

1,600

Interest Expense

25,000

Repairs and Maintenance Expense

6,800

Salaries Expense

34,500

Advertising Expense

5,700

Depreciation Expense

11,815

Depletion Expense

3,000

Amortization Expense

4,000

Utilities Expense

14,100

Rent Revenue

1,200

1,057,360

1,057,360

Other data:

(1) Inventory on hand at December 31, 2017 is $95,200 (i.e., ending inventory).

(2) Estimated Returns Inventory increased by $4,500.

(3) Bad Debt Expense, Insurance Expense, Repairs and Maintenance Expense, Depletion Expense, Amortization Expense, and Utilities Expense are 100% administrative.

(4) Advertising Expense is 100% selling.

(5) Depreciation Expense and Salaries Expense are 60% administrative and 40% selling.

(6)$75,000 of the Notes Payable are payable next year.

(7) Connie Cooper contributed $13,000 to the business in 2017

Instructions:Prepare a(n)

Points

Classified Balance Sheet

20

Multi-step Income Statement

20

Statement of Owner’s Equity

5

Closing entries

5

Total

50

**You are required to turn in a neat, legible, HANDWRITTEN copy by the due date.

**This is not a group project!

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