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2. Create a multi - step Income Statement, Statement of Retained Earnings, and classified
Balance Sheet for Financial Manufacturing Inc. for period ended May 31, 2014 based on the
following adjusted trial balance.
Solution
Income statement
Statement of retained earnings
Balance sheet
sales 690,000
less:COGS 410,000
gross profit 280,000
less:operating expenses
salaries and wages 120,000
depreciation expense 25,000
supplies expense 10,000
advertising expense 6,000
insurance expense 12,000
utilities expense 8,000
misc.expense 2,000
Total oeratinf expense 183,000
operating income 97,000
2- Create a multi - step Income Statement- Statement of Retained Earni.docx

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2- Create a multi - step Income Statement- Statement of Retained Earni.docx

  • 1. 2. Create a multi - step Income Statement, Statement of Retained Earnings, and classified Balance Sheet for Financial Manufacturing Inc. for period ended May 31, 2014 based on the following adjusted trial balance. Solution Income statement Statement of retained earnings Balance sheet sales 690,000 less:COGS 410,000 gross profit 280,000 less:operating expenses salaries and wages 120,000 depreciation expense 25,000 supplies expense 10,000 advertising expense 6,000 insurance expense 12,000 utilities expense 8,000 misc.expense 2,000 Total oeratinf expense 183,000 operating income 97,000