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  3. xyz merchandising reports the following: xyz mer

XYZ Merchandising reports the following: XYZ Merchandising Trial Balance 12/31/19 ...

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Question

Accounting

  1. XYZ Merchandising reports the following:

XYZ Merchandising

Trial Balance

12/31/19

Debit Credit

Cash $109,000

Account Receivable 92,000

Allowance for Doubtful Accounts 1,000

Inventory 230,000

Equipment 115,000

Accumulated Depreciation 20,000

Account Payable 95,000

Common Stock 90,000

Retained Earnings 1/1/19 290,000

Sale Revenue 390,000

Cost of Goods Sold 303,000

Rent Expense 21,000

Depreciation Expense 10,000

Insurance Expense 2,000

Supplies Expense 4,000

Additional Information: XYZ Merchandising has not prepared the entry for uncollectible accounts in 2019. They use the allowance method and estimate that 2% of the receivables will not be collected.

Prepare a multiple step income statement for the year ended 12/31/19

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