Solved by verified expert:Prepare from the data contained in the above Excel file:Classified Balance Sheet Multi-Step Income Statement Statement of Owner’s Equity Closing entries
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Due Tuesday, April 24, 1:00 p.m.
Sally Smith, Inc.
Adjusted Trial Balance
December 31, 2017
Allowance for Doubtful Accounts
Merchandise Inventory (beginning)
Estimated Returns Inventory (beginning)
Accumulated Depreciation-Office Equipment
Customer Refunds Payable
Capital, Sally Smith
Sally Smith, Drawings
Purchases Returns and Allowances
Bad Debt Expense
Repairs and Maintenance Expense
(1) Inventory on hand at December 31, 2017 is $97,600 (i.e., ending inventory).
(2) Estimated Returns Inventory increased by $5,000.
(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) $50,000 of the Notes Payable are payable next year.
(7) Sally Smith contributed $12,000 to the business in 2017
Instructions: Prepare a(n)
Classified Balance Sheet
Multi-step Income Statement
Statement of Owner’s Equity
**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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