Question

First Shot Photography Store has the following trial balance at their year-end, December 31, 2020.

First Shot Photography Store Trial Balance For the year ended December 31, 2020
Account	Debit	Credit
Accounts Payable		$40,000
Accounts receivable	$85,000
Accumulated amortization, office equipment		10,000
Accumulated amortization, store cash register		3,000
Advertising expense	3,500
Amortization expense, office equipment	17,000
Amortization expense, store cash register	7,000
Sales Discounts	1,800
Cash	14,000
Cost of goods sold	216,900
Equipment	115,000
Insurance expense	7,500
Interest expense	1,400
Screen, capital		303,000
Screen, withdrawals	2,100
Inventory	219,000
Notes payable		5,000
Rent expense, office	15,000
Rent expense, sales	5,000
Rent revenue		2,200
Salaries expense, office	13,000
Salaries expense, selling	12,000
Sales		405,000
Sales returns and allowances	20,000
Supplies	8,000
Supplies expense, store	5,000
	$768,200	$768,200

Prepare a classified multiple-step income statement in good form for First Shot Photography Store for their 2020 fiscal year.

Answer 1