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In: Accounting

The company’s bookkeeper prepared the following balances from the company's accounting records for the month ended...

The company’s bookkeeper prepared the following balances from the company's accounting records for the month ended October 31, 2019:

Retained Earnings, 10/1/19

508,000

Prepaid Insurance

50,000

Cash

37,000

Contributed Capital

400,000

Accounts Payable

95,000

Accounts Receivable

70,000

Sales Revenue

Dividends

560,000

3,000

Interest Income

Interest Expense

1,000

2,000

Supplies

18,000

Utilities Expense

5,000

Cost of Goods Sold

300,000

Wage Expense

50,000

Land

Buildings

Equipment

Accumulated Depreciation

Depreciation Expense

650,000

1,000,000

450,000

800,000

15,000

Income Tax Expense

Advertising Expense

Unearned Revenue

Insurance Expense

Wages Payable

22,000

7,000

56,000

10,000

14,000

Notes Payable

630,000

Inventory

375,000

Using good form, prepare a: 1) single-step income statement; 2) statement of retained earnings; and 3) balance sheet for ORV Winery for the month of October. Include appropriate headings for all financial statements.

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