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An Adjusted Trial Balance of Meadows Company as of December

Question 214

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An adjusted trial balance of Meadows Company as of December 31,2019 is given below.Prepare a multi-step income statement for the year for the company.
 Debit  Credit  Cash $15,000 Accounts Receivable 42,000 Merchandise Inventory 60,000 Supplies 15,000 Land 300,000 Accounts Payable $3,000 Notes Payable 25,000 Meadows, Capital 326,000 Meadows, Withdrawals 3,000 Sales Revenue 465,000 Cost of Goods Sold 240,000 Salaries Expense 15,000 Utilities Expense 69,000 Rent Expense 54,000 Interest Expense 6,000 Totals $819,000$819,000\begin{array} { | l | r | r | } \hline & { \text { Debit } } & \text { Credit } \\\hline \text { Cash } & \$ 15,000 & \\\hline \text { Accounts Receivable } & 42,000 & \\\hline \text { Merchandise Inventory } & 60,000 & \\\hline \text { Supplies } & 15,000 & \\\hline \text { Land } & 300,000 & \\\hline \text { Accounts Payable } & & \$ 3,000 \\\hline \text { Notes Payable } & & 25,000 \\\hline \text { Meadows, Capital } & & 326,000\\\hline \text { Meadows, Withdrawals } &3,000 & \\\hline \text { Sales Revenue } & & 465,000 \\\hline \text { Cost of Goods Sold } &240,000& \\\hline \text { Salaries Expense } & 15,000 & \\\hline \text { Utilities Expense } & 69,000 & \\\hline \text { Rent Expense } & 54,000 & \\\hline \text { Interest Expense } & \underline { 6,000 }\\\hline \text { Totals } & \$ 819,000 & \$ 819,000\\\hline\end{array}

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Meadows Company
Income Statement
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