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Bridgeport Enterprises Reported the Following Figures from Its Adjusted Trial

Question 236

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Bridgeport Enterprises reported the following figures from its adjusted trial balance for its first year of business,which ended on June 30,2019.
 Accounts Payable $4,800 Accounts Receivable 3,600 Accrued Liabilities 1,400 Administrative Expenses 3,800 Bridgeport, Capital 7,550 Bridgeport, Withdrawals 2,000 Cash 4,500 Cost of Goods Sold 23,500 Equipment, net 8,500 Interest Expense 150 Merchandise Inventory 2,500 Net Sales Revenue 35,000 Notes Payable, Long-term 1,500 Selling Expenses 1,700\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 4,800 \\\hline \text { Accounts Receivable } & 3,600 \\\hline \text { Accrued Liabilities } & 1,400 \\\hline \text { Administrative Expenses } & 3,800 \\\hline \text { Bridgeport, Capital } & 7,550 \\\hline \text { Bridgeport, Withdrawals } & 2,000 \\\hline \text { Cash } & 4,500 \\\hline \text { Cost of Goods Sold } & 23,500 \\\hline \text { Equipment, net } & 8,500 \\\hline \text { Interest Expense } &150 \\\hline \text { Merchandise Inventory } & 2,500 \\\hline \text { Net Sales Revenue } & 35,000\\\hline \text { Notes Payable, Long-term } & 1,500\\\hline \text { Selling Expenses } &1,700\\\hline\end{array} Requirements:
a.Prepare a multi-step income statement.
b.Prepare the statement of owner's equity.The owner contributed $7,550 cash to the business during the first year of operations.
c.Prepare a classified balance sheet.
d.Compute the gross profit percentage.

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