Prepare a classified balance sheet, a multi-step income statement and statement of retained earnings. Use good form and proper headings.
The list of accounts presented below are from the accounting records of MacKenzie, Inc. for the month ending on October 31, 2019. Prepare a classified balance sheet, a multi-step income statement and statement of retained earnings. Use good form and proper headings.
MacKenzie, Inc.
Account Debit Credit
Cash $1,225
Accounts receivable 1,650
Inventory 2,100
Land 10,000
Buildings &equipment 53,900
Prepaid Insurance 660
Accounts payable $450
Unearned revenue 635
Notes payable (long term) 11,000
Common Stock 23,000
Retained earnings 32,700
Sales 16,405
Cost of Goods Sold 10,125
SG&A expense 3,560
Interest expense 220
Tax expense 750
$84,190 $84,190