RRG Company is owned by Hannah Singh and reports quarterly. Below is a list of accounts, all having a normal balance.
Instructions: Prepare a multi-step income statement and classified balance sheet for the 3rd quarter of 2019 in proper form. The account balances are not provided. You can use any number you deem appropriate.
Accounts: Cash & cash equivalents Sales discounts Supplies Bank loan Prepaid insurance expense Accumulated amortization-office equipment Office equipment Accounts payable Note receivable Note payable Drawings Accounts receivable Capital Sales Revenue Cost of goods sold Insurance expense Rent expense Sales returns and allowances Mortgage payable Land Interest expense Salaries and benefits expense Utilities expense Copyright Amortization expense Totals
Additional data:
1. A treasury bill of $20,000 was forgotten and needs to be included.
2. 1/10 of the mortgage has to be paid by Dec. 31, 2019
3. 1/4 of the note receivable will be collected in 9 months.
