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Module 7 Assignment: Prepare the multi-step income statement, statement of retained earnings, and balance sheet for Ma and Pa Grocery as of December 31, 20XX. Calculate the gross profit % for the year; calculate the current ratio for the year. Sales Revenue 322,800 Equipment 104,000 Accounts Payable 16,500 Sales Discounts 2,200 Advertising Expense 12,600 Interest Expense 1,700 Wages Payable 1,600 Accounts Receivable 6,900 Building 140,000 Common Stock 35,000 Sales returns and Allownaces 6,700 Utilities Expense 10,300 Inventory 16,400 Commission Expense 22,300 Cost of goods sold 158,400 Accumulated depreciation-equipment 26,400 Unearned sales revenue 2,500 Prepaid Rent 1,200 Office salaries expense 52,000 Accumulated depreciation-building 40,500 Rent Expense 5,800 Dividends 14,000 cash 7,800 retained earnings 87,600 dielivery expense 1,300 insurance expense 5,700 mortgage payable(long term) 37,000 Supplies 600

Module 7 Assignment:
Prepare the multi-step income statement, statement of retained earnings, and balance sheet for Ma and Pa Grocery as of December 31, 20XX.
Calculate the gross profit % for the year; calculate the current ratio for the year.
Sales Revenue 322,800
Equipment 104,000
Accounts Payable 16,500
Sales Discounts 2,200
Advertising Expense 12,600
Interest Expense 1,700
Wages Payable 1,600
Accounts Receivable 6,900
Building 140,000
Common Stock 35,000
Sales returns and Allownaces 6,700
Utilities Expense 10,300
Inventory 16,400
Commission Expense 22,300
Cost of goods sold 158,400
Accumulated depreciation-equipment 26,400
Unearned sales revenue 2,500
Prepaid Rent 1,200
Office salaries expense 52,000
Accumulated depreciation-building 40,500
Rent Expense 5,800
Dividends 14,000
cash 7,800
retained earnings 87,600
dielivery expense 1,300
insurance expense 5,700
mortgage payable(long term) 37,000
Supplies 600

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