Superb Professors

Problem 4-A continued) ASSETS Current Assets Total Current Assets Property. Plant and Equipment Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Problem 4-3A continued) Result Computation Current ratio Debt to total assets ratio Return on (total) assets A. Multi-step Income Statements The adjusted trial balance of Molly Distributors on December 31 is shown below. LO2 MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Credit $ Debit 30,200 110,200 94,000 2,400 6,400 85,000 $ Cash………. Accounts receivable…. Inventory…. ……….. Prepaid insurance… Supplies … Delivery equipment…. Accumulated depreciation …. Accounts payable…. Common stock ……….. Retained earnings ……. Sales revenue. Cost of goods sold ……… Salaries expense ……. Rent expense……. Supplies expense……… Utilities expense…. Depreciation expense……… Insurance expense….. Income tax expense….. 35,000 100,000 105,000 22,800 791,000 513,400 123,000 40,000 6,400 4,000 16,000 6,800 16.000 $1,053,800 $1,063,800 Required Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses.

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