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Question: preparation of financial statements use the following information to prepare...

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Preparation of Financial Statements Use the following information to prepare a multi-step Statement of Comprehensive Income, a Statement of Changes in Shareholders Equity, and a classified Statement of Financial Position. Charles Corporation Adjusted Trial Balance December 31, 2017 Debit Credit $ 33,400 87,400 Cash 90,000 7,000 170,000 Merchandise Inventory.. Store Supplies Store Equipment. Accumulated Depreciation-Store Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Notes Payable Accounts Payable Common Shares.... Retained Earnings. Sales Sales Return and Allowances Cost of Goods Sold. 54,000 96,000 26,000 82,000 117,000 200,000 16,000 1,494,400 8,400 Advertising Expense. Utilities Expense. Repair Expense Delivery Expense Rent Expense. 280,000 52,800 28,000 24,200 48,000 4,000 18,000 4,000 22,000 Store Supplies Expense Depreciation Expense Store Equipment. Depreciation Expense Delivery Equipment Interest Expense Interest Payb. Totals. 2.011400 2.011400 Other Data: 1. Salaries expense is 70% selling and 30% administrative. 2. Rent expense and utilities expense are 80% selling and 20% administrative. 3. $60,000 of notes payable are due for payment within 12 months. 4. Repair expense is 100% administrative.
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