P P5
Subject:AccountingPrice: Bought3
P P5.8A (LO 4) The adjusted trial balance of Club Canada Wholesale Inc. contained the following accounts at December 31, the company's year end: Club Canada Wholesale Inc. Adjusted Trial Balance December 31, 2021 Credit Debit 12,275 19,700 2.400 104,600 6.430 128,500 219,000 $ 93,060 95,500 Cash Accounts receivable Prepaid insurance Inventory Supplies Land Buildings Accumulated depreciation--buildings Equipment Accumulated depreciation--equipment Accounts payable Deferred revenue Refund liability Income tax payable Bank loan payable Common shares Retained earnings Sales Cost of goods sold Administrative expenses Selling expenses Interest expense Interest income Income tax expense 33.400 56,200 9,650 4,700 3,500 98,200 50,000 142,325 1,061,375 806,240 88,515 42.100 12,350 2,400 17,200 $1,554,810 $1,554,810 Instructions a. Prepare a single-step statement of income. b. Prepare a multiple-step statement of income. c. Compare the two statements and comment on the usefulness of each one. d. Are the expenses in the statements classified by nature or by function? Explain. at the company's year end of December In
