Bridgeport Enterprises Reported the Following Figures from Its Adjusted Trial

Bridgeport Enterprises reported the following figures from its adjusted trial balance for its first year of business,which ended on June 30,2019.
$$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 4,800 \\\hline \text { Accounts Receivable } & 3,600 \\\hline \text { Accrued Liabilities } & 1,400 \\\hline \text { Administrative Expenses } & 3,800 \\\hline \text { Bridgeport, Capital } & 7,550 \\\hline \text { Bridgeport, Withdrawals } & 2,000 \\\hline \text { Cash } & 4,500 \\\hline \text { Cost of Goods Sold } & 23,500 \\\hline \text { Equipment, net } & 8,500 \\\hline \text { Interest Expense } &150 \\\hline \text { Merchandise Inventory } & 2,500 \\\hline \text { Net Sales Revenue } & 35,000\\\hline \text { Notes Payable, Long-term } & 1,500\\\hline \text { Selling Expenses } &1,700\\\hline\end{array}$$ Requirements:
a.Prepare a multi-step income statement.
b.Prepare the statement of owner's equity.The owner contributed $7,550 cash to the business during the first year of operations.
c.Prepare a classified balance sheet.
d.Compute the gross profit percentage.

Correct Answer:

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a. b. c.
d.
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