Using the Trial Balance A printout of the account balances of Miller Wholesale Furniture at December 31, 2001, appeared as follows:

Required:

a. Prepare an income statement for Miller Wholesale Furniture for 2001.

b. Prepare Miller’s balance sheet as of December 31, 2001.

Transcribed Image Text:

Cash Accounts receivable Buildings and equipment $ 16,000 12,000 80,000 Cost of goods sold 100,000 Wage expense 55,000 Depreciation expense 10,000 Other expenses 15,000 Sales $200,000 Accumulated depreciation 25,000 Accounts payable 7,000 Wages payable 4,000 Bank loans (5 year) 15,000 Capital stock Retained earnings 25,000 (Jan. 1, 2001) 12,000 $288,000 $288,000