Question
Based on the trial balance below create an Income Statement: Dividends Given: $1,607,500 ACCT # Account Name Debit Credit 1000 Cash $402,575 1030 Treasury Bills
Based on the trial balance below create an Income Statement:
Dividends Given: $1,607,500
| ACCT # | Account Name | Debit | Credit |
| 1000 | Cash | $402,575 | |
| 1030 | Treasury Bills | $100,000 | |
| 1031 | Municiple Bonds | $104,425 | |
| 1032 | Investments | $770,500 | |
| 1210 | Accounts Receivable | $30,000 | |
| 1400 | Inventory | $20,000 | |
| 1500 | Furniture and Fixtures | $0 | |
| 1599 | Accumulated Depreciation | $30,000 | |
| 2000 | Accounts Payable | $40,000 | |
| 3000 | Common Stock | $0 | |
| 3500 | Retained Earnings | $65,000 | |
| 4000 | Gross Sales | $3,900,000 | |
| 4100 | Sales Returns | $20,000 | |
| 5000 | Cost of Goods Sold | $1,080,000 | |
| 6000 | Legal and Professional Fees | $20,000 | |
| 6020 | Advertising Expense | $50,000 | |
| 6080 | Charitable Contributions | $79,000 | |
| 6150 | Premiums on Key Person Life Insurance Policy | $45,500 | |
| 6500 | Rent Expense | $120,000 | |
| 6600 | Employee Wages | $150,000 | |
| 6601 | Officer Salaries | $400,000 | |
| 7010 | Interest Income: Taxable | $10,000 | |
| 7011 | Interest Income: NonTaxable | $7,000 | |
| 7020 | Dividend Income | $30,000 | |
| 8100 | Depreciation | $30,000 | |
| 8200 | Interest Expense | $50,000 | |
| 9000 | Federal Income Tax Expense | $360,000 | |
| 9010 | State Income and Payroll Taxes Paid | $40,000 | |
| $3,977,000 | $3,977,000 |
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