Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you create an Income Statement for Dec. 31 2022? Debit Credit Accounts payable ........................................................ $180,000 Accounts receivable .................................................... $600,000 Other Accrued liabilities $100,000 Accumulated

Can you create an Income Statement for Dec. 31 2022?
Debit Credit
Accounts payable ........................................................ $180,000
Accounts receivable .................................................... $600,000
Other Accrued liabilities $100,000
Accumulated depreciation ................. $300,000
Additional paid-in capital ............................................ $260,000
Allowance for doubtful accounts ................................ $100,000
Cash ............................................................................. $500,000
Common stock, $10 par .............................................. $320,000
Long-term bonds payable ........................................ $200,000
Inventories .................................................................. $850,000
Short-term Investment securities (reported at market; cost, $142,000) .............................................
$150,000
Note payable, 5-year .................................................. $600,000
Property and equipment ............................................ $820,000
Retained earnings ....................................................... $890,000
Revenue .. $500,000
Cost of Goods Sold .. $350,000
Salaries expense $80,000
Rent expense .. $32,000
Advertising expense ... $8,000
Dividends ... $60,000
Totals 3,450,000 3,450,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Managers Interpreting Accounting Information For Decision Making

Authors: Paul M. Collier, Sandy M. Kizan, Eckhard Schumann

1st Canadian Edition

1118037960, 9781118037966

More Books

Students also viewed these Accounting questions