Cheeta Enterprises sells popcorn machines. the company has 15000 shares of capital stock outstanding throughout the year.

Debit Packet Exercise 6.1 Cheeta Enterprises sells popcorn machines. The company has 15,000 shares of capital stock outstanding throughout the year. The following condensed trial balance was taken from the general ledger on December 31, 2020 (the end of the fiscal year): Account Titles Credit Cash 40,000 Accounts receivable (net) 15,500 Inventory, ending 53.900 Operational assets 38.000 Accumulated depreciation s 14,900 Liabilities 25.900 Capital stock 61,120 Retained earnings, January 1, 2019 11,280 Sales revenue 175.000 Sales returns and allowances 14,900 Sales discount 4,900 Credit card discount 1,200 Loss on sale of land 2,400 Cost of goods sold 77,700 Selling expense 15,100 Administrative expense 12,700 3,500 8,400 Bad debt expense Income tax expense Totals 288,200 S 288,200 Prepare the 2020 Income Statement. Net sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Other Income/Expense Income before taxes Income tax expense Net income Earnings per share