Cullumber Grove Hardware has the following balances in the company ledgers for the year ending December 31:

Mortgage Payable $86,000 Interest Expense $7,600 Prepaid Insurance $6,000 Land $24,900 Short-term investments $5,300 Office salaries $65,800 Common Shares $18,800 Sales Salaries $100,900 Cash $3,000 Supplies expense $23,300 Advertising $51,800 Insurance expense $7,800 Accounts Receivable $13,200 Depreciation expense $18,600 Sales revenue $598,200 Income tax expense $13,600 Accounts Payable $9,100 Dividend Payments $12,100 Buildings (Net) $101,200 Interest Income $10,500 Cost of Goods Sold $304,400 Inventory $17,700 Note Payable (due in 9 months) $9,600 Retained Earnings (Beg Bal-Jan 1) $45,000 (a) Your Answer Correct Answer Partially correct answer icon Your answer is partially correct. Using the above information, prepare the Statement of Income.

CULLUMBER GROVE HARDWARE STATEMENT OF INCOME choose the accounting period For the Year Ended December 31 enter an income statement item Sales Revenue $enter a dollar amount 598200 enter an income statement item Cost of Goods Sold enter a dollar amount 304400 select a summarizing line for the first part Gross Profit enter a total amount for the first part 293800 select an opening section name Operating Expenses enter an income statement item Office Salaries $enter a dollar amount 65800 enter an income statement item Supplies Expense enter a dollar amount 23300 enter an income statement item Insurance Expense enter a dollar amount 7800 enter an income statement item Depreciation Expense enter a dollar amount 18600 enter an income statement item Dividend Payments enter a dollar amount -12100 enter an income statement item Sales Salaries enter a dollar amount 100900 enter an income statement item Inventory enter a dollar amount -17700 select a closing section name Total Operating Expenses enter a total amount for this section -254900 select a summarizing line for the second part Total Revenues enter a total amount for the second part 293800 enter an income statement item Operating income enter a dollar amount 38900 select a summarizing line for the third part Net Operating Income enter a total amount for all three parts enter an income statement item enter a dollar amount select a closing name for this statement Net Income / (Loss) $enter a total net income or loss amount

eTextbook and MediaAssistance Used List of AccountsAssistance Used Attempts: 3 of 3 used (b) Prepare the Statement of Changes in Equity. (List items that increase retained earnings first.)

CULLUMBER GROVE HARDWARE STATEMENT OF CHANGES IN EQUITY choose the accounting period For the Month Ended December 31 select an opening name Net Income / (Loss) $enter a dollar amount select between addition and deduction :select an item enter a dollar amount select between addition and deduction :select an item enter a dollar amount select a closing name $enter a total amount

eTextbook and MediaAssistance Used List of Accounts Last saved 25 minutes ago.Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes.Attempts: 0 of 3 used (c) The parts of this question must be completed in order. This part will be available when you complete the part above.