excersie 5-9

Prepare a single-step income statement. Okanagan Corporation Year Ended December 31, 2018 Revenues $ 2,598,00 Sales | Less Sales Discounts 19,000 Sales Returns and Allowances 42,000 2.575,00 Expenses Income before income tax Net income Exercise 5-9 (Part Level Submission) The following selected accounts from Okanagan Corporation's general ledger are presented below for the year ended December 31, 2018 Accounts receivable $277,000 Accumulated depreciation-equipment 724,000 57,000 263,000 1,061,000 125,000 162,000 1,350,000 27,000 72,000 21,000 63,000 31,000 89,000 33,000 22,000 570,000 762,000 2,598,000 19,000 42,000 18,000 Advertising expense Common shares Cost of goods sold Depreciation expense Dividends declared Freight out Income tax expense Insurance expense Interest expense Interest revenue Inventony Prepaid expenses Rent revenue Retained earnings Salaries expense Sales Sales discounts Sales returns and allowances Unearned revenue