For the following statements identify if they are true or false. Financial accounting is the process by which information on organizational transactions is captured, 1. analyzed, and reported to internal decision makers. 2 The main purpose of nancial accounting is to aid users in making economic decisions relative to the ' organization. 3 An annual report is made available to the company's owners but other parties such as banks and taxation ' authorities also use it. 4 Users such as management inside the organization may also use financial information but often they require a different level of detail. Current Attempt in Progress Wildhorse Grove Hardware has the following balances in the company ledgers for the year ending December 31: Mortgage Payable $74,000 Interest Expense $6,000 Prepaid Insurance $1,600 Land $20,800 Short-term investments $400 Ofce salaries $67,600 Common Shares $17,300 Sales Salaries $99,100 Cash $7,200 Supplies expense $22,300 Advertising $49,600 Insurance expense $7,200 Accounts Receivable $14,300 Depreciation expense $22,700 Sales revenue $601,500 Income tax expense $12,900 Accounts Payable $11,900 Dividend Payments $12,500 Buildings (Net) $104,300 Interest Income $20,000 Cost of Goods Sold $303,400 Inventory $23,000 Note Payable (due in 9 months) $13,600 Retained Earnings (Beg Bal-Jan 1) $36,600 Using the above information, prepare the Statement of Income. WILDHORSE GROVE HARDWARE STATEMENT OF INCOME V V $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit AnswerUsing the above information, prepare the Statement of Income. WILDHORSE GROVE STATEMENT OF Dividends Earnings before taxes $ Gross Profit Net Income / (Loss) Net Operating Income Operating Expenses Total Operating Expenses Total Revenuesmation, prepare the Statement of Income. WILDHORSE GROVE HARDWARE STATEMENT OF INCOME December 31 For the Month Ended December 31 $ For the Year Ended December 31