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How do I get the Net Income correct and still have mistakes hmm. Can someone help me? Just prepare an income statement as it says,
How do I get the Net Income correct and still have mistakes hmm. Can someone help me? Just prepare an income statement as it says, make sure your values match the number of boxes available. THANKS
The adjusted trial balance of Bridgeport Wholesale Inc. contained the following accounts at December 31, the company's year end: BRIDGEPORT WHOLESALE INC. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $12,400 Accounts receivable 21,400 Prepaid insurance 2,300 Inventory 105,000 Supplies 6,500 Land 128,100 221,100 Buildings Accumulated depreciation-buildings $92,600 Equipment 95,800 Accumulated depreciation-equipment 32,600 Accounts payable 61,100 Unearned revenue 10,000 Income tax payable 3,700 Bank loan payable 97,900 Common shares 54,000 Retained earnings 153,300 Sales 1,090,800 Sales returns and allowances 24,400 Sales discounts 14,700 Cost of goods sold 810,200 Administrative expenses 88,400 Selling expenses 40,600 Interest expense 12,200 Interest revenue 2,700 Income tax expense 15,600 $1,598,700 $1,598,700 BRIDGEPORT WHOLESALE INC. Income Statement (Single-step) Year Ended December 31, 2018 Revenues 1090800 Sales Less 24400 Sales Returns and Allowances 14700 Sales Discounts 39100 Net sales 1051700 810200 Cost of Goods Sold 241500 Total revenues Expenses Administrative Expenses 88400 Selling Expenses 40600 Interest Expense 12200 Interest Revenue 2700 Total expenses 138500 Income before income tax 103000 Income Tax Expense 15600 87400 Net income xStep by Step Solution
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