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I have problem solving statement of income i have some mistake took the snap to solve it Sheridan Grove Hardware has the following balances in
I have problem solving statement of income i have some mistake took the snap to solve it
Sheridan Grove Hardware has the following balances in the company ledgers for the year ending December 31: Mortgage Payable $83,300 Interest Expense $7,400 Prepaid Insurance $2,200 Land $24,600 Short-term investments $3,900 Office salaries $70,200 Common Shares $14,300 Sales Salaries $100,700 Cash $5,800 Supplies expense $23,500 Advertising $53,900 Insurance expense $6,300 Accounts Receivable $15,600 Depreciation expense $22,500 Sales revenue $601,900 Income tax expense $5,500 Accounts Payable $7,400 Dividend Payments $7,800 Buildings (Net) $104,700 Interest Income $19,600 Cost of Goods Sold $295,600 Inventory $19,600 Note Payable (due in 9 months) $7,400 Retained Earnings (Beg Bal-Jan 1) $35,900 (a) Your answer is partially correct. Using the above information, prepare the Statement of Income. SHERIDAN GROVE HARDWARE STATEMENT OF INCOME For the Year Ended December 31 Sales Revenue $ 601900 Cost of goods sold 295600 i Gross Profit 306300 Operating Expenses Advertising Expense $ -53900 i Office Salaries -70200 Sales Salaries -100700 Supplies Expense -23500 Insurance Expense -630 Depreciation Expense 22500 Interest Expense -7400 Assignment 1 Question 10 of 10 0.26 / 1 = Notes Payable -7400 Earnings before taxes 41400 Income Tax Expense 5500 i Net Income / (Loss) $ 35900Step by Step Solution
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