Income Statement?

4 Dresser Company Balance Sheet 31-Dec-20 6 7 Assets: 8 Current Assets Cash 10 Accounts Receivable 11 Less Allowance for Doubtful Accounts 12 Inventory ** 13 Prepaid Insurance 14 Supplies 15 Total Current Assets $ 12,300 15,720 (7,210) 11,580 2,000 Liabilities and Stockholders' Equity: Current Liabilities: Accounts Payable Interest Payable Salary and Wages Payable Total Current Liabilities $ 8,200 2.000 400 $ 10,600 590 $ 34,980 Long Term Liabilities: Bonds Payable, 8%, 10 year *** $ 50,000 Total Liabilities $ 60,600 16 17 Property, Plant and Equipment: 18 Building $ 100,000 19 Less Accumulated Depreciation (30,000) 20 Equipment 60,000 21 Less Accumulated Depreciation (35,855) 22 Total Property, Plant and Equipment $ 94,145 23 $ 55,000 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 13,525 $ 68,525 24 25 26 27 Total Assets $ 129,125 Total Liabilities and Stockholders' Equity $ 129,125 *** Interest payable Jan. 1 and July 1 28 29 30 **Inventory balance is: 31 4000 units at $1.50 each 32 3600 units at $1.55 each 33 Total Inventory $ 6,000 5,580 $ 11,580 1 Journal Entries 2 3 JE # Account Names 1 Interest Payable Cash Credit Debit 2,000 4 5 2,000 6 7 400 8 2 Salaries and Wages Payable Salaries and Wages Expense Cash 550 9 950 10 11 60,000 12 60,000 3 Accounts Recievable Sales 13 14 3b Cost of Goods Sold Inventory 60,000 15 60,000 16 17 1,300 4 Supplies Accounts Payable 18 1,300 19 20 3,200 21 3,200 41,600 41,600 5 Inventory Accounts Payable 22 23 6 Accounts Receivable 24 Sales 25 26 6b Cost Of Goods Sold 27 Inventory 28 7 Allowance for Doubtful Accounts 30 Accounts Receivable 41,600 41,600 29 5,600 5,600 31 32 2000 8 Interest Expense Cash 33 2,000 34 35 4,050 9 Inventory Accounts Payable 36 4,050 37 38 1,400 39 1,400 10 Accounts Receivable Allowance for Doubtful Accounts 40 41 10b Cash 42 Accounts Receivable 1,400 1,400 43 44 11 Salaries an Wages Fxpense 72 000 A B C D 43 44 72,000 11 Salaries an Wages Expense Cash 45 72,000 46 47 6,600 12 Prepaid Insurance Cash 48 6,600 49 50 57,750 13 Accounts Receivable Sales 51 57,750 52 57,750 53 13b Cost of Goods Sold Inventory 54 57,750 55 56 87,800 14 Cash Accounts Receivable 57 87,800 58 59 6,270 15 Inventory Accounts Payable 60 6,270 61 62 10,300 16 Accounts Payable Cash 63 10,300 64 65 7,750 17 Cash Sales Revenue 66 7,750 67 68 18 Selling Expense Administrative Expense Cash 1,600 3,850 69 70 5,450 71 72 6,000 19 Divedends Cash 73 6,000 74 75 55,000 20 Notes Receivable Sales Revenue 55,000 76 77 78 Adjusting Entries 79 80 2,000 1 Insurance Expenses Prepaid Insurance 81 2,000 82 83 110 2 Supplies Expense Supplies 84 110 85 86 3 Accrued Interest Interest Income 6,600 87 6,600 89 2,000 4 Interest Expenses Interest Payable 90 2,000 7382 91 92 93 94 5 Depreciation Equipment Accumulated Depreciation-Equiptment 7,382 95 3,000 6 Depreciation- Building Accumulated Depreciation- Building 96 3,000 97 800 98 99 7 Salaries and Wages Expense Salaries and Wages Payable 800 100 101 8 Bad Debt Expense Accounts Receivable 102 103 104 25,946 9 Income Tax Expenses Income Tax Payable 105 25,946 106 B C D E 1 2 Dresser Company Income Statement 3 4 5 } Heading | (description of item) ($ amounts) ($ amounts) ($ amounts) 7 8 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28