INTER VERSION BACK Problem 4-4 (Part Level Submission) The following account balances were included in the trial balance of Teal Corporation at June 30, 2017. Sales revenue $1,594,320 Depreciation expense (office furniture and equipment) Depreciati $7,213 Sales discounts 32,400 Property tax expense 7,949 Cost of goods sold Bad debt expense (selling) 5,170 Salaries and wages expense (sales) 57,560 Maintenance and repairs expense (administration) 8.340 Sales commissions 99,250 Office expense 5,520 Travel expense (salespersons) 34.000 Sales returns and allowances 65.164 Delivery expense 22,840 Dividends received 40,670 Entertainment expense 15,080 Interest expense 16,990 Telephone and Internet expense (sales) 9,150 Income tax expense 94,080 Depreciation expense (sales equipment) 5,251 Depreciation understatement due to error-2014 (net of tax) 19,148 Maintenance and repairs expense (sales) 5,702 Dividends declared on preferred stock 9,030 Miscellaneous selling expenses 4,605 Dividends declared on common stock 36,450 Office supplies used 3,287 Telephone and Internet expense (administration) 2.703 The Retained Earnings account had a balance of $332,700 at July 1, 2016. There are 75,210 shares of common stock outstanding. Your answer is partially correct. Try again. Maces, e.g. 1.4 ) Using the multiple step form, prepare an income statement for the year ended June 30, 2017. (Round earn TEAL CORPORATION Income Statement For the Year Ended June 30, 2017 B Sales Sales Revenue Lessa 32400 Sales Discounts PRINTER VERSION 32400 BACK Sales Returns and Allowances 37920 Net Sales 1556400 Cost of Goods Sold O 906600 Gross Profit/ (Loss) 649800 T Operating Expenses Selling Expenses Sales Commissions Salaries and Wages Expense Travel Expense Delivery Expense Entertainment Expense Telephone and Internet Expense Maintenance and Repairs Expense Depreciation Expense DOO Bad Debit Expense Miscellaneous Selling Expenses T 258608 Total Seng Expenses Q Search or type URL Administrative Expenses 8340 7949 Maintenance and Repairs Expense Property Tax Expense Supplies Expense Telephone and Internet Expenses Depreciation Expense 0 3287 Office Expenses Total Administrative Expenses 293620 Income from Operations Other Revenues and Gains Dividend Revenue 1 Other Expenses and losses Interest Expense Income Before Income Tax Income Tax Expense Net Income / (L.05) 9 Earnings Per Common Share Q Search or type URL