Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

just need the Income statement Comprehensive Accounting Cycle Review 7 (Part Level Submission) On December 1, 2019, Tamarisk, Inc. had the following account balances. Debit

image text in transcribed
image text in transcribed
image text in transcribed
just need the Income statement
Comprehensive Accounting Cycle Review 7 (Part Level Submission) On December 1, 2019, Tamarisk, Inc. had the following account balances. Debit Credit $2,900 Cash $17,800 Accumulated Depreciation-Equipment 6,200 Notes Receivable 2,500 Accounts Payable Accounts Receivable 7,100 Common Stock 52,400 11,000 Inventory 15,900 Retained Earnings Prepaid Insurance 1,600 $72,500 Equipment 27,600 $72,500 During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Vance Co. $12,900, terms 1/10, n/30. 17 Sold merchandise on account $16,300, terms 2/10, n/30. The cost of the merchandise sold was $9,200. 19 Paid salaries $2,100. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,800 cash from customers in payment of account (no discount allowed). Adjustment data: 1. Depreciation $200 per month. 2. Insurance expired $400. Debit Credit 27123 1 Accounts Receivable 1380 1 1 JU 19471 Tinventory Prepaid Insurance 1 Accumulated Depreciation-Equipment 3100 Accounts Payable 6200 Sales Revenue 16300 TSales Discounts Cost of Goods Sold 9200 Depreciation Expense Salaries and Wages Expense Insurance Expense Common Stock 52400 Retained Earnings 11000 Equipment 27600 89000 89000 .doc (91) Prepare an income statement for December. Tamarisk, Inc. Income Statement Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT .doc

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Human And Social Audit

Authors: N P Agarwal

1st Edition

8176113980, 978-8176113984

More Books

Students also viewed these Accounting questions

Question

What does herpes (virus) have to do with Multiple Sclerosis?

Answered: 1 week ago

Question

3. List ways to manage relationship dynamics

Answered: 1 week ago