On January 1, Year 1, the general ledger of a company includes the following account balances:

Accounts	Debit				Credit
Cash	$	59,400
Accounts Receivable		26,400
Allowance for Uncollectible Accounts					$	2,900
Inventory		37,000
Notes Receivable (5%, due in 2 years)		20,400
Land		162,000
Accounts Payable						15,500
Common Stock						227,000
Retained Earnings						59,800
Totals	$	305,200			$	305,200

During January Year 1, the following transactions occur:

January		1		Purchase equipment for $20,200. The company estimates a residual value of $2,200 and a six-year service life.
January		4		Pay cash on accounts payable, $10,200.
January		8		Purchase additional inventory on account, $89,900.
January		15		Receive cash on accounts receivable, $22,700.
January		19		Pay cash for salaries, $30,500.
January		28		Pay cash for January utilities, $17,200.
January		30		Sales for January total $227,000. All of these sales are on account. The cost of the units sold is $118,500.

Information for adjusting entries:

1. Depreciation on the equipment for the month of January is calculated using the straight-line method.
2. The company estimates future uncollectible accounts. The company determines $3,700 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
3. Accrued interest revenue on notes receivable for January.
4. Unpaid salaries at the end of January are $33,300.
5. Accrued income taxes at the end of January are $9,700.

rev: 11_22_2018_QC_CS-148298, 06_13_2019_QC_CS-17005

Answer is not complete.

Multiple-Step Income Statement
For the month ended January 31, Year 1
Sales Revenueselected answer correct	not attempted
Cost of Goods Soldselected answer correct	not attempted
Gross Profitselected answer correct		$0
Expenses
Salaries Expenseselected answer correct	not attempted
Utilities Expenseselected answer correct	not attempted
Depreciation Expenseselected answer correct	not attempted
Bad Debt Expenseselected answer correct	not attempted
not attempted	not attempted
Total Operating Expenses		0
Operating Incomeselected answer correct		0
Interest Revenueselected answer correct		not attempted
Income before taxesselected answer correct		0
Income Tax Expenseselected answer correct		not attempted
Net Incomeselected answer correct		$0