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E1-7 (Algo) Preparing an Income Statement LO1-1 Bigco Corporation is one of the nation's leading distributors of food and related products to restaurants, universities, hotels, and other customers. A simplified version of its recent income statement contained the following items (in millions). Prepare an income statement for the year ended June 30, current year. (Hint: First order the items as they would appear on the income statement and then confirm the values of the subtotals and totals.) Note: Enter your answers in millions rather than in dollars (for example, 5,000 million should be entered as 5,000 rather than 5,000,000). E1-11 (Algo) Preparing an Income Statement and Balance Sheet LO1-1 Painter Corporation was organized by five individuals on January 1 of the current year. At the end of January of the current year, the following monthly financial data are available: No dividends were declared or paid during January. Required: Complete the following two statements: Complete this question by entering your answers in the tabs below. Complete the following statement: E1-6 (Algo) Analyzing Revenues and Expenses and Preparing an Income Statement LO1-1 Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January of the current year, you find (for January only) this information: a. Sales, per the cash register tapes, of $118,000. plus one sale on credit (a special situation) of $3,400. b. With the help of a friend (who majored in accounting), you determine that all of the goods sold during January cost $47,000 to purchase. c. During the month, according to the checkbook, you paid $46,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $1,500 monthly utilities for January. Required: Required: On the basis of the data given (disregard income taxes), what was the amount of net income for January? (Hint: A convenient form to use has the following major side captions: Revenues, Expenses, and the difference-Net income.) Bennett Griftin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $70,000 cash to start the business and received 5,900 shares of common stock. The store completed its first year of operations on December 31 , current year. On that date, the following financial items for the year were determined: December 31 , current year, cash on hand and in the bank. $69,950; December 31, current year, amounts due from customers from sales of books, $45,000; unused portion of store and office equipment, \$76,000: December 31, current year, amounts owed to publishers for books purchased, $13,200; one-year note payable to a local bank for $3,600. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some information has been given below. 2. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings] to solve for net income.) Answer is not complete. Complete this question by entering your answers in the tabs below