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PLEASE!! I am having trouble drafting up a Income Statement for this problem. I am having trouble figuring up the income before taxes and the
PLEASE!! I am having trouble drafting up a Income Statement for this problem. I am having trouble figuring up the income before taxes and the NET INCOME. *ONE PICTURE IS THE DATA AND ONE PICTURE IS MY PROGRESS ON THE INCOME STATEMENT*
Class: ACCT 201 Term: Summer 2022 Topic: Module 1 Exam, Part II The White Company, located in Albuquerque, New Mexico, manufactures "chemicals" that are sold primarily in Southwestern USA. The date is December 31, 2021, which is the end of the company's fiscal year. As such, the White Company is prepared to draft its financial statements. Your job is to create these financial statements using the following information regarding account balances.. Accounts Payable $ 45,000 Investments in Real Estate Land/ Accounts Receivable, 109,000 100,000 150,000 26,000 Accumulated Depreciation- 25,000 Loss from Employee Strike Equipment Mortgage Payable/urrent li46 245.000 Notes Payable Advertising Expense 40,000 15,000 Cash V 700,000 Notes Receivable 30,000 Common Stock- 238,000 Copyrights 90,000 Cost of Goods Sold 1,900,000 Prepaid Insurance 6,000 Freight-Out 7,000 Retained Earnings 200,000 Equipment 110,000 Salaries and Wages Expense 800,000 Depreciation Expense 15,000 Sales Discounts 50,000 Dividends 300,000 Sales Revenue 4,000,000 Gain on Disposal of Plant Assets 3,000 Salaries and Wages Payable 12,000 Income Tax Expense 212,000 Sales Returns and Allowances 10,000 Insurance Expense- 25,000 Supplies 5,000 Interest Expense 8,000 75,000 Trademarks- Interest Payable 30,000 15,000 Unearned Sales Revenue, Interest Revenue 10,000 20,000 Utility Expense Inventory 50,000 Additional data: $5,000 of the Notes Payable is due in 2022 while the remainder is due beyond that year. $2,000 of the Interest Payable is due in 2022 while the remainder is due beyond that year. $25,000 of the Mortgage Payable is due in 2022 while the remainder is due beyond that year. The White Company Income statement For the year ended December 31, 2021 $50,000 10,000 Sales: Sales revenue Sales discounts Sales returns and allowances Net Sales Cost of goods sold Gross profit Operating expenses: Freight-out Depreciation expense Insurance expense Advertising expense Salaries and wages expense. Utility Expense Total operating expenses Income from operations other revenues and gains.. Gain on Disposal of plant assets. Interest revenue other expenses and losses: Loss from Employee Stoke Income before tuyos. $4.000.000 600, 0,000 1513,904000 $1,900,000 $12,090,000 $907,000 $1,133,000 $3,000 $10,000 13.000 $26000 2,000 34000 11,133,00 $7,000 15,000 25,000 40,000 800,000 20,000 Step by Step Solution
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