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Please solve for the income statement. Financial ratios computed for Whittaker Incorporated include the following: - All sales during the year were made on account.
Please solve for the income statement.
Financial ratios computed for Whittaker Incorporated include the following: - All sales during the year were made on account. Cash collections during the year exceeded sales by $13,000, and no uncollectible accounts were written off. - The balance of the accounts receivable account was $49,000 on January 1,2023. - No common stock was issued during the year. - Dividends declared and paid during the year were $5,864. - The balance of the inventory account was $50,000 on January 1,2023. - Interest expense on the income statement relates to the 15% bonds payable; $10,000 of these bonds were issued on May 1,2023 ; the remaining amount of bonds payable were outstanding throughout the year. All bonds were issued at face amount. WHITTAKER INCORPORATED Income Statement For the Year Ended December 31, 2023 \begin{tabular}{l|r|} \hline Sales & $242,250 \\ \hline Cost of goods sold & 193,800 \\ \hline Gross profit & $48,450 \\ \hline Operating expenses & \\ \hline Income from operations & \\ \hline Interest expense & \\ \hline Income before taxes & \\ \hline Income taxes (20\%) & \\ \hline \end{tabular} Net income WHITTAKER INCORPORATED Balance Sheet December 31, 2023 Current assets: \begin{tabular}{|l|rr|} \hline Cash & $ & 60,000 \\ \hline Accounts receivable, net & 36,000 \\ \hline Inventory & $ & 160,000 \\ \hline Total current assets & $ & 226,500 \\ \hline Property, plant, and equipment, net & $ & 80,000 \\ \hline Total assets & & 71,000 \\ \hline Current liabilities & $ & 151,000 \\ \hline Bonds payable, 15% & $ & 15,000 \\ \hline Total liabilities & & 22,500 \\ \hline Stockholders' equity: & $ & 37,500 \\ \hline Common stock, $4 par value & $ & 226,500 \\ \hline Additional paid-in capital & $500 \\ \hline Retained earnings & $ & $ \\ \hline Total stockholders' equity & $ & $ \\ \hline Total liabilities and stockholders' equity & $ & $ \\ \hline \hline \end{tabular}Step by Step Solution
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