Prepare an income statement for the year ended December 31, 2021

Mountain Sports, Inc., is a retailer that has engaged you to assist in the preparation of its financial statements at December 31, 2021. Following are the correct adjusted account balances, in alphabetical order, as of that date. Each balance is the "normal" balance for that account. (Hint: The "normal" balance is the same as the debitor credit side that increases the account.) Accounts payable Accounts receivable Accumulated depreciation office equipment Additional paid in capital (common stock) Bonds payable (due December 31, 2024) Cash Common stock (2,200 shares, $10 par value) Cost of goods sold Deferred income taxes Depreciation expense: office equipment Dividends declared Income tax expense Insurance expense Land Merchandise inventory Notes payable (due December 31, 2022) office equipment Office supplies office supplies expense Preferred stock (310 shares. $2e par value) Premium on bonds payable Prepaid rent Rent expense Retained earnings (January 2021) Salaries expense Sales Sales returns and allowances Sales taxes payable Treasury stock (500 common shares at cost) utilities expense $ 13,000 3,250 12,988 7,200 23,100 14,700 22,000 102,735 6,250 2,700 4,600 7,740 840 39,900 20,200 2,700 42,800 850 510 6,200 1,850 1,560 5,400 21,650 87,870 226,100 1,600 4.ee 5,625 4,070 GO 1 2 Prev 3 of 3 Next > w ch O