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prepare an income statment Blue Spruce Corp.'s unadjusted trial balance at December 1,2022 , is presented below. Accumulated Depreciation- 47,040 Equipment Accounts Payable 53,508 Salaries
prepare an income statment Blue Spruce Corp.'s unadjusted trial balance at December 1,2022 , is presented below. Accumulated Depreciation- 47,040 Equipment Accounts Payable 53,508 Salaries and Wages Payable 0 Notes Payable (due April 30 , 21,560 2023) Income Taxes Payable 0 Interest Payable Notes Payable (due in 2028) 68,600 Common Stock 98,000 Retained Earnings 124,656 Dividends 23,520 SalesRevenueInterestRevenue1,764,0000 Gain on Disposal of Plant Assets Bad Debt Expense The following transactions occurred during December. Dec. Purchased equipment for $31,360, plus sales taxes of $1,568 (paid in cash). 2 2 Blue sold for $6,860 equipment which originally cost $9,800. Accumulated depreciation on this equipment at January : 2022 , was $3,528; 2022 depreciation prior to the sale of equipment was $1,617. 15 Blue sold for $9,800 on account inventory that cost $6,860. 23 Salaries and wages of $12.936 were paid. 1. Blue estimates that uncollectible accounts receivable at year-end are $7,840. 2. The note receivable is a one-year, 8% note dated April 1. 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $7,056,6-month premium on September 1, 2022. 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $58,800. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2,2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $3.528. 7. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31,2022 , total $4,312. 9. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. 10 Income tax expense was $29,400. It was unpaid at December 31
prepare an income statment
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