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QED Electronics Company had the following transaction during April while conducting its television and stereo repair business. A New repair truck was purchased for $19,000
QED Electronics Company had the following transaction during April while conducting its television and stereo repair business.
- A New repair truck was purchased for $19,000
- Parts with a cost of $1600 were received and used during April
- Service revenue for the month was $33,400 but only $20,500 was cash sales. Typically only 95% of sales on account are realized.
- Interest expense on loans outstanding was $880.
- Wage Costs for the month totaled $10,000; however, $100 of this had not yet been paid to the employees.
- Parts inventory from the beginning of the month was depleted by $2100.
- Utility bills totaling $1500 were paid, $700 of this amount was associated with March's operations.
- Depreciation expense was $2700
- Selling Expenses were $1900
- A provision for income taxes was established at $2800, or which $2600 had been paid to the federal government.
- Administrative and miscellaneous expenses were recorded at $4700
Required: Example of a detailed April income statement
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