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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.

  1. A New repair truck was purchased for $19,000
  2. Parts with a cost of $1600 were received and used during April
  3. Service revenue for the month was $33,400 but only $20,500 was cash sales. Typically only 95% of sales on account are realized.
  4. Interest expense on loans outstanding was $880.
  5. Wage Costs for the month totaled $10,000; however, $100 of this had not yet been paid to the employees.
  6. Parts inventory from the beginning of the month was depleted by $2100.
  7. Utility bills totaling $1500 were paid, $700 of this amount was associated with March's operations.
  8. Depreciation expense was $2700
  9. Selling Expenses were $1900
  10. A provision for income taxes was established at $2800, or which $2600 had been paid to the federal government.
  11. Administrative and miscellaneous expenses were recorded at $4700

Required: Example of a detailed April income statement

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