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Required information Skip to question [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance.
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[The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance.
Debit | Credit | |
---|---|---|
Cash | $ 50,000 | |
Accounts receivable | 120,000 | |
Merchandise inventory | 64,000 | |
Equipment | 125,000 | |
Accumulated depreciationEquipment | $ 25,000 | |
Accounts payable | 34,000 | |
Loan payable | 22,000 | |
Common stock | 200,000 | |
Retained earnings (beginning year balance) | 58,000 | |
Sales | 520,000 | |
Cost of goods sold | 360,000 | |
Loan interest expense | 8,000 | |
Depreciation expense | 10,000 | |
Salaries expense | 122,000 | |
Totals | $ 859,000 | $ 859,000 |
Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes.
LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Gross profit Selling, general and administrative expensesStep by Step Solution
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