Question
The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2020: Debit Credit Sales revenue $1,252,000 Advertising expense $123,000 Cost
The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2020:
| Debit | Credit | ||||||
|---|---|---|---|---|---|---|---|
| Sales revenue | $1,252,000 | ||||||
| Advertising expense | $123,000 | ||||||
| Cost of goods sold | 594,000 | ||||||
| General and administrative expenses | 41,000 | ||||||
| Selling expenses | 76,000 | ||||||
| Depreciation expense | 71,000 | ||||||
| Interest expense | 36,000 | ||||||
| Interest revenue | 42,000 | ||||||
| Income tax expense | 11,000 | ||||||
| Wages expense | 167,000 | ||||||
| Utilities expense | 107,000 | ||||||
Prepare a multi-step statement of income for the year ended June 30, 2020.
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Payroll Management 2020 Edition
Authors: Steven M. Bragg
1642210366, 978-1642210361
