Use the completed adjusted trial balance to prepare the income statement. Comprehensive Problem Part 2 Palisade Creek Co Income Statement

Here are the approved labels if needed

Labels

Administrative expenses

Current assets

Current liabilities

For the Year Ended May 31, 2018

Long-term liabilities

May 31, 2018

Operating expenses

Property, plant, and equipment

Selling expenses

Amount Descriptions

Dividends

Cost of Goods Sold

Gross profit

Change in retained earnings

Net income

Net loss

Retained earnings, June 1, 2017

Retained earnings, May 31, 2018

Total administrative expenses

Total assets

Total current assets

Total liabilities

Total liabilities and stockholders equity

Total operating expenses

Total property, plant, and equipment

Total selling expenses

Total stockholders equity

CHART OF ACCOUNTS

Palisade Creek Co.

General Ledger

	ASSETS
110	Cash
112	Accounts Receivable
115	Inventory
116	Estimated Returns Inventory
117	Prepaid Insurance
118	Store Supplies
123	Store Equipment
124	Accumulated Depreciation-Store Equipment

	LIABILITIES
210	Accounts Payable
211	Salaries Payable
212	Customers Refunds Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales

	EXPENSES
510	Cost of Goods Sold
520	Sales Salaries Expense
521	Advertising Expense
522	Depreciation Expense
523	Store Supplies Expense
529	Miscellaneous Selling Expense
530	Office Salaries Expense
531	Rent Expense
532	Insurance Expense
539	Miscellaneous Administrative Expense

Income Statement 8.A. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement. Be sure to complete the statement heading. If a ner loss is incurred, enter that amount as a negative number using a minus sign. Enteral other amounts as positive numbers. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required Palisade Creek Co. Income Statement (Label) Selling expenses: Administrative expenses: How does grading work? Score: 103/103 Palisade Creek Co. ADJUSTED TRIAL BALANCE May 31, 2018 ACCOUNT TITLE CREDIT Cash Accounts Receivable Inventory DEBIT 34,500.00 245,875.00 570,000.00 50,200.00 4,800.00 4,000.00 569,500.00 Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable 10 Salaries Payable 70,700.00 65,150.00 15,600.00 89,270.00 100,000.00 585,500.00 Customers Refunds Payable 12 Common Stock Retained Earnings Dividends 135,000.00 Sales 5,316,205.00 16 Cost of Goods Sold 07 Sales Salaries Expense 2,991,950.00 727,800.00 292,000.00 14,000.00 18 Advertising Expense Depreciation Expense 20 Store Supplies Expense 21 Miscellaneous Selling Expense Office Salaries Expense 9,800.00 12,600.00 23 Rent Expense Insurance Expense 417,700.00 88,700.00 12,000.00 7,800.00 6,238,225.00 25 Miscellaneous Administrative Expense 26 Totals 6,238,225.00