Use above to create a income statement, balance sheet, and retained earnings sta

Question

Use above to create a income statement, balance sheet, and retained earnings statement. Please label each.

Accounts Payable Accounts Receivable Building, net of accumulated depreciation 1,537 Cash Common Stock Cost of Goods Sold Current portion of Long-term debt Depreciation Expense Dividends Equipment, net of accumulated depreciation 1,220 Income Tax Expense Income Taxes Payable 834 Interest Expense 810 Inventories 400 967 2,100 3,500 12 Land 1,270 Long-term Debt 900 Prepaid Expenses 990 Retained Earnings, 1/1/17 1,600 450 Revenues 335 Selling Expenses 325 Short-term investments 1,200 4,600 210 Wages Expense 700 165 Wages Payable 135

Explanation / Answer

Income statement :

Statement of retained earnings ;

Balance sheet

Revenue 4600 Less: Cost of goods sold -990 Gross profit 3610 Operating expense Depreciation expense 335 Selling expense 210 Wages expense 700 Total Operating expense 1245 Income before interest and tax 2365 Interest expense 400 Income before tax 1965 Income tax 165 Net income 1800

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