Income statement for year ended December 31, 2016 Income statement for year ende

Question

Income statement for year ended December 31, 2016 Income statement for year ended December 31, 2016 3.3 Prepare Wells Technical Institute's balance sheet as of December 31, 2016. Balance Sheet December 31, 2016 Assets Cash Accounts receivable Teaching supplies Prepaid insurance Accumulated depreciation Professional library $26,793 6,153 2,318 12,784 14,624 Total assets $ 62,672 Liabilities Accounts payable Salaries payable Unearned training fees $ 34,431 400 8,400 otal liabilities 43,231 Equity Common stock Retained earmings 13,108 52.930 Total equity Total liabilities and equity 66,038 S 109.269

Explanation / Answer

Compute the company’s net sales for the year

Particular amount($)

Sales 283860

Less sales discount ( 4343 )

Less sales return and allowance ( 18735 )

NET SALES. 260782

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