Friday, 15 November 2019

Using the following data create an income statement:

Using the following data create an income statement:
              
Sales   $55,000               
Cost of good sold   32,000  Accumulated Depreciation   19,000          
Accounts Receivable    7,300          
Depreciation Expense   3,800          
Accounts Payable   6,500          
Interest Expense   2,600          
Short-term notes payable   2,600          
Income taxes   5,985           
Marketing, general and admin expenses   4,500 
Inventories   4,700          
Gross fixed assets   64,800          
Long-term debt   36,000          
Common stock   12,000          
Other assets   1,500          
Retained earnings   13,850 
Cash   ?              
Include two columns Percentage of Sales and Dollar Value.             
Also firm has paid $1,500 in common stock dividends during the year and has 1000 shares outstanding .

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