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 .
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 .