5. The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $515,000; cost of goods sold, $263,000; salaries expense, $64,000; rent expense, $39,000; depreciation expense, $49,000; and miscellaneous expense, $31,000. Prepare an income statement for 2021.
5. The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $515,000; cost of goods sold, $263,000; salaries expense, $64,000; rent expense, $39,000; depreciation expense, $49,000; and miscellaneous expense, $31,000. Prepare an income statement for 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5. The following account balances were taken from the 2021 adjusted
Prepare an income statement for 2021.
Transcribed Image Text:BOWLER CORPORATION
Income Statement
For the Year Ended December 31, 2021
Expert Solution
Step 1 Introduction
Income Statement is the statement which shows the net income earned or net loss incurred by the company during the period. It is calculated by subtracting Total revenue and Total expenses, if the difference is positive then it will be net income otherwise net loss.
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