Please create an income statement and include gross profit percentage. Account TitlesDebitsCreditsCash$37,500Accounts Receivable28,600InventoryPrepaid RentEquipmentAccumulated Depreciation43,3002,00069,000$20,700Accounts PayableUnearned Revenue8,80020,000Long-term Notes Payable75,000Common Stock31,800Sales Revenue175,500Sales Returns and Allowances4,700Sales Discounts6,000Cost of Goods SoldSalaries and Wages ExpenseDepreciation Expense67,70025,90013,800Rent Expense24,000Interest Expense1,600Loss on Sale of Investment7,700$331,800$331,800Totals (Use cells A5 to C24 from the given information to complete this question. All formulas must return positive values.)NOODLES UNLIMITEDIncome StatementFor the Year Ended December 31Less:Net SalesGross ProfitExpenses:Income from OperationsOther Expenses and Losses

Income Statement - Income Statement is the statement that includes income earned and expense…

Account Titles Debits Credits Cash $37,500 Accounts Receivable 28,600 43,300 Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable 2,000 69,000 $20,700 8,800 Unearned Revenue 20,000 75,000 Long-term Notes Payable Common Stock 31,800 175,500 Sales Revenue Sales Returns and Allowances 4,700 Sales Discounts 6,000 Cost of Goods Sold 67,700 Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Investment 25,900 13,800 24,000 1,600 7,700 $331,800 Totals $331,800

Account Titles Debits Credits Cash $37,500 Accounts Receivable 28,600 43,300 Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable 2,000 69,000 $20,700 8,800 Unearned Revenue 20,000 75,000 Long-term Notes Payable Common Stock 31,800 175,500 Sales Revenue Sales Returns and Allowances 4,700 Sales Discounts 6,000 Cost of Goods Sold 67,700 Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Investment 25,900 13,800 24,000 1,600 7,700 $331,800 Totals $331,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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