Accounts navable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following list is a partial list of account balances for the RedBird Company as at December 31, 20x4:
Accounts payable
11,500
Accounts receivable
27,860
Bank loan, due December 31, 20x8
60,000
Cash
36,980
Common stock
50,000
Cost of goods sold
151,200
Depreciation expense
8,640
Dividends declared
4,000
Interest expense
6,480
Income tax expense
7,380
Insurance expense
4,140
Inventory
80,540
Income taxes payable
2,450
Office equipment
43,200
Office supplies
6,500
Office supplies expense
15,800
Prepaid insurance
1,440
Rent expense
38,340
Salary expense
32,400
Salaries payable
2,680
Sales
283,680
Required –
Prepare a Statement of Income in good form.
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