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FINANCIAL ACCOUNTING
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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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.
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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