Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the income statement.

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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Accounts payable

919

Accounts receivable

631

Accumulated depreciation

1,813

Cash

729

Common stock

1,387

Cost of goods sold

7,578

Current portion of long-term debt

24

Depreciation expense

108

Dividends

13

Goodwill and other long-term assets

2,627

Income tax expense

24

Income taxes payable

12

Interest expense

54

Interest revenue

11

Inventories

930

Long-term liabilities

1,585

Prepaid expenses and other current assets

65

Property and equipment

2,389

Retained earnings

825

Sales

9,710

Selling, general, and administrative expenses

2,276

Unearned revenue

990

Wages payable

148

Prepare the income statement.

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Income statement shows the net profit earned or loss incurred by the organization during the year.

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