Building Accumulated Depreciation-Building Accounts Payable Salaries Payable Income Taxes Payable Notes Payable Bonds Payable Common Stock Retained Earnings Sales Revenue (Net) Cost of Goods Sold 385,000 76,3 42,1 13,2 34,0 100,0 200, 220,0 67,0 956,0 360,000 67,900 17,700 Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries Expense 1,000 24,000 310,000 708 60

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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Income statement is required year 2022

2022
2021
Account Name
Debit
Credit
Debit
Credit
Cash
52,000
32,000
Accounts Receivable
101,000
98,000
Supplies
2,500
12,200
42,300
Inventory
Prepaid Expenses
Land
65,500
12,300
24,000
309,700
385,000
309,700
Building
Accumulated Depreciation-Building
Accounts Payable
Salaries Payable
Income Taxes Payable
Notes Payable
Bonds Payable
Common Stock
Retained Earnings
Sales Revenue (Net)
Cost of Goods Sold
385,000
76,300
42,100
13,200
34,000
100,000
200,000
220,000
67,000
58,600
38,900
9,700
26,000
100,000
200,000
220,000
49,000
956,000
1,050,650
360,000
456,950
Advertising Expense
Depreciation Expense
67,900
70,000
17,700
1,000
24,000
17,700
Insurance Expense
Rent Expense
Salaries Expense
1,000
24,000
310,000
280,000
1,708,600
1,708,600
1,752,850
1,752,85
Transcribed Image Text:2022 2021 Account Name Debit Credit Debit Credit Cash 52,000 32,000 Accounts Receivable 101,000 98,000 Supplies 2,500 12,200 42,300 Inventory Prepaid Expenses Land 65,500 12,300 24,000 309,700 385,000 309,700 Building Accumulated Depreciation-Building Accounts Payable Salaries Payable Income Taxes Payable Notes Payable Bonds Payable Common Stock Retained Earnings Sales Revenue (Net) Cost of Goods Sold 385,000 76,300 42,100 13,200 34,000 100,000 200,000 220,000 67,000 58,600 38,900 9,700 26,000 100,000 200,000 220,000 49,000 956,000 1,050,650 360,000 456,950 Advertising Expense Depreciation Expense 67,900 70,000 17,700 1,000 24,000 17,700 Insurance Expense Rent Expense Salaries Expense 1,000 24,000 310,000 280,000 1,708,600 1,708,600 1,752,850 1,752,85
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