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Business
Accounting
Cash Advertising Accounts Receivable Sales revenue Accounts Payable Buildings (Net) Cost of Goods Sold Note Payable (due in 9 months) (Beg Bal-Jan 1) $5,800 $53,900 $15,600 $601,900 $7,400 $104,700 $295,600 $7,400 $35.900 Supplies expense Insurance expense Depreciation expense Income tax expense Dividend Payments Interest Income Inventory $23.500 $6,300 $22,500 $5,500 $7,800 $19,600 $19,600

Cash Advertising Accounts Receivable Sales revenue Accounts Payable Buildings (Net) Cost of Goods Sold Note Payable (due in 9 months) (Beg Bal-Jan 1) $5,800 $53,900 $15,600 $601,900 $7,400 $104,700 $295,600 $7,400 $35.900 Supplies expense Insurance expense Depreciation expense Income tax expense Dividend Payments Interest Income Inventory $23.500 $6,300 $22,500 $5,500 $7,800 $19,600 $19,600

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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Question
prepare statement of income from given data
Sheridan Grove Hardware has the following balances in the company ledgers for the year ending December 31: $7,400 $24,600 Mortgage Payable Prepaid Insurance Short-term investments Common Shares Cash Advertising Accounts Receivable Sales revenue Accounts Payable Buildings (Net) Cost of Goods Sold Note Payable (due in 9 months) Retained Earnings (Beg Bal-Jan 1) $83,300 $2,200 Land $3,900 $14,300 $5,800 $53,900 $15,600 $601,900 $7,400 $104,700 $295,600 $7,400 $35.900 Interest Expense Office salaries Sales Salaries Supplies expense Insurance expense Depreciation expense Income tax expense Dividend Payments Interest Income Inventory $70,200 $100,700 $23.500 $6,300 $22,500 $5,500 $7,800 $19,600 $19,600 6
Transcribed Image Text:Sheridan Grove Hardware has the following balances in the company ledgers for the year ending December 31: $7,400 $24,600 Mortgage Payable Prepaid Insurance Short-term investments Common Shares Cash Advertising Accounts Receivable Sales revenue Accounts Payable Buildings (Net) Cost of Goods Sold Note Payable (due in 9 months) Retained Earnings (Beg Bal-Jan 1) $83,300 $2,200 Land $3,900 $14,300 $5,800 $53,900 $15,600 $601,900 $7,400 $104,700 $295,600 $7,400 $35.900 Interest Expense Office salaries Sales Salaries Supplies expense Insurance expense Depreciation expense Income tax expense Dividend Payments Interest Income Inventory $70,200 $100,700 $23.500 $6,300 $22,500 $5,500 $7,800 $19,600 $19,600 6
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