Homework Help is Here – Start Your Trial Now!
Business
Accounting
Cash $ 450,000 Accounts Receivable 1,250,000 Allowance for Doubtful Accounts $ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building Accumulated Deperciation - Building 1,400,000 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wages Payable 45,000 Notes Payable - Due 7/31/19 Mortgage Payable - Due 12/31/2025 $ 01 250,000 1,000,000 Common Stock Par 10,000 APIC (Additional Paid in Capital in Excess of Par) 1,990,000 Retained Earnings 3,425,000 Dividends Declared - Common $ 400,000 Sales 14,400,000 $ 180,000 2$ Sales Discounts Sales Returns and Allowances 210,000 Cost of Goods Sold (COGS) Selling Expenses 5,350,000 $ 1,300,000 $ Administrative Expenses 650,000 Investment Revenue 150,000 $ 1,750,000 $ 23,720,000 Income Tax Expense $ 23,720,000

Cash $ 450,000 Accounts Receivable 1,250,000 Allowance for Doubtful Accounts $ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building Accumulated Deperciation - Building 1,400,000 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wages Payable 45,000 Notes Payable - Due 7/31/19 Mortgage Payable - Due 12/31/2025 $ 01 250,000 1,000,000 Common Stock Par 10,000 APIC (Additional Paid in Capital in Excess of Par) 1,990,000 Retained Earnings 3,425,000 Dividends Declared - Common $ 400,000 Sales 14,400,000 $ 180,000 2$ Sales Discounts Sales Returns and Allowances 210,000 Cost of Goods Sold (COGS) Selling Expenses 5,350,000 $ 1,300,000 $ Administrative Expenses 650,000 Investment Revenue 150,000 $ 1,750,000 $ 23,720,000 Income Tax Expense $ 23,720,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Prepare income Statement

Spring Check Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 1,250,000 450,000 Accounts Receivable Allowance for Doubtful Accounts 2$ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building Accumulated Deperciation - Building 1,400,000 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wages Payable 45,000 Notes Payable - Due 7/31/19 250,000 Mortgage Payable - Due 12/31/2025 $ 0.01 1,000,000 Common Stock Par 10,000 APIC (Additional Paid in Capital in Excess of Par) 1,990,000 Retained Earnings 3,425,000 Dividends Declared - Common $ 400,000 Sales 14,400,000 Sales Discounts 2$ 180,000 Sales Returns and Allowances 2$ 210,000 Cost of Goods Sold (COGS) 5,350,000 $ 1,300,000 $ Selling Expenses Administrative Expenses 650,000 Investment Revenue 150,000 $ 1,750,000 $ 23,720,000 Income Tax Expense $ 23,720,000
Transcribed Image Text:Spring Check Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 1,250,000 450,000 Accounts Receivable Allowance for Doubtful Accounts 2$ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building Accumulated Deperciation - Building 1,400,000 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wages Payable 45,000 Notes Payable - Due 7/31/19 250,000 Mortgage Payable - Due 12/31/2025 $ 0.01 1,000,000 Common Stock Par 10,000 APIC (Additional Paid in Capital in Excess of Par) 1,990,000 Retained Earnings 3,425,000 Dividends Declared - Common $ 400,000 Sales 14,400,000 Sales Discounts 2$ 180,000 Sales Returns and Allowances 2$ 210,000 Cost of Goods Sold (COGS) 5,350,000 $ 1,300,000 $ Selling Expenses Administrative Expenses 650,000 Investment Revenue 150,000 $ 1,750,000 $ 23,720,000 Income Tax Expense $ 23,720,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Information
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS