Hw.86. Hendry's Boutique is a retall clothing store for women. The store operates out of a rented building In Storm Lake, lowa. The following isthe store's adjusted year-end trial balance dated December 31, current year.CashAccounts receivableMerchandise inventoryPrepaid rentoffice suppliesoffice equipmentAccumulated depreciation: office equipmentAccounts payablesales taxes payableCapital stockRetained earningsSalessales returns and allowancesCost of goods soldHENDRY'S BOUTIQUEAdjusted Trial BalanceDecember 31, current yearPurchase discounts lostUtilities expenseOffice supply expenseDepreciation expense: office equipmentRent expenseInsurance expensesalaries expenseIncome taxes expense$ 20,6403,76029,0002,9602,04054,0002,900145,6801,1006,8961,1364,9008,2801,450$ 16,00016,9004,16024,80038,680306,400110,41811,780$ 406,940 $406,940Required:a. Prepare an Income statement for Hendry's Boutique dated December 31, current year.

Name: Hw.86. Hendry's Boutique is a retall clothing store for women. The sto
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Description: Hw.86. Hendry's Boutique is a retall clothing store for women. The store operates out of a rented building In Storm Lake, lowa. The following isthe store's adjusted year-end trial balance dated December 31, current year.CashAccounts receivableMerchan

INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…

Business

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Hendry's Boutique is a retall clothing store for women. The store operates out of a rented building In Storm Lake, lowa. The following is the store's adjusted year-end trial balance dated December 31, current year. Cash Accounts receivable Merchandise inventory Prepaid rent office supplies office equipment Accumulated depreciation: office equipment Accounts payable sales taxes payable Capital stock Retained earnings Sales sales returns and allowances Cost of goods sold Purchase discounts lost Utilities expense HENDRY'S BOUTIQUE Adjusted Trial Balance December 31, current year Office supply expense Depreciation expense: office equipment Rent expense Insurance expense salaries expense Income taxes expense $ 20,640 3,760 29,000 2,960 2,040 54,000 2,900 145,680 1,100 6,896 1,136 4,900 8,280 1,450 $ 16,000 16,900 4,160 24,800 38,680 306,400 110,418 11,780 $ 406,940 $ 406,940 Required: a. Prepare an Income statement for Hendry's Boutique dated December 31, current year.

Hendry's Boutique is a retall clothing store for women. The store operates out of a rented building In Storm Lake, lowa. The following is the store's adjusted year-end trial balance dated December 31, current year. Cash Accounts receivable Merchandise inventory Prepaid rent office supplies office equipment Accumulated depreciation: office equipment Accounts payable sales taxes payable Capital stock Retained earnings Sales sales returns and allowances Cost of goods sold Purchase discounts lost Utilities expense HENDRY'S BOUTIQUE Adjusted Trial Balance December 31, current year Office supply expense Depreciation expense: office equipment Rent expense Insurance expense salaries expense Income taxes expense $ 20,640 3,760 29,000 2,960 2,040 54,000 2,900 145,680 1,100 6,896 1,136 4,900 8,280 1,450 $ 16,000 16,900 4,160 24,800 38,680 306,400 110,418 11,780 $ 406,940 $ 406,940 Required: a. Prepare an Income statement for Hendry's Boutique dated December 31, current year.

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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