I can't get the titles correct for the Income Statement. THe ehlp I need is "yellow" highlighted. I have included all supporting data; Journal, Trial Balance. Can you explain what I should look for in the titles? What dictates what goes where? I try to look at other exercises to make correlations an get confused when they don't work. ### Avenger Company's Financial Information#### Balance Sheet (as of December 31, 2021)- **Assets**: - Cash: $26,400 - Inventory: $27,060 - Prepaid Insurance: $5,280 - Equipment: $33,440 - Total Assets: $92,180- **Liabilities and Owner’s Equity**: - Accounts Payable: $12,100 - Interest Payable: $220 - Notes Payable: $44,000 - Owner's Capital: $35,860 - Total Liabilities and Owner's Capital: $92,180---#### January 2022 Transactions1. Paid $220 interest on a note payable.2. Purchased $229,768 of inventory on account.3. Sold goods for $387,200 cash, cost $233,200. Collected $25,168 in sales taxes.4. Paid accounts payable of $202,400.5. Paid $14,960 in sales taxes.6. Other operating expenses paid: $26,400.7. Salaries and wages for January: $56,000, with $7,840 in federal income taxes withheld. Paid on February 1.#### Adjustment Data8. Interest expense of $220 incurred in January.9. Insurance prepaid on December 31, 2021.10. Equipment purchased on December 31, 2021; depreciated over 5 years, $1,760 salvage value.11. Payroll taxes include 7.65% FICA, 5.4% state unemployment, 0.6% federal unemployment.---#### Journal Entries Overview- Entries cover interest, inventory purchases, sales, cost of goods sold, salaries, operating expenses, insurance, depreciation, and tax expenses. ---#### Adjusted Trial Balance- **Highlighting**: - Cash: $149,788 - Inventory: $23,528 - Prepaid Insurance: $4,752 - Equipment: $33,440 - Accounts Payable: $44,000 - Owner's Capital: $35,860 - Total: $581,128---#### Income Statement (for January 31, 2022)- **Revenue**: - Sales Revenue: $387,200- **Expenses**:

Name: I can't get the titles correct for the Income Statement. THe ehlp I n
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: I can't get the titles correct for the Income Statement. THe ehlp I need is "yellow" highlighted. I have included all supporting data; Journal, Trial Balance. Can you explain what I should look for in the titles? What dictates what goes where? I