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I need to make the income statement. On December 1, 2022, Ivanhoe Distributing Company had the following account balances. Debit Credit $6,500 Accumulated Depreciation Equipment $2,200 3,900 Accounts Payable 3,800 11,300 Salaries and Wages Payable 1,000 1,200 Common Stock 15,000 22,000 Retained Earnings 22,900 $44,900 $44,900 Cash Accounts Receivable Inventory Supplies Equipment During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $5,600. The cost of the merchandise sold was $3,700. 13 Purchased merchandise on account from Hecht Co. $6,600, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $9.900, terms 3/10, n/30. The cost of the merchandise sold was $6,500. 20 Paid salaries $1,300. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18.

I need to make the income statement. On December 1, 2022, Ivanhoe Distributing Company had the following account balances. Debit Credit $6,500 Accumulated Depreciation Equipment $2,200 3,900 Accounts Payable 3,800 11,300 Salaries and Wages Payable 1,000 1,200 Common Stock 15,000 22,000 Retained Earnings 22,900 $44,900 $44,900 Cash Accounts Receivable Inventory Supplies Equipment During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $5,600. The cost of the merchandise sold was $3,700. 13 Purchased merchandise on account from Hecht Co. $6,600, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $9.900, terms 3/10, n/30. The cost of the merchandise sold was $6,500. 20 Paid salaries $1,300. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18.

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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I need to make the income statement. On December 1, 2022, Ivanhoe Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $6,500 Accumulated Depreciation Equipment 3,900 Accounts Payable 11,300 Salaries and Wages Payable 1,200 Common Stock 22,000 Retained Earnings $44,900 Credit $2,200 3,800 1,000 15,000 22,900 $44,900 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $5,600. The cost of the merchandise sold was $3,700. 13 Purchased merchandise on account from Hecht Co. $6,600, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $9,900, terms 3/10, n/30. The cost of the merchandise sold was $6,500. 20 Paid salaries $1,300. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18.
Transcribed Image Text:I need to make the income statement. On December 1, 2022, Ivanhoe Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $6,500 Accumulated Depreciation Equipment 3,900 Accounts Payable 11,300 Salaries and Wages Payable 1,200 Common Stock 22,000 Retained Earnings $44,900 Credit $2,200 3,800 1,000 15,000 22,900 $44,900 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $5,600. The cost of the merchandise sold was $3,700. 13 Purchased merchandise on account from Hecht Co. $6,600, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $9,900, terms 3/10, n/30. The cost of the merchandise sold was $6,500. 20 Paid salaries $1,300. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18.
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