Please use the image below to prepare an income statement for 2021 and 2022 for the company. Life-Positive's Account 2021 ($) 2022 ($)BalancesAccounts Payable 24,600.0Ꮎ 21,250.9ᎾAccounts receivable 15,700.00 12,340.00Cash | 23,458.9Ꮎ 28,600.ᎾᎾCost of goods sold 19,780.00 22,ᎾᏬe.ᎾᎾDepreciation 3,090.00 4,590.8eDividends | 5,800.00 10,800.00Interest 2,340.00 2,899.0-Inventory 7,05e.ee 8,640.00Long-term debt | 28,009.00 30,000.0Net fixed assets 41,500.00 48,ᎾᎾᎾ ᎾᎾOther expenses 2,400.00 2,800.ee58,ᎾᎾᎾ.00 62,500.0ᎾSalesShort-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,ᎾᎾᎾᎾᎾThe tax rate is 32%

The income statement demonstrates profitability by disclosing revenue earned during the period as…

Life-Positive's Account 2021 ($) Balances 2022 ($) Accounts Payable 24,6ᎾᎾ.00 21,250. ᎾᎾ Accounts receivable 15,700.0Ꮎ 12,340.00 Cash | 23,450.ᎾᎾ [ 28,600.00 Cost of goods sold 19,700.0Ꮎ 23,000.ee Depreciation | 3,090.ee Dividends | 5,800.00 4,590.00 10,80Ꮎ ᎾᎾ Interest 2,340.00 2,890.00 Inventory 7,050. ᎾᎾ 8,640.00 Long-term debt | 28,ᎾᎾᎾ.00 30,ᎾᎾᎾ . ᎾᎾ Net fixed assets 41,500.00 48,0Ꮎe.0Ꮎ 0ther expenses 2,40e.ᎾᎾ2,80ᎾlᎾᎾ Sales 58,ᎾᎾᎾ ᎾᎾ 62,5ᎾᎾ ᎾᎾ Short-term Notes Payable 2,890.00 2,340,ᎾᎾ The tax rate is 32% Shares outstanding 85,000.00 90,ᎾᏬᏬ ᎾᎾ

Life-Positive's Account 2021 ($) Balances 2022 ($) Accounts Payable 24,6ᎾᎾ.00 21,250. ᎾᎾ Accounts receivable 15,700.0Ꮎ 12,340.00 Cash | 23,450.ᎾᎾ [ 28,600.00 Cost of goods sold 19,700.0Ꮎ 23,000.ee Depreciation | 3,090.ee Dividends | 5,800.00 4,590.00 10,80Ꮎ ᎾᎾ Interest 2,340.00 2,890.00 Inventory 7,050. ᎾᎾ 8,640.00 Long-term debt | 28,ᎾᎾᎾ.00 30,ᎾᎾᎾ . ᎾᎾ Net fixed assets 41,500.00 48,0Ꮎe.0Ꮎ 0ther expenses 2,40e.ᎾᎾ2,80ᎾlᎾᎾ Sales 58,ᎾᎾᎾ ᎾᎾ 62,5ᎾᎾ ᎾᎾ Short-term Notes Payable 2,890.00 2,340,ᎾᎾ The tax rate is 32% Shares outstanding 85,000.00 90,ᎾᏬᏬ ᎾᎾ

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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