On December 1, 2022, Splish Brothers Inc. had the following account balances.CashAccounts ReceivableInventorySuppliesEquipmentDec.6810Debit13$7,400 Accumulated Depreciation-EquipmentAccounts PayableSalaries and Wages PayableCommon Stock 4Retained EarningsDuring December, the company completed the following summary transactions.4,70011,9001,30022,000$47,300Credit$2,2004,5001,00029,00010,600$47,300Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salariesand wages payable.Received $1,900 cash from customers in payment of account (no discount allowed).Sold merchandise for cash $6.400. The cost of the merchandise sold was $4,100.Purchased merchandise on account from Hecht Co. $9,300, terms 2/10, n/30. 1013151820237Adjustment data:Sold merchandise for cash $6,400. The cost of the merchandise sold was $4,100.Purchased merchandise on account from Hecht Co. $9,300, terms 2/10, n/30.Purchased supplies for cash $2,100.Sold merchandise on account $12,100, terms 3/10, n/30. The cost of the merchandise sold was $8,100.Paid salaries wages $1,900.Paid Hecht Co. in full, less discount.Received collections in full, less discounts, from customers billed on December 18.1. Accrued salaries and wages payable $800.Depreciation $200 per month.Supplies on hand $1,400.23.Prepare an income statement for DecemberSplish Brothers Inc.Income Statement

Introduction The income statement is the financial statement of the business. It tells about the…

On December 1, 2022, Splish Brothers Inc. had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,400 4,700 11,900 1,300 22,000 $47,300 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock 4 Retained Earnings During December, the company completed the following summary transactions. Credit $2,200 4,500 1,000 29,000 10,600 $47,300

On December 1, 2022, Splish Brothers Inc. had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,400 4,700 11,900 1,300 22,000 $47,300 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock 4 Retained Earnings During December, the company completed the following summary transactions. Credit $2,200 4,500 1,000 29,000 10,600 $47,300

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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