Prepare a single-step statement of income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:SWIFTY CORPORATION
Statement of Income (Multiple-step)
2$
$
$

Transcribed Image Text:Current Attempt in Progress
The following selected accounts from Swifty Corporation's general ledger are presented below for the year ended December 31,
2021:
Accounts payable
$115,640
Equipment
$1,963,520
Accounts receivable
174,640
Income tax expense
155,760
Accumulated depreciation-equipment
676,140
Insurance expense
151,040
Cash
14,160
Inventory
441,320
Common shares
354.000
Prepaid expenses
53,100
Cost of goods sold
2,271,500
Retained earnings
797,680
Depreciation expense
328,040
Salaries expense
1,086,780
Sales
4,696,400
(a)
Prepare a single-step statement of income.
SWIFTY CORPORATION
Statement of Income (Single-step)
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