Prepare an income statement for Cullumber Inc. for the year ended December 31, 2025. Net Income/(Loss) eTextbook and Media List of Accounts I Save for Later CULLUMBER INC. Income Statement For the Year Ended December 31, 2025 Last saved 1 second ago. $ 79,500 Assistance Used Attempts: unlimited Submit Answer

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare an income statement for Cullumber Inc. for the year ended December 31, 2025.
CULLUMBER INC.
Income Statement
For the Year Ended December 31, 2025
Net Income/(Loss)
eTextbook and Media
List of Accounts
I
Save for Later
Last saved 1 second ago.
$
79,500
Assistance Used
Attempts: unlimited Submit Answer
Transcribed Image Text:Prepare an income statement for Cullumber Inc. for the year ended December 31, 2025. CULLUMBER INC. Income Statement For the Year Ended December 31, 2025 Net Income/(Loss) eTextbook and Media List of Accounts I Save for Later Last saved 1 second ago. $ 79,500 Assistance Used Attempts: unlimited Submit Answer
The following items and amounts were taken from Cullumber Inc.'s 2025 income statement and balance sheet.
Cash
Retained earnings
Cost of goods sold
Salaries and wages expense
Prepaid insurance
Inventory
(al
$ 93,800
124,000
438,400
114,900
8,100
64,200
Accounts receivable
Sales revenue
Notes payable
Accounts payable
Service revenue
Interest expense
$ 90,600
586,900
6,900
57,400
5,200
1,850
Transcribed Image Text:The following items and amounts were taken from Cullumber Inc.'s 2025 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory (al $ 93,800 124,000 438,400 114,900 8,100 64,200 Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 90,600 586,900 6,900 57,400 5,200 1,850
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