Question 5 CBDC Company is a wholesaler which uses a perpetual inventory system. The following show random list of some of the account balances which are taken from the adjusted erial balance prepared at December 31, 2022: Sales Income tax expense Purchase discounts lost Depreciation expense Cost of goods sold Rent expense Sales discounts Utilities expense Sales returns and allowances Insurance expense Inventory Salaries expense uctions: Prepare income statement using the necessary figures given above. $460,000 7,900 3,800 12,700 300,000 85,000 10,800 20,000 15,000 900 32,800 5,000
Question 5 CBDC Company is a wholesaler which uses a perpetual inventory system. The following show random list of some of the account balances which are taken from the adjusted erial balance prepared at December 31, 2022: Sales Income tax expense Purchase discounts lost Depreciation expense Cost of goods sold Rent expense Sales discounts Utilities expense Sales returns and allowances Insurance expense Inventory Salaries expense uctions: Prepare income statement using the necessary figures given above. $460,000 7,900 3,800 12,700 300,000 85,000 10,800 20,000 15,000 900 32,800 5,000
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:Question 5 CBDC Company is a wholesaler which uses a perpetual inventory system. The
following show random list of some of the account balances which are taken from the adjusted
trial balance prepared at December 31, 2022:
Sales
Income tax expense
Purchase discounts lost
Depreciation expense
Cost of goods sold
Rent expense
Sales discounts
Utilities expense
Sales returns and allowances
$460,000
7,900
3,800
12,700
300,000
85,000
10,800
20,000
15,000
900
32,800
5,000
Insurance expense
Inventory
Salaries expense
Instructions: Prepare income statement using the necessary figures given above.
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